145 sats \ 5 replies \ @kepford 21 May \ on: Several States Take Steps to Block a Central Bank Digital Currency econ
I can't help but wonder if these state actions will have any impact. What I mean is since I heard Peter St Onge talk about CBDC's a while back I've started thinking about them differently. I don't think we will technically have a CBDC. The main reason is that the central bank is controlled by the commercial banks and I don't think a CBDC is something they want.
So what we are left with is the state and central bank wanting to have the features of a CBDC without the full thing. They want surveillance. They want to be able to distribute funds at will to the masses. They want control. I believe Onge thinks the US will adopt a more piecemeal approach. Instead of adopting a brand new system there will be components of the system added. A digital dollar is one name I've heard about. A centralized reporting system that the banks can all use. Some surveillance system connected with the credit card system. Credit card companies blocking some types of purchases for some people.
American's are really bad about looking at places like China with disdain and arrogance. They have a social credit scoring system. Its ridiculous. While we have a privatized version here that is growing more powerful. People already make many decisions based on their CREDIT SCORE. Blows my mind sometimes to hear people talk about the social credit score and never mention the US system.
My main point is that I do not see the US going head on into a CBDC. The US is far more subtle on things like this. It will likely be a complex set of public private partnerships (fascism) that will functionally be like a CBDC but technically will not be one. So the Republicans can claim victory over communism.
It happens over and over again with my circle. I hear about something like CBDCs or the WEF and mention this is coming. No interest. Then 2-3 years later Republican influencers discover that they can drum up fear with poorly researched talking points. Then I start hearing about these things from my circle as if they are new. And the solutions are not solutions. They are simply methods for more control.
This is how I interpret what is happening with states and these CBDC "blocking" attempts.
Good points throughout. I especially agree re China. I don't recall where I first heard this, but some people believe your stealth CBDC solution will be achieved through stable coins like USDC.
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Very possible option. First the banks would need to be legally permitted to use them. I don't follow this stuff closely enough to know but there recently was a bill that failed regarding banks and crypto. I wonder if this was related.
Also heard form Republican douche turned lobbyist Paul Ryan talking about crypto and stable coins. I get a feeling there is a move. He's being paid move these leaches for some reason.
I don't know what is happening but I can bet that its not good for freedom, or our sovereignty. I so wish people would realize that these people in Washington are not their friends. Both parties. They don't work for you. They have more in common with the opposite party scumbags. They work for the big business interests. They aren't opposed to central power and planning (communism).
I mean technically I don't think we have any true communists in political positions but most people don't even know what communism truly is. I don't even consider China communist anymore. But what people call communism is essentially state party control over their lives. Central control and both parties are in favor of that. Both work together toward it. They fight over the little details but really neither side (with few exceptions) move the needle toward individual freedom. Until Americans realize we are headed toward a system like China's and China is headed toward a system like ours I don't see things changing.
I could be wrong, not an expert on China by any means but they seem to have moved away from hard line communist central planning long ago. This is why they've flourished. Central planning doesn't work. Now they seem to pick certain companies with talented people to innovate. They still pick winners and losers but they liberalized a lot. I've heard them described as authoritarian mercantilists. I don't know if that is correct but they sure aren't the USSR reborn.
I'm very bearish on the future of the US based on what I've been seeing.
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Every time I hear some foolish conservative ranting about China I'm reminded of a line from Daniel Suarez book Daemon. I don't recall it perfectly but it was something like this.
We Chinese know we don't have political choice. You American's pick between two options and believe you do.
Pretty much sums up the genius of the American political scam. You can't fix something if you don't think its broken. Democracy. The illusion of choice.
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I remember during covud watching a YouTube video about a Chinese woman and an american woman biking in California. The american woman was complaining about a news commentary she had heard that was ridiculous. The Chinese woman was indifferent. She couldn't believe that americans took the news channels seriously. In China they just assume it's propaganda.