CBDC Risks: Programmable Money and Spending Controls

The really big dangers of CBDCs are the programmability, which is that essentially it's not even money.

It's like it's-- your money becomes potential money because it depends on a central planner to agree that you should now be allowed to spend this money in this location for this particular transaction and in this particular volume that you wanna do.

But why should that be conditional? But it, it is gonna be when they describe programmability, that's what it's all about, that you can...

I mean, of course, they present it from a, from a positive side.

We can give money to the people who really need it.

That's how they will formulate it. But the other side of the coin is that this means that, um, they have their ideas on who should spend money on what and when, and that will be reflected.

And sometimes when you wanna spend, they'll, they'll decide this is no good because you've, you've already used too much carbon, uh, you know, your carbon footprint is too, too big, or you've eaten too much, uh, beef, or whatever it may be.

So, you know, w-we are talking about essentially some kind of social credit scoring or other similar system, um, and really, it's not your money anymore.

The push for CBDCs is the final step in a multi-decade program by central planners to increase their power over, over the people, um, over countries.

This is the ultimate step because the powers of CBDCs are so extraordinary, um, that, I mean, even the, the worst dictators in past centuries could only have dreamt of having such enormous power over the lives of so many people.

We, we are talking about a very dystopian, uh, future if we allow central banks to issue central bank digital currencies.

And, um, it will be a completely totalitarian system of, of such frightening proportions it's hard to imagine