The Danger of the Digital Dollar | The Gold Standard #2211

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In this episode of The Gold Standard we discuss the danger of the digital dollar. The scariest thing about the digital dollar is that it’s being seriously considered by the Fed. The implications are disquieting.

The danger of a digital dollar is it’s an invasion of your privacy. How many of us want the government looking over our shoulder at everything we buy. There are other dangers inherent in a state-controlled digital dollar, but the invasion of privacy is a big enough issue alone to be against the idea. To say it’s un-American is an understatement. It’s downright sinister.

While it’s true that many of us get payments deposited directly into our banking accounts, and we manage them digitally, the US Government still deals with paper currency. The digital dollar would give the government ready access to every transaction. Authorities can access existing digital networks, but they need to have legal justification and procedures to do so. It’s much more of a hassle than if all those accounts were readily available on a government server.

It’s hard to buy into the economic equity argument in favor of the digital dollar. The digital dollar would not benefit anyone more than what already exists. The clear driver behind central bank-issued digital dollars is to have more surveillance over its citizens.

The Federal Reserve isn’t the only central bank considering the digital dollar. Most of the world is looking into the technology. If widely used, digital currencies give central banks incredible power over the financial system and your financial privacy. All transactions would be a matter of public record.

If widely adopted, digital dollars would give central banks extraordinary power over the financial system and the lives of its citizens. Some argue that the US Constitution protects and would prevent the Fed from abusing its newfound power with the digital dollar, but don’t believe it. Why tempt the central banks in the first place?! They’ve already proven how abusive they can be with their fiscal policies.

There are those in government who readily recognize the privacy violation dangers and oppose the creation of digital currency. There is a real danger of giving the state control over new and powerful technologies. At best, implementing a digital dollar would compromise individuality, privacy, and conformity. Once the implementation of digital dollars happens, the Fed could push and pull conditions on the digital dollar’s use. Just look at China.

China is a major proponent of using digital currency, and why wouldn’t they. It’s a great way to monitor the economic activities of its citizens and add another layer of government control over their actions.

We’ve already seen how the Fed is susceptible to political pressures. Once the Fed took complete control of our finances, we would be subject to the forces of political winds that blow during national economic efforts.

Perhaps the worst thing about the whole idea of the Fed issuing the digital dollar is that it negates our inalienable rights to endeavor dreams, survive against the odds. God did not create us to be controlled. We are individuals and have the right to pursue happiness.

It’s a bad idea to give the government more coercive powers, from mild to extreme, over our finances than it already has.

This consideration of the Fed for the digital dollar is just another sign of things trending in the wrong direction. Remember that the United States was once the world’s leader in manufacturing before we started having China manufacture everything decades ago. Now, the country is at another crossroads.

If manufacturers make bold investments in talent and technology, they can reclaim global leadership status, but it will take some work. In the same way, each of us must make an effort to ensure the state doesn’t continue to take away our privacy rights.

One way to ensure you protect your wealth and your privacy is to transfer some of your current wealth to physical stores of value like gold and silver.

Ken introduces us to the world’s most widely recognized gold coins, the Gold British Sovereign, and its rich history. The Gold British Sovereign contains .2354 ounces of gold and is the smallest government minted coin discussed in the series.

The Gold British Sovereign is also one of the oldest and most historic coins introduced on the program. All Gold British Sovereign coins feature a horse-mounted St, George battling a dragon, a design that dates back to 1817. All Gold British Sovereigns minted after 1957 feature Queen Elizabeth II. The obverse shows a profile of the reigning monarch of the United Kingdom.

Unlike most forms of Gold bullion, Gold British Sovereigns are exempt from broker reporting requirements to the IRS.
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