USA becomes COMMUNIST to compete with China!?

[UpperMaster]

I was browsing you-tube and found a video about Central Bank Digital Currency (CBDC), and how first world countries in the west such as USA, UK and even the  European Union are planning to implement largescale digital currency. For context, Central bank digital currency (CBDC) is a digital form of money that is issued and backed by a central bank, such as the Federal Reserve in the United States or the Bank of England in the United Kingdom. It can be thought of as an electronic version of traditional fiat currency, such as paper bills or coins.

 

The implementation of centralized digital currency can be extremely problematic: 

• Governments or central banks could use CBDC to track and monitor people's financial transactions in a way that's not possible with traditional fiat currency. This could be used for various purposes, such as tax enforcement or even social control.
• Companies or organizations could potentially use CBDC to benefit from access to data about people's financial transactions. For example, a company that issues a CBDC might be able to sell this data to third parties, such as advertisers or research firms.
• CBDC could potentially be used to manipulate the economy or financial markets in ways that benefit certain companies or organizations. For example, a central bank might use CBDC to stimulate demand for certain goods or services, which could then benefit the companies that produce those goods or services.

 

This control that governments gain as a result of using CBDC is concerning to me as it mimics the control the CCP have on the Chinese people. With this added control, western governments could in theory implement a credit score system which is absolutely insane to me. I mean this is literally communism. We are entering an age of financial slavery. 

What is your perspective on the potential outcomes of using CBDC?  Do you believe it could potentially lead to negative or unsettling consequences in the future?

 

 

Edited January 9, 2023 by UpperMaster

[Sucuk Ekmek]

If you don't own your stuff (your body, your meta, your ideas, your land, your City, your laws, your wife) someone else will do for you.

It is your responsibility.

We relly on Atlas to carry the world on his shoulders and label it whatever we like.

[UpperMaster]

@Sucuk Ekmek

In reality, we have very little true ownership, as the government has the power to seize our possessions at any time. That said, this digital currency will just make it easier for the government to do so. 

[Sucuk Ekmek]

26 minutes ago, UpperMaster said:

@Sucuk Ekmek

In reality, we have very little true ownership, as the government has the power to seize our possessions at any time.

I don't agree with that. Yeah govt can seize our possesions but there are things that we own as collectively. For example the languages are still ours.

40 minutes ago, UpperMaster said:

@Sucuk Ekmek

That said, this digital currency will just make it easier for the government to do so. 

It will do but this will also make a counter action because of our common possesions.

That's just my two cents.