Rep. Marjorie Taylor Greene of Georgia has expressed her objection to the Central Bank Digital Currency (CBDC) that is going to be launched by the Federal Reserve this summer. Greene represents the state of Georgia. Instead, she is advocating for the reintroduction of the gold standard in the country, stating that she does not believe that digital currency payment systems are the solution.
The comment made by Greene comes at a time when there are growing worries about the possibility of misuse of the government’s power over people’s cash.
A resounding No to FedNow
It is anticipated that the planned CBDC payment system, which will be known as FedNow, would provide the Federal Reserve with increased control over the manner in which individuals spend their money. Greene, on the other hand, has made it quite plain that she would not “hard pass” on the system that the Biden administration has suggested. The representative from Georgia is of the opinion that the gold standard is the superior option, and she has asked the federal government to give it some consideration.
The CBDC of the Federal Reserve and Financial Institutions
The Federal Reserve has been considering the introduction of a CBDC for a number of years, and they have now confirmed that the CBDC will be made available in the month of July. The ongoing financial crisis and the trend of various countries moving away from the US dollar were two of the primary factors that led to the decision to develop digital currency. The preparation of financial institutions and their industry partners for full participation in the FedNow Service is strongly encouraged.
Access to the CBDC Around the Clock
In contrast to the existing system, which is in place, and closes on the weekends, the participating institutions will have access to the program twenty-four hours per day, seven days per week. According to CNBC, the CBDC being developed by the Federal Reserve would make it simpler to deposit newly produced dollars into the bank accounts of Citizens. Also, it will make it feasible for government funds to be paid to accounts quickly, as opposed to the days that it took while the COVID epidemic was in full swing.
Worries About Inflation
The previous program of the Federal Reserve added a total of seven trillion dollars to the total amount of money in circulation in the United States. As a consequence, there has been historically significant and persistent inflation since 2021, which has prompted many people to express alarm on the possibility that the new CBDC may be abused. Some individuals worry that if people do not comply with arbitrary diktats like vaccination requirements, the government will be able to seize their possessions or restrict their spending to approved vendors if they have a CBDC that is related to their digital ID and their social credit ratings.
It’s time to adopt the gold standard again.
Rep. Marjorie Taylor Greene has made the case for reinstituting the gold standard, which was abandoned by the United States when former President Richard Nixon removed it from use in 1971. The action resulted in the demise of the Bretton Woods System and resulted in the establishment of a fiat monetary system for the worldwide community. Greene is of the opinion that a move back to the gold standard is required in order to reduce the amount of influence that the government has on the financial lives of its citizens.
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