William Rainer
On Wednesday night, Donald Trump took a moment to make it clear his intentions regarding protecting the people of America from digital currency controlled by a central bank.
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During his speech he said: “tonight, I am also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a central bank digital currency.”
Donald Trump went on and explained the potential consequences for central-bank digital currency: “such a currency would give a federal government, our federal government, the absolute control over your money. They could take your money. You wouldn’t even know it was gone. This would be a dangerous threat to freedom,” as reported by the Hill.
So what exactly does central-bank digital currency look like? Essentially, this method would make money solely online therefore replacing a cash dollar bill with a hypothetical digital dollar bill. The goal of such a system, is higher efficiency, more widespread access, and safety, according to Investopedia.
Trump Vows To Never Allow Central Bank Digital Currency
BREAKING: Trump Swears to Protect Americans Against 'Government Tyranny,' Declares War on Central Bank Digital Currency Creation: "I will never allow the creation of a Central Bank Digital Currency," he said. WATCHpic.twitter.com/ty1Kkf8Qiy
— Simon Ateba (@simonateba) January 18, 2024
While a central bank digital currency could provide a couple of these benefits, the trade-off is key. If the United States were to move to this system, that would mean the Federal Reserve and by extension the government would have more control over everyone’s money than ever before. While the federal reserve controls a lot right now, pretty much everything would be under their thumb under that system.
As this topic becomes more of an issue down the road, you can likely expect the Biden administration and folks like them to advertise the safety and security of such a system. In fact this has already been pushed by Biden, though he hasn’t made it very far. But we must ask ourselves, do we want the government to have complete control over even our daily transactions? Or would we prefer the freedom to make our own responsible choices?
This then becomes the classic trade-off of comfort and ease versus freedom and liberty. In response to a similar choice and being under the oppressive thumb of King George, one of our founding fathers Patrick Henry said quite clearly: “Give me liberty or give me death.”
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