Who is Watching?
What if the government decided you should only drink two beers a week or that you shouldn’t own a rifle or gasoline-powered car? All of these restrictions and many more have been proposed or enacted, but how could the government enforce them? They could make them illegal, but prohibition and the war on drugs prove that some people would ignore the law. What if the government could make money not work if someone tried to buy a prohibited item? The book of Revelation talks about a time when no one will be able to buy or sell without the mark of the beast. When I was young, the idea that any government could control every transaction seemed impossible to me. But today, with modern computers, digital banking, artificial intelligence, and cryptocurrency it is more than possible it’s almost here.
The Growing Cashless Society
Many countries are already moving away from the use of physical currency. Sweden was the first European nation to issue banknotes and they may be the first to stop. According to digital marketing company Oban International, all the Scandinavian countries are moving in the digital direction. Most Swedish banks don’t handle cash and many Swedish merchants won’t accept cash payments. In the United Kingdom, less than one percent of sales are in cash and India is moving in that direction.
Cryptocurrencies
Digital dollars will not be the same as cryptocurrencies. Two of the best-known cryptocurrencies are Bitcoin and Ethereum. Both exist only digitally as ones and zeros on the internet. When something is bought with either the transaction is recorded on the internet in what is called the blockchain. The blockchain is a decentralized database that maintains a largely anonymous list of all transactions. In the case of Bitcoin and Ethereum, no single entity controls the blockchains, therefore no group can alter them. Cryptocurrencies can be exchanged for physical dollars at various exchanges and any liability falls upon these exchanges.
The New Dollar
Like the cryptocurrencies, the new Federal Reserve central bank digital currency (CBDC) will only exist as ones and zeros on the internet but unlike those others, the Federal Reserve will manage the blockchain. Forbes reported that in March of this year, Republican Senator Ted Cruz reintroduced legislation to ban the Fed from creating a digital dollar system, which he says could be used as a “financial surveillance tool by the federal government.” With current computer technology and a totally digital dollar, the federal government will be able to see every transaction made and, no matter what they say, I doubt that buying and selling will be private or anonymous. They will be able to collect taxes with a few keystrokes. Every political contribution will be monitored and logged. Every book you buy and every gun or ammo purchase will be recorded. If you refused the next COVID shot the government could restrict your purchases to essentials. If you were a real troublemaker, they could easily stop you from buying anything. That would be an Orwellian world.
