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International Security Policy during the Reagan Administration, and Founder and Chairman of the Center for Security Policy, has recently commented in this regard that: “Among the most dangerous of Joe Biden’s many assaults on our free- doms is a so-called Central Bank Digi- tal Currency initiative. The banking crisis spawned by his administration’s disastrous spending and inflation is accelerating its plan to replace cash with government-controlled digital dollars that will enable the feds to control us, too.” Senators Cruz (R-TX), Braun (R-IN), and Grassley (R-IA) agree, introducing legislation to prevent using CBDC to control consumer expenditures. Sen. Braun said: “Allowing the government
to centralize Americans’ financial information and increase surveil- lance of Americans’ financial activity is simply a bad idea.” Similarly, Sena- tor Grassley stated, “The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government.” The Current Situation—Not Yet, but Stay Tuned The Federal Reserve’s position is that it has made no decision on issuing a central bank digital currency (CBDC) and would only proceed with the issuance of a CBDC with an autho- rizing law. Testifying before the House Financial Services Commit- tee in March 2023, Chair Powell said a central bank digital currency is
“something we would certainly need Congressional approval for.” Whether Biden will try to use an Exec- utive Order to establish a “Social Credit System” perhaps through credit cards and the woke move- ment is a lingering question, given that his efforts to bypass Congress’s authority are not new. Stay tuned.
Bob Carlstrom President, AMAC Action
For more info on digital currency, scan here! Or visit amac.us/CBDC
Volume 17 Issue 4 • 45
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