#4) Social Credit Systems
Imagine if “
LoonCoin” was a thing last year when the #FreedomConvoy hit Ottawa (and signalled the beginning of a worldwide revolt against Covid tyranny). Instead of emailing a list of bank accounts to be frozen that were cribbed from a (hacked) spreadsheet, they could simply direct the Bank of Canada to turn off everybody’s digital wallets who were in the vicinity of the protest, or who contributed to their crowdfund, or who retweeted the #HonkHonk hashtag.
Do you think they wouldn’t have done it?
Covid vaxports have already been weaponized in China, Brazil is doing it with their UBI program and when this is all formaized into a CBDC, they will probably not launch it without the framework for widespread social credit and control systems being part of the plumbing.
We all know from our experience with the pandemic, emergencies tend to drag on in perpetuity. The “War on Terror” is still in effect, and there are still legions of collectivist automatons tweeting #CovidIsntOver.
So when “The Long Emergency” (to use
James Kunstler’s term) becomes a never ending, rolling
climate crisis, the social credit systems built into CBDCs
will be used to enforce:
#5) Carbon footprint tracking
Back in
Carbon Rationing, CBDCs and Sound Money I wrote how this trajectory is more or less baked-in now, and that the state-run financial system is undergoing a shift from a debt-backed monetary system to one based on carbon quotas.
This is the ultimate end-game of CBDCs. There is no hidden agenda or conspiracy around this (there’s
already a Mastercard that cuts off your spending when you exceed your carbon quota), and globalist elites are quite up front about it….
Why CBDCs will ultimately fail
The developments of CBDCs is something we monitor
in The Bitcoin Capitalist (formerly The Crypto Capitalist). Every month we put out our coverage of CBDCs in the
“Eye On Evilcoin” section and it’s not
always bad news:
There is still some time to stop CBDCs
Despite all the jawboning about CBDCs, nobody has really deployed anything viable. It’s all still design and planning – with some test beds going on. The few projects that have launched formal, actual CBDC’s have largely stiffed: Nigeria’s Enaira, Venezuela (lol). Even China’s much vaunted Digital Yuan had an underwhelming reception at last year’s Olympics (my suspicion is that the global financial system is unraveling faster than CBDCs can be developed, so they may have to go with something already out there,
like Ethereum).
Worth noting, is that Brazil plans to deploy its CBDC next year.
I should note one exception to all the proposals out there in former CFTC Commissioner Chris Giancarlo (a.k.a “
CryptoDad”) and
the Digital Dollar Project. So far it’s
the one proposal I’ve seen bucking the trend among all CBDC specifications in that there is no talk of expiry dates, and an actual emphasis on tokenization, custody and privacy.
CBDCs will not be permanent
It amuses me that when I read these plans around social credit flavoured CBDC’s, policy makers still continue to believe that by hobbling “cash”, making it impossible to save, eliminating privacy and layering on Orwellian levels of social control, they still get something that the public will prefer to cash, crypto or Bitcoin.
It’s delusional.
Incentives matter, and that’s why nobody in their right might isn’t going to hold any wealth in CBDCs and keep their transactions within it to the lowest practical level.
The overall global system of governance is in a Fourth Turning style restructuring. With institutional legitimacy in tatters and public trust plummeting, CBDCs are typical and symbolic of the last gasp of industrial era, centrally planned economies.
The transition period between where we are now (Late Stage Globalism) and where we are headed – decentralized Network States, is going to be rough, so I advise battening down the hatches and reducing one’s reliance on government entitlements as much as possible…
Pro Tip: Don’t be poor
This is where we’re headed folks, so at the risk of sounding flippant, the solution is not to need financial aid.
Anybody depending on state entitlements or financial support will be CBDCerfs,
their affairs fully regulated by the state, their carbon footprints metered, and rationed, while their lives are gamified through their smartphones.
Among the affluent G20 nations where woke-ism reigns supreme and neo-Marxism is still fashionable, a lot of them may even like it.
But for the rest of us, who would prefer not to “own nothing and be happy”, it’s
imperative that you have zero reliance on government subsidies, entitlements or support payments.
If you haven’t already:
- Start a business. (Even a kitchen table business or an online venture)
- Start stacking sats (Bitcoin) – get off zero, today.
- Start taking sats at your business.
If you already own or run a business, buy, start or invest in another one.
It’s going to get a lot more expensive to be free. It’s not right or fair, but that doesn’t matter.
The good news is there’s never been a better time in history to learn, create, innovate and grow and these are the dynamics and incentives that will ultimately prevail. We’re in a period of Peak Collectivism and Peak Centralization now (for the next few years).
This dominating ideology is ultimately
an anti-human philosophy and this too shall pass.
Be ready for it, either way.
