Central bank digital currencies, or CBDCs, are a source of concern for many who fear they could lead to a new form of economic slavery.
CBDCs are government-backed digital tokens that aim to simplify monetary policy and make transactions easier, but they also raise concerns about control and privacy.
Unlike cryptocurrencies, which are decentralized and allow for anonymous transactions, CBDCs are centralized and trackable, which means that the central authority can monitor and potentially control every transaction.
Finance expert Catherine Austin Fitts has warned that a slavery system, influenced by transhumanism and technocracy, is being created through the rapid rollout of CBDCs. The COVID-19 pandemic has been used to engineer a total transformation of world currencies and way of life, and Fitts likens this shift to “herding sheep to a slaughterhouse.” With the world being pushed into debt entrapment, individuals may be willing to give up their rights for any financial relief offered to them.
Agustín Carstens, executive director of the Bank for International Settlements, has expressed concern over CBDCs, stating that the central bank will have complete control over the rules and regulations of the currency and the technology to enforce them. CBDCs are also seen as a tool for social control, as they could be used to monitor and limit an individual’s ability to engage in transactions.
Maajid Nawaz, a British activist, describes CBDCs as vouchers, not currency, as they will have limits for specific purchases and once reached, will not allow for additional transactions. This opens the door for the government to control what individuals can buy and could also be used as a form of punishment or reward, with access to banking being restricted for those who do not comply with government-mandated actions.
The use of CBDCs could result in a world where individuals are under 24/7 surveillance and their financial power is tied to their behavior, as Fitts explains. For example, if a person forgets to pay a parking ticket, the CBDC system could automatically subtract the funds and a late payment fee from their account. Additionally, supporting certain political causes or missing an appointment to get vaccinated could result in limitations to banking access.
In conclusion, while CBDCs aims to simplify monetary policy, they raise serious concerns about privacy, control, and the potential for a new form of economic slavery.