WEEK 7, Pt. 2: Final Post Launch

 An all digital economy

    There is one technology that is the backbone of our economy and that we use every day which is online digital money. Cash still exist in our economy right now but slowly many businesses do no accept cash only money from apps like Venmo, PayPal and from a debit card. The government is working on an all entirely new currency (CBDC) central bank digital currency that would exist exclusively in a digital. After reading an opinion article by Justin Haskins from Fox News Article Link this is coming quicker than we expected. Banks have privacy laws to prevent banks in many situations from giving away details about your financial accounts to third parties, including the government. The government wants its tax money and will do almost anything to get like Mark Zuckerberg not getting 100% if the world's population to use its platform.

Government Power

    Since the government will control the money under the new system you bet they will comb through every transaction you make on your account using its Hash ID similar to crypto wallets. To block transactions on purchases if they wanted to and will have the power to control how much is “printed”. Instead of going to a bank like we have today the new system will have a bank likely owned by the government and the Federal Reserve will store your money. We all how well the fed reserve deals with taxpayers money taking care of banks, interest rates, and inflation. In the new system you won't own your money which means bigger government and less freedom/privacy. Supports say It's for national security and to stop criminal activity, the public not knowing how much data is collected. Like many things we don't “own” have today an example would be iPhones. Not letting 3rd parties repair parts of the phone the software detects if a part is not paired with the original manufacturer you lose a ton of features and get popups saying it's not a genuine part. Imagine buying a new car and finding out that once the brakes go, you'll need an entirely new car, not just the brake pads. Cashless Society

 

China's banking system ramifications

     In the age of AI documentary China as already been using a similar system that the nation does not use any cash in its economy becoming the biggest nation for mobile payments. The government controls everything in the nation, so it makes sense the government wants to motion the transactions on its citizens. China has a massive surveillance authority state, so it makes sense the government will want to control everything. 

 

Ramifications

If a system was implemented in the United States the law would be unconditional because of the 14th amendment. The government would “own” your money “nor shall any state deprive any person of life, liberty, or property, without due process of law” you cannot take a citizen property unless it has gone through court. It's frighting that the United States government wants to get rid of physical money, but it goes far in American history. There has been controversies during the American Civil War if the government should run on the gold system or greenbacks. Farmers wanted more money in circulation and since gold is finite compared to paper money which created The Greenback Movement a campaign, largely by persons with agrarian interests, to maintain or increase the amount of paper money.