CBDC's and the Future

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Thanks for checking out Lore and Legends, for this episode I’m going to add some new information to an older episode.

It falls into the political realm, but also squarely into the future of humanity realm. 


Central Bank Digital Currencies is what we’re going to talk about, and the old episode that will be attached here is one that was called “Fedcoin and the Future”.


Imagine a world where you have no real control over your own income. Where you can’t buy or sell without the approval of the State. It sounds crazy, but its right around the corner if we don’t start waking up. 


Canada is a perfect example. I’m not here to take sides between truckers and covid, but it is undeniable that the concept of a government freezing your bank accounts over as little as $40 that you donated to political opposition is horrifyingly illiberal and the kind of thing we might expect from countries like Communist China, the former Soviet Union, or Nazi Germany. You may cheer when your political is in power, but what happens when they aren’t? Or what happens when your team abandons you?


Now imagine the that going one step further. Where the government doesn’t even have to exert some unusual and special willpower over a 3rd party banking industry, imagine a government in complete and total control of currency in such a way that they don’t even need permission because they own the whole of the system.


That is Central Bank Digital Currency.


These are not rebranded versions of Bitcoin, or even Fiat backed Stablecoins like USDC. These Central Bank Digital Coins are like FIAT currency on steroids, where they don’t even have to physically print cash to cause inflation or go out of their way to “freeze” an account, because they hold the accounts.


It sounds like I’m being an alarmist, but here’s the truth, you can read it yourself. 




Per the G7’s own document on the issue, the CBDC’s will virtually eliminate privacy, every move you make is now accessible. Which sure, may in some small insignificant way stop some crime, but it also makes things like Canada’s assault on freedom more terrifying. 


Now it will not just be your one-off purchases that are monitored but your entire life. What do you subscribe to? Who do you pay and receive money from and why? How much food did you buy, how much gas did you buy, how much did you spend on clothes or luxury items? 

Your entire life, handed to the government in a never-before-seen way. You may dislike big tech, but how do you feel about big bureaucracy and government?


If you’re a modern liberal or someone who is left wing, how does a Trumpian world make you feel? If you’re a modern conservative or otherwise right wing how does Trudeau look now?


It wasn’t that long ago, and honesty is no secret that the American IRS has been used historically to target political opposition, so what now? We’re going to makes that even easier and more enticing to those in power….


The G7 document which I will link to at LoreandLegends.net which you can get to by clicking the link in the episode description, also mentions the idea that the currency could be programmable to meet to meet “future needs” well what does that mean? It means even in their own context that the currency could be restricted to authorized uses. And what that means is controlling commerce with an iron fist, certainly it won’t happen overnight, but the capability is there. Limiting what you can buy and sell and receive, be it food, services etc.…


Imagine this new emergency power-soaked western world with the genuine ability to flip a switch and decide from thousands of miles away in the posh office of a plutocrat, what is essential in your life. All done in the name of safety and security, the same thing Emperor Palpatine said as he took over the republic in Star Wars. 


If you value the free exchange of ideas, goods, and services, it is now more than ever, the time to pay attention.


So, with that said, what follows is the episode “Fedcoin and the Future” which unfortunately, has aged pretty well, and still stands on its own. So with that said, here is “Fedcoin and the Future”


So, what is Money? Money is as you know a medium of exchange. And over time has taken the form of many different things. From seashells, to salt, to precious metals, coins made of those metals, and eventually the fiat paper currencies we have today. It’s a step above the barter system, money as we understand it enables you to trade with people for goods and services independent of what you might personally be able to barter with based on your available resources or skillset.


You might say it’s been a liberating force in human history. That’s not to say “money” doesn’t come with baggage, but overall consider that money allowed us to agree on the value of an apple, time spent working on a project, or the value of being entertained for a while. It’s a huge step in the direction of a less dangerous and more equal society. 


But what happens when the money you have in your pocket or in your bank isn’t really yours anymore? What happens when the value can be determined arbitrarily by a third party that isn’t actually taking part in your exchange with another person? Well welcome to our current world of fiat currency, inflation, and taxes. 


You could think of it like you would supply and demand. More money is printed so it is more readily available to be dispersed. This lowers the value of any one dollar. In the US we manage right around 2% inflation most years. If you have a savings account, go look at your interest rate. Odds are it is below 1%. You’re actually lose purchasing power by letting your money sit. 


Now contrast that to something like Gold. Compared to fiat currency, Gold is a much more stable store of value. Gold recently hit a whopping $2000 per ounce as people seek the financial safety it historically offers. 


 In fact, for a long time Gold was the standard of money. And at one point you could even exchange your US Dollar for a bit of gold. But that’s a history lesson for another time, I’ll leave some links about that at Loreandlegends.net…. 


Part of that, is the fear of inflation brought on by years and years of massive deficit spending by the US government….


But you don’t really feel inflation in the same you feel a tax, though the end result is still your money trickling upwards. Year over year, you probably don’t even think about it. If think about it over time, $1 in 1970, is about $6.64 today. That’s a rate of 564% or otherwise stated, 564% of your 1970 dollar has been confiscated. 


That’s one way your freedom is impacted. Unless you hold a lot of in demand assets that benefit from inflation or strike it rich in the stock market you’re left with less and less purchasing power, and less incentive and less ability in the big picture to save money for a rainy day. The odds are stacked against the average user. 


So, what is the answer to this? Returning to gold? Maybe, search the web for Peter Schiff Gold Money. But maybe a better idea is the idea of Cryptocurrency. 


Everyone has heard of Bitcoin. But you must also realize there are now thousands of different crypto currencies each offering something a little different. But what makes the idea of Crypto special regarding money?


Well for one, its decentralized, and finite. There will only ever be a grand total of 21 million “Bitcoins” that are mined into existence. So more can’t simply be produced on a whim. Bitcoin also can be infinitely fractionalized, so even if one person did somehow manage to buy up most of the bitcoin, the rest of the world could in theory operate with the remaining 1%.


But bitcoin isn’t the only Crypto, so it’s not like you’d be stuck, and of course there are Cryptocurrency exchanges when you can trade one for another. It’s not really so different than markets that buy and sell foreign currencies today in an attempt to earn an extra buck here and there. The other benefit of crypto is that it can be anonymous. It is truly yours. 


Governments fear this. And in many places do or have attempted to treat it as property. And in collapsed countries like Venezuela Bitcoin became a way to escape increasingly worthless through inflation currency, and a way to send money between families without having to go through failing, expensive, or corrupted banks. 


This is not to say cryptocurrencies are without any issues. By all means they are still in their historical infancy. There has been theft, and of course the mainstream will propagate horror stories of crime and trafficking as if those things don’t already happen with paper money. 

So why did I call this episode “Fedcoin and the Future”. 


Well, I’m going to read to you an article written July 28th of this year by the former head of the House of Representatives Banking committee and long-time champion of liberty Ron Paul. It was titled “Fedcoin A New Scheme for Tyranny and Poverty”

Left right or indifferent, can you see where this is headed? If a government has that level of control on the currency, they control the on off switch to whatever it is that control is sought over. 


You won’t be able to pay someone cash for a side job, or a garage sale item without the feds knowing what it is you’re doing and with whom. It’s an invasion of privacy and a serious threat to your rights. It would be easier for the feds and the well connected to promote certain ventures and discourage others. All the downfalls of fiat currency will still exist, but they’ll be even easier to manipulate.


I think a digital dollar is inevitable. But who’s behind it? That will matter and should be something to think about seriously. And that goes double, because the creatures in congress sought to ram this through hidden an ill planned reactionary bill meant to help people with the fallout of COVID19, which tends to be the way the most terrible things become laws.


Lore? Legend? Of the future, yes, I think so. We’re at a point in history that is going to be written about. And we should be paying attention to the things we setup for the future. People might wonder why and how. Just look at all the shadows surrounding the idea of central banking across the world. The American Federal Reserve has a quite a history of its own, check out a book called “The Creature from Jekyll Island”. There is also no shortage of “conspiracy theory” about past and present wars and their relationship to money and mega commodities like oil. Or how about religion, and ideas of one world currencies and the end times?  


Should the future of freedom be beholden to reactionary crisis politics?  I don’t think so. If you have never thought about this, hopefully this gets you thinking.  And I hope you feel the same as I do.


That’s it for this episode, Cya.  

Below are links to articles and info used in and relevant to this episode:

The Neo-Liberal War on Dissent in the West

The Ascent of Money by Niall Ferguson

The Creature from Jekyll Island: A second look at the Federal Reserve by G Edward Griffin

Inflation is Theft! Why inflation is far worse than taxation

Why are Venezuelans seeking refuge in cryptocurrencies? 

Peter Schiff

Gold Market info via Commodity.com

Peter Schiff on the Economics of Coronavirus

Inflation Stats 

Savings Account Interest Rates