Former Biden Regime Advisor Believes Digital Dollar Could “Crowd Out” Private Cryptocurrencies
Daleep Singh, the former deputy national security adviser for international economics in the Biden regime, suggested that the establishment of a United States central bank digital currency (CBDC) would “crowd out” the private cryptocurrency sector and bolster the US’s national security interests.
Singh made these remarks on February 28, 2023 during a Senate Banking Committee hearing. The former Biden regime advisor is taking a firm stance against cryptos by noting that they allegedly facilitate ransomware attacks and contribute to US sanctions evasion.
In light of those circumstances, Singh believes it would be in the best interest of the US regime to put out a digital dollar, declaring it’s the “single best step that we could take [to protect the national interest] because it would crowd out the ecosystem of crypto.”
Kitco News provided some context to the phrase “crowd out.” This phrase refers to an economic theory that argues that increasing public sector spending and investments will reduce or get rid of spending and investment in the private sector.
For Singh, “crowding out” cryptos with a digital dollar is an optimal outcome for the US as it upholds the country’s financial interests.
The whole point of establishing a digital cryptocurrency is to usher in a high-tech technocratic order that will make it easier for elites to micromanage people’s economic affairs. Cryptocurrencies and other competing forms of money represent free-market alternatives to the current monetary order, whereas a state-sponsored digital currency is an instrument of economic tyranny.