What People Do Not Understand About Cryptocurrency | Armstrong Economics


17-03-21 07:37:00,

There seems to be a HUGE gap in what people think about cryptocurrency. The European Central Bank (ECB) is working on a scheme to launch “digital euro central bank money” as soon as possible. Many economists praise the project as an “innovation,” as an important and indispensable step in an increasingly digitized world. But economists typically always advocate socialism without ever actually contemplating what is its final destination. The socialist press which has engulfed most of the mainstream is also obvious to what is the final destination.

The ECB has made its intentions known, as has the Federal Reserve, that in declaring a digital currency, both have stated it will be a currency accessible for everyone, robust, secure, efficient, and compliant with the new agenda. What is overlooked is this is to be a central bank currency and they have been quietly suggesting that they will even take direct depositions from non-banks. Nobody seems to really understand what that means. As usual, they simply glass over the statements. In truth, it is circumventing the banking system for they are also not about to bail out the banks in this new world because they are also contemplating the end of government debt. If the government does not borrow, then who needs the bakers?

Mainstream media also refuses to address privacy concerns. To be very clear, the path to digital currency is also one to total surveillance by a state regime that will accelerate considerably in this world where they can pick your face out of a crowd of a thousand.

Anyone who thinks a digital euro is somehow better because it is not fiat money, well it is simply fiat money on steroids. The ECB will not surrender its monopoly of euro production. However, what is being talked about behind the curtain is that a digital euro can either be “account-based” meaning you will keep it in an account held with the ECB directly, or it can be “token-based” where banks receive a “token” that can be transferred from smartphone to smartphone via an app.

The ECB says the digital euro is a “compliment” to cash and bank balances. Clearly, that is like saying the lockdown will be just three weeks when they never had any such intention.

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