Central bankers have exercised breathtaking command over the human population by controlling the use of the profits of labor — money.

The rise of cryptocurrencies has weakened this power. Desperate to retain this power and to take even greater control, the central bankers are pushing Central Bank Digital Currencies (CBDCs). The Biden administration claims these programmable digital dollars are necessary to "help the poor" while also expediting international payments. But, it turns out, neither of those assumptions are true.

Liberty Counsel has been working with members of Congress to protect financial freedom. But we need YOUR IMMEDIATE HELP to get these bills passed. Read on. — Mat

Central Bank Digital Currencies are programmable digital currencies designed to replace cold hard cash. On May 9, 2022, Joe Biden ordered the Federal Reserve to begin developing a CBDC for America.

When implemented, rather than receiving cash from your bank, the federal government becomes your bank, with access, oversight, and control over every dollar you earn, store, or spend.

Those pushing CBDCs in America claim this digital funny money will "help the poor" by allowing the "unbanked" to join the financial system.

However, the biannual report of the FDIC (Federal Deposit Insurance Corporation) to Congress last year reveals that the "unbanked" (those who do not have an account at a bank or credit union), are at an all-time low. Just 4.5% of American households were "unbanked" as of the end of 2021.

The study also revealed the top three reasons why these Americans remain unbanked.

1. "Don't have enough money to meet minimum balance requirements."

2. "Don't trust banks."

3. "Avoiding a bank gives more privacy."

But reluctance to handle finances through a traditional bank or credit union does not mean these "unbanked" households are left out of the financial world. Instead, these folks utilize nontraditional "fintech" banking like Cash App, SoFi, PayPal, Bitcoin, Coinbase and others to send, receive, and store money. These digital financial systems have no balance requirements, are not part of the Federal Reserve, and in the case of Bitcoin, offer complete privacy and security from nosy government overseers.

In a white paper issued earlier this year, economists Maria Demertzis and Josh Lipsky offer an explanation for the true purpose behind the pressure to move to CBDCs, noting "the motivation for embarking on CBDCs in many advanced economies comes primarily from a desire to compete with the increased degree of digitalization in finance that threatens to displace physical cash and challenge the monopoly of sovereign money."

In other words, central bankers are afraid that if too many people adopt digital cryptocurrencies, the bankers and the governments they serve won’t be able to control you or your money any longer.

"The emergence of private cryptocurrencies has raised concern among some central banks that their role as the sole provider of money will be challenged," the paper continued.

The second most common claim from those pushing for a CBDC is that it will make international payments easier.

But again, cryptocurrencies have already solved this problem. Traditionally, if one wanted to send money from Michigan to Montenegro, the money must be processed through the federal banking system, which charges a fee and takes up to five business days to conduct the transaction, with the bankers earning interest on the funds in the meantime. But with cryptocurrencies, that same payment is made instantly, with no fees, no government oversight or approval, and no middleman to collect interest on your money.

The central bankers are loathe to give up their profits, while the governments they purportedly serve are loathe to give up control.

China is the easiest example of how a CBDC can be used to control the populace. "Good" citizens, those who comply with the Chinese Communist Party (CCP) ideals, are rewarded with low interest rates and greater freedom in how they are "allowed" to spend the CBDC “money” the CCP has issued.

“Bad” citizens, like political dissidents and religious adherents (cult members according to the CCP), are punished with high interest rates and restrictions on how they are allowed to use their money. If the CCP doesn’t want you traveling the country and spreading the Good News of Jesus Christ, the CCP simply revokes that person’s ability to travel. Suddenly the CBDC money will not be accepted at train stations, airports, or gas pumps. The CCP even dictates how much a person is allowed to spend on sugary drinks, video games, and other things the CCP has deemed “un-Chinese.”

Remember when Biden and politicians like CA Gov. Gavin Newsom and MI Gov. Gretchen Whitmer didn’t want anyone to attend church or go to school or the grocery store unless they took the experimental COVID shots?

Tyrannical politicians could shut off your CBDC account until you obey.

Thankfully, our staff has been working with members of Congress to stop Biden’s CBDC plans. But we need YOUR help to demand Congress pass this crucial legislation to protect financial freedom for all.

Please also consider supporting Liberty Counsel’s legal fund. We never charge our clients as few could afford to fight the endless resources of big government and multinational corporations. Instead, these clients rely on YOU, the faithful Liberty Counsel supporter. Every gift between now and midnight December 31 will be DOUBLED IN IMPACT.

Mat Staver
Founder and Chairman
Liberty Counsel

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Sources:

"Executive Order on Ensuring Responsible Development of Digital Assets." The White House, March 9, 2022. Whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/.

Demertzis, Maria, and Josh Lipsky. "The Geopolitics of Central Bank Digital Currencies." Intereconomics 2023 (4): 173–77. https://www.intereconomics.eu/contents/year/2023/number/4/article/the-geopolitics-of-central-bank-digital-currencies.html.

“How America Banks: Household Use of Banking and Financial Services.” Federal Deposit Insurance Corporation. Accessed December 7, 2023. Fdic.gov/analysis/household-survey/.