Reshaping America’s Currency: The High Stakes of the 2024 Election

May 26, 2024 | Digital Currency | 0 comments

The upcoming presidential election between Biden and Trump will determine the future of the U.S. currency, with Biden advocating for a Central Bank Digital Currency and Trump opposing it to protect financial freedoms.


As the upcoming presidential election looms, one of the most significant and potentially transformative issues at stake is the future of the U.S. currency. Both candidates, President Biden and former President Trump, present starkly different visions for America’s financial system amidst an array of looming economic threats. From a potential Great Depression-style collapse triggered by the commercial real estate crisis, bond market implosion, or banking contagion, the next president will have their hands full navigating these treacherous waters.

 Biden’s Vision: Embracing a Digital Future

President Biden has placed a high priority on the creation of a Central Bank Digital Currency (CBDC) in the United States. This direction was set in motion with the signing of Executive Order 14067 in March 2022, which directed the Federal Reserve to explore the potential of a U.S. CBDC with urgency. The subsequent report by the White House Office of Science and Technology Policy (OSTP) in September 2022 further solidified this initiative, outlining policy objectives and technical design considerations for a potential digital dollar.

Key Points of Biden’s CBDC Initiative

1. Efficient and Low-Cost Transactions: A U.S. CBDC could streamline transactions, making them faster and cheaper, thereby enhancing overall economic efficiency.
2. Greater Financial Access: A digital currency could provide unbanked and underbanked populations with easier access to financial services, promoting financial inclusion.
3. Economic Growth: By modernizing the financial system, a CBDC could spur economic growth and innovation.
4. Maintaining International Influence: As other countries develop their own digital currencies, a U.S. CBDC could help maintain the dollar’s central role in the global financial system.

The Biden administration’s approach indicates a commitment to leveraging technology to advance the financial system, despite the significant challenges and uncertainties that come with such a fundamental shift.

Trump’s Stance: Protecting Financial Freedom

In stark contrast, former President Trump vehemently opposes the creation of a CBDC. His arguments center on the potential for excessive government control and the erosion of financial freedoms. Trump has consistently warned that a CBDC could enable the federal government to seize funds without consent and monitor every financial transaction, leading to unprecedented levels of government surveillance and control.

Key Points of Trump’s Anti-CBDC Position:

1. Government Overreach: Trump argues that a CBDC would give the federal government too much power over individuals’ finances, posing a “dangerous threat to freedom.”
2. Financial Privacy: A digital currency could lead to unwarranted government surveillance of personal transactions, infringing on privacy rights.
3. Aligning with Republican Values: Trump’s stance aligns with broader Republican concerns about government overreach and centralized control, resonating with a significant portion of the GOP base.

Trump’s opposition is bolstered by figures like Ted Cruz and former candidate Vivek Ramaswamy, who have both criticized CBDCs for similar reasons. This anti-CBDC sentiment has become a prominent plank in Trump’s campaign, highlighting his commitment to protecting individual freedoms from perceived government overreach.

The Stakes of the 2024 Election

The decision on whether to pursue a CBDC will not just shape the U.S. financial system; it could redefine the nature of money itself and the balance of power between the government and its citizens. Biden’s push for a CBDC represents a leap towards modernizing the financial infrastructure and potentially enhancing economic efficiency and inclusivity. On the other hand, Trump’s staunch opposition underscores a deep-seated fear of government overreach and the loss of financial autonomy.

As voters head to the polls, the future of U.S. currency and financial privacy hangs in the balance. The choice between a digital future with Biden’s CBDC or maintaining traditional financial freedoms as championed by Trump could reshape not only the nation’s economy but also the very fabric of American society.

The current status and structure of the current dollar system will be called into question over the next few months as a result of the media and the ongoing promotion of digital assets in our country. The most significant lesson to be learned from this subject is that we are not discussing the composition of the dollar by coincidence. As I have previously stated, the public was cautioned about the necessity of a new currency in this decade as a result of the devastation of fiat currencies through debt and deficits. The Economist Cover in January 1988, titled “Get Ready for the Phoenix,” foresaw a world in which all countries would be using the same currency by 2018. We have now passed the six-year prediction timeframe, but we are well on our way to implementing the methodology to transform that vision into a reality. This methodology is known as Distributed Ledger Technology.

The world has been captivated by blockchain technology since the introduction of Bitcoin in 2009. It is no coincidence that the free market developed the technology, and governments have replicated and run with it to create CBDCs for both domestic and international use.

The world is transitioning to a digital age, irrespective of the individual in office in the United States or any other country. Simply consult the CBDC tracker website to determine whether the country is currently in the research, launch, or testing phase. Do not be deceived by the political theater emanating from Washington, D.C. No matter what the campaign rhetoric or arguing points are, a CBDC is imminent. As the world transitions to digital technology, it is crucial to avoid becoming further ensnared in the matrix, which is already dominated by digital currency and distractions. Acquire a solid understanding of tangible, fungible, and real resources that are valuable for a variety of reasons. Assets that are intrinsically and universally useful for a variety of purposes, including technology and money. For beginnings, there is Gold, Silver, Platinum, and Palladium. Those commodities serve as the foundation for all subsequent developments.

 

Will the U.S. embrace a digital future with Biden’s CBDC or maintain traditional financial freedoms as championed by Trump? Leave a comment…

 

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