Central Bank Digital Currency & Social Credit Creeping Communism
Rishi Sunak, economic hitman and current Chancellor of the Exchequer, has launched a task force at the Bank of England to explore the possibility of developing a central bank controlled digital currency dubbed ‘Britcoin.’
The Bank of England said of the plans:
“ The Bank of England and HM Treasury have today announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC. A CBDC would be a new form of digital money issued by the Bank of England and for use by households and businesses. It would exist alongside cash and bank deposits, rather than replacing them.”
It is comforting to hear the Bank of England stating clearly that a ‘Central Bank Digital Currency’ or ‘CBDC’ will exist alongside cash and not act as a direct replacement.
But this is just bullshit banker talk.
Government institutions have repeatedly crossed red lines and backtracked on promises - think vaccine passports - all that will happen in this case is they will develop a CBDC and gradually phase out cash over time.
The creation of this task force to me looks like a government colluding with our central bank to lay the foundation for a cashless society. Pre pandemic saying anything like this would have you castigated as a tin foil hatter. But over the course of the last 12 months we have seen contactless payment increases and in some instances businesses completely refusing to take cash all together. It has to stop.
It seems though that Britain is way behind the curve. Sweden for example is on track to be cashless by 2023. Last year in Sweden 8% of payments were made in cash, so why don’t we try it here?
Well to look at the pitfalls, we have first to address the question on everyone’s lips. What’s the difference between a CBDC and Bitcoin?
Bitcoin is a digital token that is unregulated and decentralised meaning the coins are not controlled by one single user. The coins are limited to 21 million which means users can’t just log on and print more if they so please.
A CBDC operates much in the same manner in so much that it is a digital coin however, it is regulated and it is controlled by one single entity - The Bank of England.
Somebody needs to remind Rishi that the whole idea of cryptocurrency in the first place was to remove the ability of reckless governments and sociopathic central bankers to interfere with the money supply and the way in which consumers transact with each other.
And Rishi should know, he worked in finance in 2008 and it was him and his bankster cronies that blew up the global economy gambling on unemployed Mexican’s mortgages.
What followed was a global central bank co ordinated pissing contest to see who could print money the fastest through rounds of quantitative easing. Like all temporary government measures it was only supposed to last a few months but it never stopped. From 2009 to 2020 QE rose from £200 Billion to £895 Billion.
Why is this relevant to a CBDC? When The Bank of England issues a new digital currency, they will still have control of the money supply and they will be able to counterfeit coins to their hearts content. In the event of an economic downturn or pandemic they can just issue more coins to stimulate the economy.
At the end of the day The Bank of England can still ‘print’ more coins but this time save on the ink!
And since physical money will all but disappear, you will no longer have a bank, your money will be stored on your phone. This opens up avenues for reckless politicians to pursue things like stimulus cheques and helicopter money simply being dropped into digital wallets at the click of a button.
When Milton Friedman joked about helicopter money - physically dumping dollars bill out of a helicopter - he was joking. Now it seems to be an economic reality.
Social Credit and Digital Currency
The biggest concern is that our ever imposing fascist government will have a mechanism that would allow for an implementation of a Chinese style social credit system.
In China, everything you do, say, or purchase can be tracked and monitored and more importantly judged. The multi trillion dollar market for digital payments allow Chinese companies like ‘WeChat‘ and ‘AliPay’ to record a digital blueprint of their users purchases over time. The CCP can monitor consumers behaviours and purchases and based on their social credit score, restrict them from certain markets.
So what is Social Credit System and why is it relevant to Central Bank Digital Currency?
According to ‘The South China Morning Post’ a social credit system is:
“China’s social credit system is a set of databases and initiatives that monitor and assess the trustworthiness of individuals, companies and government entities.
A good rating could offer priority health care or deposit-free renting of public housing, while a negative rating could see individuals banned from flights and trains”
Banned from flights and trains. Surely even Pfeffel, the world’s worst libertarian wouldn’t try that, would he? Anyway, the reason I link the two is that it is China’s digital payment infrastructure that allows for this level of control. A CBDC is just a rehashed version of that same infrastructure with a few bells and whistles on. If developed, it would allow our government to grade us in the same way the Chinese do.
We have seen this point raised repeatedly in relation to ‘Covid Certification’ and Covid test results. A positive result and the government would ‘allow’ us mere plebs to go to the pub or step on a plane. A negative result and you have to stay at home for the rest of your life.
It is a mirror image of China’s good rating/bad rating model. To think we are developing a digital system that would allow for communistic levels of control is disturbing.
And who exactly will be the arbiter of trustworthiness? Our politicians? The fucking liars. Other citizens? Brainwashed curtain twitchers.
The idea that the government or some other unelected technocratic stooge can decide whether or not I’m a good enough person to buy a certain product, use a public service or engage in business with another individual has no place in a free market western democracy.
Call me a tin foil hatter but the exploration into digital currencies at a time when an agenda is being pushed for greater control, removal of civil liberties and removal of personal freedoms all seems a bit creeping coincidence don’t you think?
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