This article was written by Brandon Smith and originally published at Birch Gold Group
There has been extensive discussion in the past couple of years within alternative media circles about the dangers of Central Bank Digital Currencies (CBDCs); a currency framework very similar to blockchain based products like Bitcoin but directly controlled by central bankers. It’s a threat that some analysts including myself have been writing about for more than a decade, so it’s good to finally see the issue being addressed more in the mainstream.
The Orwellian nature of CBDCs cannot be overstated. In a cashless society most people would be dependent on digital products for exchanging goods and labor, and this would of course mean the end of all privacy in trade. Everything you buy or sell or work for in your life would be recorded, and this lack of anonymity could be used to stifle your freedoms in the future.
For example, say you like to eat steak regularly, but the increasingly authoritarian government decides to list red meat as a health risk and a “climate change risk” due to carbon emissions from cows. They determine by your purchase history (which they have full access to) that you have contributed more carbon pollution than most people by eating red meat often. They declare that you must pay a retroactive carbon tax on your past purchases of red meat. Not only that, but your insurance company sends you a letter indicating that you are a medical risk and they cut off your health coverage.
Products you consume and services you use can be tracked to create a psychological profile on you, which could then become a factor in determining your social credit score, just as CCP authorities do in China today. Maybe you refuse to purchase an annual mRNA booster shot, and the tracking algorithm makes a note of this. Now you are under suspicion for being “anti-vax” and your social credit score plummets, cutting you off from various public venues. Maybe you are even fired from your job.
In the worst case scenario, though, economic access is the greatest oppressive tool. With CBDCs in place and no physical cash in existence, your savings will never be truly yours and you’ll never be able to hold your purchasing power in your hands. The means of exchange would be bottle-necked by the banks, and governments would have the option to freeze your ability to transact. If one day you get angry about a particular government policy and openly call the system corrupt on social media, they can simply shut off your option to transfer your digital money to others until you submit, or die.
CBDCs give establishment officials the leverage to starve their political opponents with algorithmic precision. It would be a new world of technocratic oppression.
It’s important to understand that central bankers are moving at breakneck speed to develop and introduce digital currencies. It’s not a matter of experimentation, they already have these systems ready to implement. The Federal Reserve’s instant transfer program “FedNow” is set to debut this July, which is not a CBDC but it is an intermediary step towards instituting CBDCs in the near term.
In my investigations of various CBDC programs and how quickly they are progressing I came across an interesting program called “Project Icebreaker” being run by the Bank for International Settlements (BIS). For those not aware, the BIS is a globalist institution with a clandestine past known as the “central bank of central banks.” It is the policy making hub for most of the central banks in the world. If you ever wondered how it was possible for so many national central banks to operate in tandem with each other instead of acting in the interests of the countries they reside in, the BIS is the answer. In other words, organizations like the Federal Reserve are not necessarily loyal to Americans or to American officials, they are loyal to the dictates of the BIS.
The BIS is at the forefront of the movement towards the adoption of CBDCs. They have been funding a vast array of projects to test and refine CBDC technology and as of this year they estimate that at least 81 central banks around the world are in the midst of introducing digital currency systems.
Project Icebreaker in particular grabbed my attention for a number of reasons. The BIS describes the project as a foreign exchange clearing house for Retail CBDCs (retail CBDCs are digital currencies used by the regular public and businesses), enabling the currencies to be traded from country to country quickly and efficiently. This is accomplished using the “Icebreaker Hub”, a BIS controlled mechanism which facilitates data transfers for an array of transactions while connecting banks to other banks.