Digital Currency: The Fed Moves Toward Monetary Totalitarianism

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Authored by Andres Marquette, Mises Institute:

The Federal Reserve is sowing the seeds for its central bank digital currency (CBDC). It may seem that the purpose of a CBDC is to facilitate transactions and enhance economic activity, but CBDCs are mainly about more government control over individuals. If a CBDC were implemented, the central bank would have access to all transactions in addition to being capable of freezing accounts.

It may seem dystopian—something that only totalitarian governments would do—but there have been recent cases of asset freezing in Canada and Brazil. Moreover, a CBDC would give the government the power to determine how much a person can spend, establish expiration dates for deposits, and even penalize people who saved money.

The war on cash is also a reason why governments want to implement CBDCs. The end of cash would mean less privacy for individuals and would allow central banks to maintain a monetary policy of negative interest rates with greater ease (since individuals would be unable to withdraw money commercial banks to avoid losses).

Once the CBDC arrives, instead of a deposit being a commercial bank’s liability, a deposit would be the central bank’s liability.

In 2020, China launched a digital yuan pilot program. As mentioned by Seeking Alpha, China wants to implement a CBDC because “this would give [the government] a remarkable amount of information about what consumers are spending their money on.”

The government could easily track digital payments with a CBDC. Bloomberg noted in an article published when the digital yuan pilot program was launched that the digital currency “offers China’s authorities a degree of control never possible with cash.  Read More …

Opinion: Definitions of new economic systems/institutions we all need to know …

  • International Monetary Fund (IMF): A major financial agency of the United Nations that works to achieve sustainable growth and prosperity for all of its 190 member countries
  • CBDC: A digital token, guaranteed by central banks, that would replace paper money on a one for one basis
  • Pix: A Brazilian instant payment system considered to be a pre-cursor to CBDC
  • FedNow: An instant US payment system, identical to PIX that is scheduled to be launched between May and July 2023
  • February 15, 2023: The date when the 12 week CBDC pilot program will be completed by the New York Federal Reserve

Let me encourage you to read the whole article because when CBDCs arrive, a massive amount of details will confuse people who did not bother to prepare.

I hate superlatives but a Central Bank Digital Currency will be the biggest economic event in human history as federal bankers take over how money is spent. Do not be misled, CBDCs are NOT the mark of the beast, but do appear to be the mechanism setting the stage for complete control of finance leading to the fulfillment of Revelation 13:16-17.

There is one sentence in the Mises article that raised the little hairs on the back of my neck:

The IMF is also thinking of a way to connect different CBDCs under a single system.

Bible prophecy students have debated for 2000 years how Antichrist will be able to control global commerce. It was not until the idea of digital currency, which has only been possible in ‘this generation’ (Mat. 24:34), that the concept became all too real.

My own theory has been a possible merger of central banks in different geographical regions following the 10 nation confederacy in Daniel 7:23-24.

Example:

If the US Federal Reserve and the European Central Bank were to merge, a western alliance of tremendous power could put 1 leader in charge of the two biggest economies in the world, followed by the merger of possibly the 5 BRICS central banks, African banks and so on, until there are 10 banks representing all the money in the world.

‘The fourth beast shall be
A fourth kingdom on earth,
Which shall be different from all other kingdoms,
And shall devour the whole earth,
Trample it and break it in pieces.

Daniel’s 4 beasts: Babylon, Medo-Persia, Greece, Rome, and since Rome was never conquered, Revived Rome would still constitute 4 beasts.

Daniel 2:40-43 describes the 4th beast as clay and iron that does not adhere, a perfect description of the European Union made up of economically strong northern Europe and economically weak southern Europe.

Daniel 7:24 introduces the ‘Little Horn’, Antichrist, who will rise out of the 10 kingdoms and will control it all for 42 months:

“The ten horns are ten kings
Who shall arise from this kingdom.
And another shall rise after them;
He shall be different from the first ones,
And shall subdue three kings.”

Maranatha