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Confirmed: Central Bank Authority Wants Absolute Control of Your Money

Absolute Control
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EDITOR NOTE: Recently, the Bank of International Settlements--also known as the “central bank of all central banks”--was commended by sound money advocates for beginning the implementation of Basel III, officially recognizing gold as a Tier 1 asset. Sadly, we’re hearing disturbing reports stemming from a talk presented by its general manager, Augustin Carstens, on central bank digital currencies. He claims that central banks will “have absolute control on the rules and regulations,” of currency usage and its enforcement. The central banks will be able to gather data on who is using what--an act that would abolish financial privacy. Moreover, central banks will be able to control how you spend and when you spend, potentially by manipulating interest rates in a more direct manner and possibly even putting expirations on a currency’s spending window. If CBDCs become fully operational, central banks will have the authority and tech to control almost every aspect of spending and saving. They can monitor and control every aspect of your financial preferences, actions, and habits. We’re looking at a seizure of transactional freedom and privacy that’s far beyond anything anyone has ever experienced before. Your solution to this serfdom, fortunately, is simple. Take your money out of the system before the system fully commandeers every aspect of your money. The safest way to maintain your monetary freedom and to preserve, protect, and grow its value is to convert it to non-CUSIP (hence, non-trackable) gold and silver, storing it away safely at a private depository of your choosing--where it remains “your” money. 

The General Manager for the Bank of International Settlements – the central bank of central bankers – is planning for “absolute control” of the money we all spend.

Augustin Carstens recently gave a talk entitled “Cross Border Payment: A Vision for the Future” in which he outlined the problem as central planners see it, as well as their solution.

 “We don’t know who’s using a $100 bill today and we don’t know who’s using a 1,000 peso bill today. The key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and also we will have the technology to enforce that.”

Carstens views CBDC, Central Bank Digital Currency, as a tool for eliminating privacy and for central bankers to force citizens to use currency exactly when, where, and how they are told.

Dozens of central banks around the world are working on CBDCs, including the Federal Reserve. The effort represents a major escalation in the War on Cash.

It is one thing to discourage people from using cash.

It is something else entirely to introduce digital money which gives bureaucrats the power to monitor and control the spending of everyone who adopts it.

Novel ideas are already being floated. For example, the Federal Reserve could issue stimulus funds with an expiration date, forcing people to spend rather than save.

Officials could limit spending to certain geographic boundaries, and thereby impose a restriction on travel. They could pick winners and losers, favoring some merchants or industries or crushing others.

The only fly in the ointment is that mistrust in government is rising quickly in the US. Getting people who fear giving officials that much control and who care about privacy to adopt the new digital money could be a challenge. Many will actively seek alternatives, such as Bitcoin or gold.

Central banks and governments do have some powerful levers to pull.

It is easy to imagine government transfer payments being converted to digital currency. Social Security, Medicare, welfare, food stamps, and other benefits could be paid using the new CBDC.

Government could also insist vendors and contractors take payment exclusively in the new token.

We can also expect plenty of assurances from people like Carstens. They will promise to be fair and protect people’s liberty. They will say the goal is to make central bank policy work better for everyone. They will also insist they are trying to protect society from criminals, tax cheats, money launderers, and terrorists.

The only question is whether the public will buy what central bankers are selling.

Originally posted on GoldSeek

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