Joe Biden isn’t even halfway through his term—and he is already considered a failure. His economic policies (if you can call them that) have left the country in a tailspin. He triggered runaway inflation, which has yet to slow down. His administration has failed to address a worker shortage, a supply chain crisis, and other shortages and setbacks. Not to mention skyrocketing gas prices, thanks to his environmental orders.
But Joe’s far from finished. It seems he’s addicted to signing executive orders that put as much pain on Americans. Because, now that he’s done reducing the value of the dollar, he’s going after other forms of currency. Because he just signed an EO that will turn the government on cryptocurrency.
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From CBS News:
President Biden signed an executive order on Wednesday to explore establishing a U.S. Central Bank Digital Currency (CBDC) — also known as a “U.S. digital dollar” — akin to a cryptocurrency.
One key difference between the digital dollar and cryptocurrency is that the former would be subject to some regulation by central banks. So, for instance, the Federal Reserve could issue some monetary policy around issuance rates, address any inflation concerns and more. Senior Biden administration officials told reporters that already there are more than 100 countries that are looking into issuing their own centralized digital currencies.
The government has been trying to get its greasy fingers on cryptocurrencies for years now. The IRS wants to know how much Bitcoin you have. So far, it has failed to understand and regulation this explosive market. So, Biden is taking the next step: create a U.S. government-controlled cryptocurrency called the “digital dollar.”
Gee, I’m sure this is going to work out amazingly.
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It was only a matter of time before the federal government explored the idea of U.S.-backed crypto. Sadly, this is the absolute worst administration to spearhead it. We all know that most of Biden’s team are Bernie Bros obsessed with Marxist policies. The last thing these socialists should be doing is inventing a new currency.
The real fear is that, if this currency is created and implemented, you might not have a choice but to use it. If Biden can convince Congress to pass a law enforcing it, you might kiss your real dollars (as well as your bank balance, 401k, and retirements) goodbye. Imagine what the government can do with its own crypto? Freeze your assets with just a click of a button (with no due process)? Tax as much as they wanted from your pay (without your consent or involvement)?
Jeopardize your constitutional rights, by manipulating the value of this currency? The sky’s the limit.