For many Americans, the idea of using an Apple watch or PayPal for purchases is convenient.
So much so, that Gallup found 6 in 10 Americans “make only a few or no purchases with cash today, nearly double the 32% saying they did so five years ago.”
In addition, Gallup found, “Sixty-four percent of Americans say it is ‘very likely’ or ‘likely’ that the US will be a cashless society at some point during their lives; meaning all transactions are done using an electronic method of payment rather than physical currency.”
While those questioned said America would be a cashless society at some point during their lives, the truth is it may be happening much sooner than we think – especially as President Biden signed Executive Order 14067: Ensuring Responsible Development of Digital Assets.
But is the convenience of digital currency worth the loss of freedom that may result?
The Basics of Executive Order 14067
According to The White House, “President Biden [signed March 9, 2022] an Executive Order outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology. The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.”
Sure, it is a good idea to identify the potential risks of digital assets and technology.
But, buried within it, is this line:
“Sovereign money is at the core of a well-functioning financial system, macroeconomic stabilization policies, and economic growth. My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.”
In other words, Executive Order 14067 is not merely identifying risks and benefits…it’s specifically attempting to develop a United States Central Bank Digital Currency (CBDC).
This would mean our national currency would become a digital version that is completely controlled by our country’s central bank.
All transactions would be monitored by the Fed and our government.
If They Control the Money, They Control Us
While more than 100 countries are moving toward Central Bank Digital Currencies, citizens need to be aware of the power this will ultimately give the government.
As Ron Paul said, “The cashless society is the IRS’s dream: total knowledge of, and control over, the finances of every single American.”
We’ve already seen examples of how political agendas have led to censoring people on social media platforms.
It doesn’t stop there.
There have already been cases where bank accounts have been frozen and third-party money platforms have banned those they deem a threat to the current political narrative.
If the United States adopts a CBDC, the government will have the power to monitor spending, control spending, and seize accounts.
If you think this sounds far-fetched, just listen to what the Bank for International Settlements general manager, Agustín Carstens, recently said:
“The key difference with CBDC is that Central Bank will have absolute control of the rules and regulations that we determine. [...] And also, we will have the technology to enforce that. Those two issues are extremely important.”
They’re telling us EXACTLY what they plan to do if we go cashless.
In fact, they’re doing it right in front of our faces. Here are a few recent examples of this tightening of control already playing out.
Third-Party Payment Processors Targeted by IRS
In January 2022, the IRS created a new tax rule that allowed them to gain insight into payment apps, including Venmo, PayPal, and Cash App.
The purpose is to identify people who receive more than $600 in business expenses.
If someone is identified as receiving these funds, these third-party payment processors are required to report the user’s perceived business transactions to the IRS.
PayPal Banning Conservatives
In 2019, PayPal revealed they work together with the progressive Southern Poverty Law Center to identify accounts to ban.
Southern Poverty Law Center identifies which groups they believe are “hate groups” or extremists; however, they have also targeted conservative organizations like the Family Research Council.
PayPal says they reserve the right to terminate a user’s account for any reason and at any time.
Some of those whose PayPal accounts were terminated were tied to the Trump campaign.
Canada’s Freedom Convoy Banking Censorship
During the Freedom Convoy in Canada, authorities froze as many as 257 bank accounts of protestors in an effort to prevent them from making necessary purchases and end the protest.
According to the National Post, “Two RCMP officials told MPs that the main goal of having the power to freeze bank accounts was to push convoy ‘influencers and leaders’ to leave Ottawa before police intervention was necessary.”
Banks Closing Accounts of Conservative Politicians
In 2021, 2020 Republican Delaware Senate candidate Lauren Witzke’s Wells Fargo bank account was closed without any notice.
When she noticed the zero balance and contacted Wells Fargo, she was told it was a “business decision and that they have the right to close my account at any time.”
She told Norfolk Daily News, “The current weaponization of corporations and banks against conservatives and Christians is terrifying. […] I have banked with Wells Fargo for years, using it as savings when I was working in ministry. Only when I was given a platform to share my Christian views on the national stage did Wells Fargo decide to shut down my account.”
It’s not just Wells Fargo; Chase Bank has also shuttered accounts of those who “pose a reputational risk to their company.”
Credit Card Companies Tracking Purchases
In addition to banks and financial systems banning individuals, there is also tracking of people who make certain purchases.
Just this week, Visa, Mastercard, and American Express have announced they will begin tracking transactions at firearms stores.
While the code will not identify which specific items were purchased, it will identify where individuals spend money.
As J.D. Vance tweeted, “The next stage of deplatforming will be denying people access to the financial system. Second Amendment will mean little if Visa won’t let you buy ammunition.”
Banks Deplatforming Due to Cancel Culture
Banking censorship or financial deplatforming is becoming more common – especially with cancel culture in full swing.
Financial institutions have started to censor who can use their institutions based on their political opinions.
According to The Heritage Foundation, “In a Feb. 11  letter, Minnesota Bank and Trust stated it would terminate MyPillow President and CEO Mike Lindell’s bank accounts, citing that he was a ‘reputation risk’ for the company. Lindell was not defrauding the bank or committing financial fraud through the bank or in connection with that account. He was simply living his life in a politically active way – but in a way the bank apparently did not agree with.”
How to Prepare for a Digital Currency and Cashless Society
Considering all the examples above, think of what could happen if the United States embraced a Central Bank Digital Currency.
It’s terrifying, which is why you need to prepare now.
- Purchase the items they don’t want you to purchase now. Think carefully about the types of items that may send a red flag to the government, such as guns, ammunition, and long-term emergency food. Buy these items while you still can.
- Stock up on goods you can barter. Should the US move to a Central Bank Digital Currency, bartering will be necessary. Take time to stock up on items that are good for bartering, such as coffee and tobacco. Be sure to consider “flagged items” such as ammunition, as well.
- Freshen up on bartering skills. In addition to bartering items, it is also wise to freshen up on bartering skills. In a cashless society, people will need to trade services.
- Stay aware. With the possibility of a digital currency, it is imperative to stay aware of what and where you are spending money. The government will know and have the ability to seize control of your accounts. Think before you spend – and about where you share ideas online.
Get your finances in order, friends.
Preparedness Advisor, My Patriot Supply