NOTE:
This article is a masterpiece. Explaining a complex subject, and its implications, starting with a funny, easy to understand vision of the future. It covers three related subjects: Climate change, fascism and finance.
This article was so unusual I broke several rules of thumb for my blogs:
-- I broke the article into two parts, and did not discard the beginning. which was a vision of the future about a new subject for me. For my three blogs, I normally reject predictions, and speculation about things that could happen someday. I'm a non-fiction man -- but this article was absolutely brilliant. And that complement is coming from a person who reads about 36 articles every day, and posts about 9 of the best ones on my three blogs.
I posted the first half in two blogs. In my Election Circus Blog, because it was funny. In my Climate Blog, because it was a lightweight warm up for the next blog article, on the radiative physics of infrared gases in the troposphere.
CBDCs could be a new element of climate change fascism, which is gaining popularity all over the world. Climate change fascism to save the planet for the children -- not that our planet needs saving.
Fascism starts with censorship of articles contrary to the official government narrative. Such as every article ever published on my three blogs!
I initially thought CBDCs was the name of a 1970's music club in Manhattan, not far from where I earned my finance MBA in the late 1970s. And i almost skipped the article. ... i now realize the club was CBGBs, not CBDCs. (Note: There is an alarming amount of trivia that I have mis-remembered, to accompany the growing number of subjects I know nothing about. Back when I was a teenager, I knew everything. Aging is tough!)
Ye Editor
THE VISION:
"You awake to find that today is special: it’s Economic Stimulus Day!
When you roll over and check your phone, you see a notification from your FedWallet app letting you know that another $2,000 in FedCoins has just been added directly to your account by the U.S. Federal Reserve.
To be honest, part of you would love to save that money for the long term, given that things have been getting rather uncertain and actually kind of crazy lately, what with the war and the economy and all…
But you can’t, since these FedCoins are coded as usable for consumer purchases only, and will expire and vanish in seven days.
So you’d better spend em while you’ve got em!
The latest PlayBox it is then.
Everyone says Elden Ring 3 is the hottest VR game on the Metaverse right now, and you’ve really wanted to join in.
Since you’re stubbornly old fashioned, you decide to check it out at BezosMart on the way home from work today before you get it delivered by drone to your tiny apartment.
But first you begin your day as you always do, with a quick stop at the local Starbrats’ automated, no-contact drive-through latte dispensary.
Opening your FedWallet app and vaguely waving your smartphone at the machine is enough to complete the transaction.
$14 in FedCoins are instantly deleted from your digital account at the Fed and recreated in Starbrats’ corporate account, well before the sweet, coffee-flavored milk beverage is deposited into your eager, grasping hands.
Your morning starts to go downhill quickly, however, when you realize that your SUV is almost out of gas.
You pull the old clunker, with its antiquated combustion engine, into the nearest open station you can find – it looks pretty run-down – and roll up to the pump.
A dull-eyed teenager in a face mask inserts a nozzle into your vehicle and waits for you to pre-pay.
You wave your phone at the pump.
Nothing happens.
You try again.
Your phone buzzes, and you look at it.
There’s a message from the Fed:
“You have already spent more than the $400 maximum weekly limit on fossil fuels specified in the FedWallet User Agreement.
Your remaining account balance cannot be used to purchase non-renewable energy resources.
Please make an alternative purchase.
Have you considered a clean, affordable New Energy Vehicle?
Thank you for doing your part to build a more just and sustainable world!”
You have in fact considered purchasing a clean, affordable New Energy Vehicle.
But they still aren’t very affordable for you, what with the supply chain shortages.
Despite the instant credit the Fed would add to your balance when buying an electric car
– plus the permanent ten percent general subsidy you automatically receive on every purchase as a BIPOC individual thanks to the Fed’s Reparations Alternatives for Comprehensive Equity (RACE) program
– the down payment on a new car would still be more than you can afford, even with your new economic stimulus coins.
Well, you’re not going to be able to make it to work at the warehouse on what you have in the tank.
How could you be so foolish?
You’re going to have no choice but to park here and blow a bunch of money on hailing one of those sleek, incredibly expensive self-driving electric cabs to take you there instead.
But, as you’re about to tap the screen to do so, you notice there’s a classic fast-food joint next door.
Might as well head there first to unload a little stimulus money.
Nothing makes you feel better like a greasy breakfast sandwich.
Entering the establishment and sidling up to the old touchscreen kiosk, you order a McKraken with extra bacon.
But when you wave your phone to pay, an error message pops up again.
“You have exceeded your weekly purchase limit for complex animal protein, as stipulated in the FedWallet User Agreement.
Have you considered purchasing a delicious vegan or mealworm alternative?
Thank you for doing your part to build a more just and sustainable world!”
This is a sandwich too far for you during an especially hard week.
“Ugh FedWallet is so fucking lame!” you post on Twatter as you idle hungrily in front of the kiosk.
“Your message has been flagged for review,” says an immediate notification.
“As a reminder, using ableist hate speech may impact your ESG score and future financing opportunities.
Thank you for doing your part to build a more just and inclusive world!”
“Omg this is absurd, life was so much better before FedCoin, when we still had cash!” you post again to Twatter, unable to control yourself.
“Your account has been locked pending national security review,” says a notification from FedWallet.
“As a reminder, the proliferation of false or misleading narratives which sow discord or undermine public trust in government institutions is classified as a potential domestic terrorism offence by the Department of Homeland Security.
We value your feedback.”
You jerk awake, fumbling at your phone with trembling, sweaty fingers.
Oh thank God, it was all just a terrible dream!
You just dozed off while reading Rod Dreher’s blog.
You can still eat all the steak and bacon you want.
There’s nothing to worry about… "
The remainder of the article, explaining what CBDCs are, how they work, and how they could promote fascism, is posted in my ECONOMIC LOGIC blog, at:
https://el2017.blogspot.com/2022/03/say-no-to-central-bank-digital.html
