Investigative journalist James Corbett has described the ongoing banking crisis as the “Panic of 2023,” cautioning that the resulting new technocratic surveillance future, using central bank digital currencies (CBDCs), can be prevented if people choose cash, creativity and inform themselves about the countereconomy. Corbett, who has previously warned against CBDCs, believes the current banking crisis is an engineered phenomenon, but rather than a deliberate attack, has resulted from trying to back out of the artificial bond bubble created by the US Federal Reserve in 2008. He anticipates the crisis could be used to usher in CBDCs more quickly, leading to a new digital monetary order.
This article originally appeared on news.bitcoin.com
James Corbett, a renowned economist and journalist, recently spoke about the potential dangers of central bank digital currencies (CBDCs) in an interview with Bitcoin News. According to Corbett, the ongoing bank crisis could pave the way for a “nightmare of total monetary control” through the implementation of CBDCs.
Corbett argued that CBDCs pose a significant threat to individual liberties and privacy. He expressed concerns that governments could use CBDCs to track and control citizens’ spending habits, political beliefs, and social behavior. Corbett also warned that CBDCs could be used to enforce negative interest rates, which would effectively penalize savers and encourage people to spend their money faster.
Moreover, Corbett emphasized that the current banking system is not sustainable and that banks are facing an imminent collapse. He stated that the ongoing crisis could be a catalyst for the adoption of CBDCs, which would allow central banks to have complete control over the money supply. Corbett argued that this would be disastrous for individuals and small businesses as they would be at the mercy of central banks.
Corbett suggested that the adoption of cryptocurrencies such as Bitcoin could be a viable solution and a way to prevent central banks from gaining total monetary control. He argued that cryptocurrencies are decentralized, transparent, and can provide individuals with financial freedom and anonymity.
In conclusion, James Corbett’s warning about the potential dangers of central bank digital currencies is a timely reminder of the importance of financial freedom and privacy. With the ongoing bank crisis, it is crucial to consider alternative financial systems that prioritize individual liberties and decentralization. While CBDCs may offer certain benefits, their potential negative effects on society cannot be ignored. As such, governments and individuals alike must tread carefully when considering the future of our monetary systems.
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