Robert Kiyosaki Believes CBDCS will Give Governments the Power to Track Purchases
Towards the end of April, Robert Kiyosaki, the author Rich Dad, Poor Dad, warned that the launch of central bank digital currencies (CBDCs) will give the federal government the power to track individual purchases.
11 countries have already launched CBDCs. The Federal Reserve recently published a paper on how a digital dollar could be implemented throughout the United States economy. However, there are numerous CBDC skeptics. They believe that the complete elimination of cash for payments will lead to the government’s total control of individuals’ finances.
During a recent episode of The Rich Dad podcast, Kiyosaki warned that CBDCs would open the floodgates to an unprecedented level of surveillance of Americans.
“The major apprehension with FedCoin, the CBDC, is that it erodes our privacy. By tracking every financial transaction, they will have access to every detail of our spending, the recipient of our money, and how we allocate our resources,” stated Kiyosaki.
“In essence, it replicates George Orwell’s dystopian society depicted in 1984. Big Brother will be constantly monitoring our financial activity, and this is precisely the problem with central bank digital currency, or the Fed Coin,” he continued.
“As an individual, I become nervous at the thought of this. I do not want them to monitor my every transaction or be privy to my spending habits. It is a violation of my privacy, and they have no business knowing how I choose to allocate my resources,” Kiyosaki stated.
To address these potential issues, Minnesota Congressman Tom Emmer introduced legislation that would prohibit the Federal Reserve from introducing CBDCs, on top of forcing the Fed to maintain a strong degree of transparency with Congress on its research into the issue.
Paul Joseph Watson of Summit News, CBDC boosters are promoting these currencies on the grounds that they will increase financial freedom. However, detractors claim that such systems would empower the state to impose limits on spending and decide what people can purchase. On top of that, an individual’s savings habit could be controlled through negative savings rates that are embedded into savings accounts.
Overall, CBDCs are a technocrat’s wet dream. They will allow for petty tyrants in Mordor to exert more control over people’s private economic activity.