Editor’s Note: This article from our premium news partners at The Epoch Times does a great job of breaking down what’s happening now with Central Bank Digital Currencies as well as what to expect. Most importantly, it highlights what we should all be doing now to prepare. While I and others will continue to fight to prevent them, it seems more and more likely that they will be implemented in the very near future. Please read through the article and consider sharing it with those you know. Our best bet to stop it is with an informed population. Our best way to handle it if we cannot stop it is by having allies who are prepared with us to engage in alternatives. With that said, here’s Grant Miller…
We’ve all heard stories about people who survived the Great Depression by hiding cash under their mattresses or burying it in their yards because they’d lost trust in banks.
Imagine taking it a step further and taking money from the flawed banking system and putting it into the untrustworthy hands of the government.
That’s what will happen when America embraces central bank digital currencies (CBDCs), as many other countries already have.
There will be no way of hiding money you have because it will all be digital, and it will all be tracked and controlled by the U.S. government. And it’s looking more and more likely that America will have a CBDC sooner rather than later.
Here’s what you need to know so you can prepare.
The Current Status of CBDCs Around the World
A CBDC is essentially a digital form of currency centralizing all of a country’s citizens financial information in a digital database controlled by the government.
Here is what CBDCs currently look like globally:
Fox Business reports, “One hundred and fourteen countries are exploring digital currencies, and their collective economies represent more than 95 percent of the world’s GDP.”
A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) found that two-thirds of the central banks said they would issue a CBDC within 10 years.
In January 2023, Bank of America even suggested CBDCs “are the natural evolution of money and payments.” In the Bank of America report, analyst Alkesh Shah wrote that CBDCs have “the potential to revolutionize global financial systems and may be the most significant technological advancement in the history of money.”
One nation in particular, China, has already embraced CBDCs. The digital yuan is being used by millions of Chinese citizens, giving the government the ability “to obtain vast amounts of public data and strengthen its surveillance state. CBDCs will give the Chinese government authority to turn off people’s money like a light switch.”
India, Nigeria, and the Bahamas have also already embraced CBDCs.
The Current CBDC Narrative in America
At this point, the U.S. federal government is quick to say, “We have no plans to create a CBDC.”
A September 2022 White House report states: “A United States central bank digital currency (CBDC) would be a digital form of the U.S. dollar. While the U.S. has not yet decided whether it will pursue a CBDC, the U.S. has been closely examining the implications of, and options for, issuing a CBDC.”
The Federal Reserve also states: “While the Federal Reserve has made no decisions on whether to pursue or implement a central bank digital currency, or CBDC, we have been exploring the potential benefits and risks of CBDCs from a variety of angles, including through technological research and experimentation.”
In a FAQs section of the Federal Reserve website, it states: “The Federal Reserve issued Money and Payments: The U.S. Dollar in the Age of Digital Transformation as a first step in fostering a broad and transparent public dialogue about CBDCs in general, and about the potential benefits and risks of a U.S. CBDC. The paper is not intended to advance any specific policy outcome, and no decisions have been made at this time. The Federal Reserve does not intend to proceed with issuance of a CBDC without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.”
However, the United States is clearly studying CBDCs with the idea of one day implementing one. Now is the time to start stocking up on tangible items of value that cannot be taken by the powers that be, including cash, water filters, and emergency survival food.
What America Is Actually Doing
After reading all the emphatic “No, we are not implementing a CBDC” statements, it’s more telling to see what our government is actually doing.
This is quoted straight from the Federal Reserve website: “The Federal Reserve is engaged in a number of experiments related to digital currencies, including a hypothetical CBDC.”
Moreover, news was recently released that the Federal Reserve Bank of New York has already been experimenting with a CBDC. In November 2022, an official from the New York Fed announced that over the past several months, the bank had been working on a wholesale CBDC to speed up transfers between banks around the world.
Recently, the World Economic Forum (composed of billionaires and not elected officials) met in Davos, Switzerland, and one of the major topics that was discussed were CBDCs.
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According to the World Economic Forum on Jan. 17, 2023: “Over the past year, an interdisciplinary research team funded by the Bill and Melinda Gates Foundation and including the MIT Digital Currency Initiative, Maiden Labs, University of Virginia, and 13 research teams in India, Indonesia, Nigeria, and Mexico examined where existing payments technologies were failing to serve society’s most vulnerable members and whether a central bank digital currency (CBDC) might fill this gap.”
Pay attention to the Americans involved in this major discussion.
The Risks of CBDC
You may be wondering why a CBDC would be a problem. Some people mistakenly believe that because they never use cash and rely on their debit or credit cards, this is no different. Wrong.
A CBDC takes the control of money from banking institutions into its own hands.
According to The CATO Institute: “The problem is that there is no limit to the level of control that the government could exert over people if money is purely electronic and provided directly by the government. A CBDC would give federal officials full control over the money going into–and coming out of–every person’s account.”
Here are just a few examples of what that sort of total control may look like:
- Government in total control—The government could not only withhold money whenever they deemed fit but they could also devalue the currency.
- Lack of privacy—The government will be aware of all of your financial information, what you owe and to whom, what you are spending money on, and what assets you have.
- The end of personal security—No longer can you “hide” savings under your mattress. The government will always know how much you have and will have access to it.
- Tracking of purchases—The government will be able to track everything you purchase—and potentially stop you from buying it. Let’s say it is something the political party in charge disagrees with, such as legalized marijuana. They can track you and prevent you from purchasing it again.
- Tracking pornography purchases, abortion payments, tax evasion, and more. While you may not think this is a bad idea, what if it goes a step further? What if they think you need to eat less red meat?
- Hacking and data breaches—My head hurts just thinking of all the ways a CBDC could be attacked by hackers or cyber terrorists.
Real News Stories That Show the Weaponization of Money
It would be easy to dismiss what I am saying as a little too extreme. But we are already seeing how this is happening.
Remember the Freedom Convoy through Canada? Authorities froze as many as 257 bank accounts of protestors to prevent protestors from making necessary purchases and to end the protest.
Multiple news stories came up in the past few years where conservatives have had their bank accounts closed without notice simply because they posed a “reputational risk” for the banking institutions. If banks can close accounts of those they don’t agree with, what will the government do?
In China, it’s getting scarier by the minute.
Hackernoon writes, “Already, countries like China have ‘social credit systems’ that determine your access to certain services, based on your political views, shopping habits, online activity, work history, and other attributes. Pairing social credit systems with CBDCs means governments can ‘punish’ those who contravene its rules by stopping them from spending money.”
Governments can also limit how much and where you spend your money. In Nigeria in December 2022, the government limited cash withdrawals to $45 a day to push citizens to their CBDC.
How to Prepare for CBDC Tyranny
The truth is that it is only a matter of time before we are cashless and living with a CBDC. It’s better to start preparing for it now than waiting to see if it will really happen. These steps should help:
- Get your financial house in order. Start by getting your finances in order. Pay down any debt you have, make wise investments, and set aside savings. Work with more trustworthy banking and credit institutions.
- Make wise purchases today. Think carefully about what you buy today. There may come a day when you won’t feel safe making those same purchases (such as handguns or ammo).
- Stock up on bartering supplies. When America embraces a CBDC, not everyone will be on board. But cash will be useless. In this case, you’ll have to barter. Stock up on items that will be easy to barter in the future.
- Pay attention. Stay aware of what is happening. For example, the Federal Reserve pilot CBDC program was announced right before Thanksgiving, when people likely weren’t paying attention.
Editor’s Commentary: Arguably the biggest reason I am so bullish on PHYSICAL precious metals is because with the coming push to implement CBDCs, gold and silver make a lot of sense for two big reasons (and a dozen or so smaller reasons).
First and foremost, a self-managed precious metals IRA acquired through the right freedom-loving companies allows our retirements to be distributed in physical precious metals. When a properly situated precious metals IRA replaces your current market-based retirement accounts, you can request distributions in the form of the actual physical coins being delivered to you. Rather than being forced to liquidate them, you can just take possession of the coins or bars that are being stored on your behalf.
Second, having physical precious metals on-hand allows you to do as Mr. Miller recommended in the article. The only items that have been valuable in both traditional economies and barter societies throughout human history are precious metals. So if everything the powers-that-be are planning comes to pass, you’ll have value in the physical precious metals. If we’re able to somehow turn things around and stave off the economic Armageddon many are predicting, those same precious metals will still have value.
I recommend three America First companies for precious metals IRA. For physical precious metals sent to your door, I recommend (and use) Our Gold Guy, Ira Bershatsky.
Article cross-posted from The Epoch Times.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
Real coins and notes are a great help to young children, not only with counting but also to help them to learn the value of money and goods and how to budget wisely. This would deprive them of a valuable tool and make them financially illiterate.
The precious metal thing bothers me. Not because you’re not right, but because as hard as I try, I cannot imagine any time I will say to a fellow citizen “Hey, I’ll give you this gold necklace for those eggs.” Now I have some eggs, but I just gave my whole necklace away. Then what, the guy comes back a few days later and says “Hey, I’ll give you this gold necklace for that can of gas.”
Or is it this way: I realize that my money has been taken over by the government and I have no choice but to purchase this way. But it’s okay, I have a bunch of gold necklaces stashed away so when my money becomes useless and scary I can just go hold them. ?
I realize my lack of understanding may come from the fact that I’ve never invested, owed on a loan or credit card, and live within my own means. Just trying to understand. Thanks.
Don’t be silly. Gold and silver coins will ALWAYS have value. A necklace of dubious origin? No value in the barter system.
Maybe I just change in the gold necklaces for gold coins then. Now I have gold coins and money is still bunk. My gold coin is worth what, 50 bucks (I honestly don’t know)? I can’t use it at the gas station, grocery store, etc. because they only accept digital money. I can’t use it to pay on my car or mortgage (if I owed those things) because banks only do digital transactions. Am I just holding the gold coins and watching them increase in value while I pray that the digital money fails and then I’ll be farther ahead? What am I doing with the gold coins. I apologize for my ignorance lol….money has always confused me..
I had a Cambodian friend who survived the worst of Pol Pot’s miserable regime. He lost his parents and suffered permanent hearing loss from the explosions around him before he fled through the jungle to the neighboring country. He said when the economy collapsed and war was everywhere, gold was the one thing that would bribe a sentry or get you past a military checkpoint. I doubt the soldiers cared what shape the gold was.
You should have some metals besides jewelry. Silver coins, small gold coins, Goldback notes (look ’em up). Also, if you only have jewelry like necklaces, you can break them down into each of their links…you would not trade an entire necklace for a dozen eggs. It might be hard to trade necklace links anyway…hard to tell if they are real or not. I wouldn’t want them for my eggs. I’d rather have a pre-65 silver quarter.
Silver walking halves are easy to come by and can be used for smaller purchases when bartering. Gold can be used for major purchases. It’s up to you if you want to give someone gold for some eggs. Or, as the article states, stock up on barter items and trade a bic lighter for a dozen eggs. Get it?
Well, I appreciate the feedback! Like I said, never been much into the whole money thing, I think I’ve always known it’s designed to fail though. If I had my way, wampum would be the central system 🙂
Digital currency is for tyrannical slavers. The bankers are criminally insane scoundrels worthy of death. We-the-People are not government property to be controlled for their own monopolistic ambitions on a city state plantation.