On October 9, whistleblower and privacy advocate Edward Snowden published an editorial on central bank digital currencies (CBDCs) and claimed that central bank digital currencies are “the latest risk to cap the public horizon.” Snowden emphasized that rather than being an innovation, central bank digital currencies are “more of a perversion of cryptocurrency” and “fascist cryptocurrency.”
Snowden stresses that CBDCs are expressly designed to deprive their users of primary ownership of their funds.
While politicians and the modern banking cartel have been all about central bank digital currencies, many critics believe they are no different from centralized databases. On Saturday, Edward Snowden, a former CIA and National Security Agency (NSA) subcontractor, published an article describing what he believes central bank digital currencies will bring to society. Snowden is a fan of decentralized crypto assets such as bitcoin, ethereum, and zcash. However, when it comes to CBDCs, whistleblowers are concerned about the technology being adopted.
Snowden asserts in his article: “I’ll tell you what CBD isn’t — it’s not, as Wikipedia might tell you, a digital dollar.” “After all, most dollars are already digital, and exist not as something tucked away in your wallet, but as an entry in a bank’s database, ordered and taken out honestly under your phone glass. Nor is central bank digital currency a nation-wide incubation of cryptocurrencies — at least It is not a cryptocurrency as currently understood by anyone in the world who uses it.” Snowden added:
Instead, a CBDC is something akin to a perversion of cryptocurrency, or at least the founding principles and protocols of cryptocurrencies — a crypto-fascist currency, an evil twin fed into ledgers on the opposite day, expressly designed to deprive its users of primary ownership of their funds and put the state in Mediation center in each transaction.
Snowden concludes by explaining that people earn a living through their work and may be sufficient for retirement or “if not, can he hope to rely on the charitable, or even adequate, provision of the State for his well-being, care, and recovery”? Snowden says he would like to ask members of the Federal Reserve, the Treasury, and the US government whether or not the country should focus on money. “Of all the things that may be central and nationalized in this poor man’s life, should it be his money? Really?” Snowden asks at the conclusion of his article.
Eddie Hobbs claims that “Your savings are collateral damage in the new rules of the game.”
The future of this corrupt monetary system can be seen from a mile away, and in another recent op-ed, financial advisor and writer Eddie Hobbs explains: “Your savings are collateral damage in the new rules of the game.” Hobbes stresses that only by suppressing benchmark interest rates for a decade or more can it be helped to increase the global debt surplus.
The financial writer explained that “central banks know this, that letting inflation is the only way out, while governments raise borrowing to world war levels in the hope of re-igniting growth faster than accumulating debt.” “The European Central Bank intends to ride the gun, letting time and inflation erode the true value of outstanding debt while playing their part by smashing prices into negative territory.” Hobbs adds:
Savings are collateral damage in the new rules of the game. Irish banks charge a fee of -0.65% for holding cash. So far, it has sharply curtailed the credit union’s ability to accept liquidity and hurt corporate deposits, trusts and charities, but it’s closing in next year once it leaks out of seven-figure consumer deposits. You can ignore banking advertising on the contrary.
What do you think Edward Snowden of CBDCs and Eddie Hobbs explaining that savings are collateral damage in the new rules of the game? Tell us what you think about it in the comments section below.
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