“Social control” is added to definition of currency by Federal Reserve – Bitcoin anyone?

reportcryptos.com
4 Min Read

As the world’s economies groan under the weight of yet more debt piling up on more debt, the Federal Reserve has added the attribute of ‘social control’ to the definition of money. Will the world’s citizens be stopped from buying bitcoin?

Rampant spending continues

The current borrowing of the US is ramping up to levels that are utterly and completely unsustainable. With a debt that has now surpassed $34 trillion, the interest alone is now more than $1 trillion, and is now the biggest item on the Treasury balance sheet.

How can the US be doubling down on its spending at levels similar to the years after the virus outbreak? That is unless the government knows that all this extra spending just doesn’t matter. 

CBDCs will make things much easier

When a central bank digital currency (CBDC) is implemented, the central bank will have complete control over everyone’s spending right down to the individual level.

So apart from a downright imposition of CBDCs, how else can the centralised powers get the citizenry to accept CBDCs?

Currently, all the utterances on CBDCs by world leaders, and leaders of global financial agencies, are that CBDCs would just make things so much easier for everyone. They would be fast, secure, and extremely efficient.

CBDCs mean total control

However, with all this comes a nightmarish downside. CBDCs would completely destroy privacy. The central bank would know exactly what anyone was spending their money on, and would have a say on the permissibility of every single transaction.

CBDCs would likely be tied to identity and therefore travel to another country would only be allowed if the individual had all vaccines, and boosters up to date. A citizen who does not have all of these requirements would find that their digital wallet would not be enabled for airline ticket purchases.

Federal Reserve adds “social control” to definition of money

The next step for gaining legitimacy for a CBDC was made by the Federal Reserve which sent Docket No. OP – 1670 to its board of governors, titled, “Federal Reserve Actions to Support Interbank Settlement of Faster Payments”.

In this document, the Federal Reserve has made an addition to the generally accepted definition of a currency. The three original attributes are “a unit of account”, “a store of value”, and “a medium of exchange”. 

The Fed states that there is now a fourth function of money, and that this is “a means of social control”. 

Wake up and get educated

It appears that the world has arrived at the most important juncture in its financial history. Social controls will be implemented into our money. Once this is achieved, there is no going back. Bitcoin was created as a response to the Great Financial Crisis, when the greed of banks took the fiat-backed monetary system right to the precipice.

That being said, it’s not just about buying bitcoin now. The world’s population is mostly sleepwalking right into this cage of no escape. Education on what is happening, and the available options that can be taken is critical. Freedom is at stake.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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