While you were distracted, Biden enacted Executive Orders on Responsible Development of Digital Currency
Since No one knows who created Bitcoin, was it the testbed for the last 10 yrs? Was it successful?
Opinion - Starting earlier this year, I started to see reports about talk of a digital currency. Then in March of 2022 Biden Administration signed an executive order, that M.I.T and LedgerInsight alleges that they were responsible for researching a new digital currency to replace the reserve currency which is the US dollar. Now, what I have seen is the IMF and the International Monetary Fund speak on this situation, to reading white papers from MIT on this, from my conclusion the test and research of the Digital currency have already been completed.
I can’t figure out whom and when this research was done under MIT, but I think it has been ushered in or implemented under the radar, by Obama or Trump, but finalized under Biden. As to why he created an executive order on it, there have been several executive orders on it since the beginning of 2022.
History has shown, that during a time of economic instability, inflation, recession, or otherwise, we see the implementation of a new currency of sorts or even a reshuffle of the economic order, we saw it with the end of the US dollar backed by Gold under Nixon. Today and in the last 50yrs, our currency has been artificially floated and backed by US taxpayer faith in backing it. But, what comes of it, and how do they roll it out? Well, in all honesty, how many of you use cash on a daily bases? I certainly don’t, it is rare perhaps the only time I do so is when I get a haircut at the barbershop which only accepts cash. How would this transform our lives, many of us it wouldn’t, many others would and could create and hold people responsible that are paid under the table, the government not getting its fair share through taxes, but would we need to pay taxes if they can just create, wipe debt with a stroke of a key on a keyboard? Good Question.
What would it usher in? A Universal Basic Income (UBI), given to people who don’t want to work? I am not sure how I feel about it, but there has been a lot of talk about it, what better way than to give ppl a UBI? But, that is a discussion for another time and an article.
With the downturn of the economy, worldwide, no matter where in the world inflation is hurting everyone, the recession is setting in, and we have a war against our former cold war enemy Russia defacto through Ukraine going on. Everything seems to be lining up, including much of the eastern nations of Ukraine that were proxy's through the Russian military holding these nations together, starting to find themselves without Russian soldiers in their nations. A lot is going on in the world, China, the US, Europe, and even Russia no matter the sanctions are feeling the effects of inflation, and recession that is setting it that no one in the Whitehouse wants to admit. But, the geopolitical situation in the world is coming apart, the liberal order they call it, but no matter what they call it, it is coming apart.
In getting back to the original topic, this potential widespread digital currency will be very disruptive to many throughout the world and world stage, including in trade. Biden recently EO “calls for ensuring responsible development of digital currency and assets to outline the first whole of government approach to addressing the risks and harnessing the potential benefits of digital currency across the government will work or develop a framework, through the identity of six priorities, not as if Biden even understands this technology, but has six points as follows; promoting financial stability; countering illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation”. (Source Whitehouse).
The six points described here, are interesting, if we are to believe that Bitcoin was created by someone outside of government or an entity that had no direct influence from the US government, we are to believe that the US government will print digital dollars while attempting to protect consumers, investors and businesses, through responsible innovation. If you are not aware, digital currency and mining take an extreme amount of energy to produce and maintain. However, the liberals are trying to convince you to stop using excess energy, are trying to reduce our footprint through green initiatives, and in states like California have rolling blackouts, telling ppl who own EVs not to charge their EVs. So where or how are you going to mine a digital currency with the amount of enerny it needs?
Further, there seems to be this idea within the Biden administration in their research and development to somehow aggressively pursue and enforcement of unlawful practices in the digital space. A lot of this is on blockchains in which the government, no central authority has the ability to identify potential unlawful creators or in this case competition against the government in the creation of its own digital currency.
In conclusion, what I do see is a further intrusion into our lives, shutting down anyone they deem dangerous, to be unable to access their finances or banking money in this new digital world. Or the control of certain things they deem you not allowed to purchase, from food items, guns, drugs, or otherwise or something they deem. A lot of dangers come from it, on the other hand, it could also do a lot of good for the instability of the world economy, instead of a primary reserve currency, what if we had one type of currency across the world, pegged to which would create other issues bad and good. I am not sure I am not an economist, nor a financial expert to speak on such authority, but I would welcome your thoughts nonetheless, I think it is an important discussion to have.
Let me know what you think about this subject, not enough is being talked about on this, it seems like it is under the radar.
To Read Up on this more, please visit these links; FedNow | Coindesk | Federal Reserve Board | Brookings Institute | M.I.T.
#DigitalCurrency #Currency #Biden #FedNow #FederalReserve #USDA #USAID #DOJ
Updated: 03/21/2024 - Updating broken link to the M.I.T. study on digital currencies.