Joe Biden has made his intentions very clear: no matter the cost, he and his administration will continue to pursue control of American citizens. The federal reserve under Biden’s command has been taking some sneaky, covert actions in order to manifest a sinister plot for power. Fortunately Senator Ted Cruz has stepped up to act as an obstacle against the President’s big brother agenda.
On Tuesday, Sen. Ted Cruz (R-TX) presented a bill to Congress that would protect the United States from the potential harms of central bank digital currency (CBDC). The effort is designed to prevent the Fed from controlling all American finances in this new digital finance era. Like they illegally did when first created.
Daily Wire reports, a potential central bank digital currency, which would be managed by the Federal Reserve and tied to the value of the dollar, is opposed by those concerned about government surveillance and control.
Cruz, along with Sen. Mike Braun (R-IN) and Sen. Chuck Grassley (R-IA), submitted legislation to prohibit monetary policymakers from implementing the technology.
According to Cruz’s press release, “The federal government has no authority to unilaterally establish a central bank currency. This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom, not stifling it.”
Should officials create a central bank digital currency, Cruz said the Federal Reserve would be able to function as a retail bank and monitor the transactions of all Americans. Moreover, he argued that the centralization of financial information would leave the nation vulnerable to cyberattacks and economic disruptions.
International banks back in 2021 began researching how to get in on the new era of currency.
A report from the Atlantic Council says that China, Australia, Japan, India, Russia, and South Korea are interested in central bank digital currencies, which are already available in the Bahamas, Nigeria, and Jamaica. The Cato Institute shared with The Daily Wire last week topline survey results showing a significant majority and supermajority of Americans oppose the adoption of a central bank digital currency. This is especially true if the technology leads to the end of physical cash or permits the government to monitor financial transactions.
Biden has advocated for the study of a possible central bank digital currency, launching a “whole-of-government approach” to address digital assets and their underlying technology’s risks and potential benefits.
In a simulation conducted by the Federal Reserve with Citi, Mastercard, BNY Mellon, and other companies, the Federal Reserve determined that a central bank digital currency can be used to make payments between financial institutions.
As you can tell this administration does not care one bit about what the people have to say on the matter. That’s the difference between democrat leadership and conservative leadership. One wants to be ever present while the other one strives to be as invisible as possible. A fed control digital central bank is an extremely bad idea. People already don’t like the fact that the Fed was ever created and now they’re trying to force themselves on us regarding digital currency.
Let’s continue this conversation, in the comments below.