Rickards: Central Bank Digital Currency Update

Dear Reader,

Another warning shot across the bow just happened…

Recently the Federal Reserve, in cooperation with giant global banks, has launched a 12-week pilot project to test the message systems and payment processes on the new Central Bank Digital

Currency (CBDC) digital dollar.

A pilot project is not research and development. That’s already done.

The pilot means CBDC’s are here, and the backers just want to test the plumbing before they roll the system out on the entire population.

That project is due to be completed next month.

In other words, the digital dollar is getting closer to becoming a reality for us all.

Now there is another big development to keep you up to speed…

Just yesterday, the Digital Dollar Project (DDP) released an updated version of its white paper “Exploring a U.S. CBDC”.

The project expanded the paper in order to examine central bank digital currency projects internationally, though its focus is still on the United States.

Since its original white paper release in 2020, CBDC projects worldwide have increased from 35 to 114.

What is the Digital Dollar Project?

The DDP was established by the former chairman of the Commodity Futures Trading Commission, a U.S. government regulatory agency of the U.S. derivatives market.

The organization has implemented a variety of pilot projects in conjunction with information technology company Accenture and its key mission is to promote a U.S. digital currency dollar.

Here is one statement in the updated paper:

“It [is] imperative that the U.S. government consider ways to maintain the use of the dollar in digital global payment systems and develop a strategy related to the use of alternative payment systems.”

Alternative payment systems…

This means creating digital ONLY dollars and replacing the cash (“fiat”) dollar we have now.

What does this mean for you?

It would make your money less truly your own and under government control.

We are already seeing how many retailers are not accepting cash across America…

What happens when physical cash is ELIMINATED from any payment transactions?

Imagine this…

To further advance his climate change agenda, what if Joe Biden and his cronies decide that gasoline needs to be rationed?

Your digital dollar could be made to stop working at the gas pump once you’ve purchased a certain amount of gasoline in a week!

How’s that for control?

A digital dollar would create new ways for the government to control how much you can buy of an item… or even restrict purchases. It would keep score of every financial decision you make.

In a world of digital currency, the government will even know your physical whereabouts at the point of purchase.

It’s a short step from putting you under FBI investigation if you vote for the wrong candidate or give donations to the wrong political party.

If any of this sounds extreme, fantastical, or otherwise far-fetched… well, it’s not.

Look at what’s happening around the world…

China is already using its CBDC to deny travel and educational opportunities to political dissidents.

Canada seized the bank accounts and crypto accounts of trucker protestors last year.

Nigeria put a cap on ATM cash withdrawals at $45 to promote digital payments.

Also, “social credit scores” and political suppression will be even easier to conduct when digital dollars are completely rolled out in the U.S.

With a digital dollar, the government will be able to force you to comply with its agenda.

Because if you don’t, they could turn off your money.

Scary, isn’t it?

But you can fight back…

You need a way to “sidestep” this type of digital dollar and total surveillance state that is coming soon.

A way to protect your freedom and your savings.

That’s why the time to prepare is now, before it hits.

Our digital dollar IS coming.

If you do one thing to protect yourself, do this…

Buy gold.

But hurry because gold has been rallying in the past several months on recession fears and economic uncertainty. I would hate to see you left behind as the price soars.

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Regards,

Jim Rickards

Jim Rickards is an American lawyer, economist, and investment banker with 35 years of experience working in capital markets on Wall Street. He was the principal negotiator of the rescue of Long-Term Capital.
Hard Assets Alliance was created as a cooperative of investment professionals who believe there's a better way to invest in precious metals. This is a guest perspective on the markets from one of these partners; we hope you enjoy it.