A Central Bank Digital Currency would enable a totalitarian nightmare.
You awake to find that today is special: it’s Stimmie Day! When you roll over and check your phone, you see a notification from your FedWallet app letting you know that another $2,000 in FedCoins has just been added directly to your account by the U.S. Federal Reserve. To be honest, part of you would love to save that money for the long term, given that things have been getting rather uncertain and actually kind of crazy lately, what with the war and the economy and all… But you can’t, since these FedCoins are coded as usable for consumer purchases only, and will expire and vanish in seven days. So you’d better spend em while you’ve got em!
In fact, the implementation of a CBDC could represent the single greatest expansion of totalitarian power in human history. Never has there been any regime with such omnipotent insight into and control over its people’s every transaction as what CBDCs may soon make possible. No Xerxes, no Caligula, no Stalin, no Kim Jong Un has ever held such power. And yet this is what will soon be smuggled into use in our societies in the name of convenience, social justice, and patriotism. Actually, now that I think about it, maybe we should just say no to CBDCs.
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