When I first saw the acronym “CBDC,” I may have betrayed my California roots when I thought it was some new cannabis product that will join all the other CBD products sold everywhere, including at truck stops. I’m not so naïve now, and I know that CBDC, which stands for Central Bank Digital Currency, is possibly the most dangerous idea ever bandied about in American politics.
The plan is that the federal government would end paper and coin money in favor of purely digital money—all under the government’s control. Suddenly, in addition to your bank’s ATM, you would be dependent on the federal government’s ATM for every penny you possess. It would be the Chinese social credit system and the Canadian “let’s shut down the bank accounts for anyone protesting the government” system all rolled up into one.
