They aren’t doing this in response to China.
This is part of a much longer, larger plan.
Top US officials are reportedly calling for a hard look at China’s plans for a digital yuan, after raising concerns that the new currency may potentially challenge the greenback as the world’s dominant reserve currency.
Officials at the Treasury, State Department, Pentagon, and National Security Council are currently trying to explore the potential implications of China’s new sovereign digital currency, people familiar with the matter told Bloomberg.
The presidential administration is reportedly not concerned about the immediate challenge the e-yuan might pose to regulatory frameworks and monetary systems.
However, American officials are worried that the new Chinese currency may be used to bypass US sanctions. Moreover, the government officials would like to know how the digital yuan will be distributed.
Last year, the People’s Bank of China revealed plans to have its sovereign digital currency ready in time for the 2022 Winter Olympics. China became the first country in the world to test such a product on a national level.
According to the Chinese central bank, the new currency will share some features with cryptocurrencies such as Bitcoin. The digital yuan is projected to replace banknotes and coins.
The White House is said not to be planning any measures against the e-yuan, but is highly interested in creating a digital dollar.
Of course, it will take these people forever to actually do this – but they are really planning it.
Hopefully, it will come just in time for the collapse of the dollar, which these Modern Monetary Theory (MMT) people running the Biden Administration are going to cause as soon as people realize that these stocks are not actually worth trillions.
Here’s an infographic (you can figure out the problems with this yourself if you’ve got an average IQ or higher):
Right now, all of this extra money is being dumped into the stock market, but at some point, it’s just going to get too ridiculous, and people are going to start pulling their cash out, and then there will be hyperinflation. We already have the money to create hyperinflation, it’s just that it’s all parked in the stock market.
Biden is supposedly pushing some aggressive tax plan to try to balance this, but that is absurd. No one even knows how much money they’ve printed since this coronavirus thing started, but it’s enough to create a death spiral, as problems start popping up and their only solution is to print their way out of it.
At some point, a new digital currency will be introduced, and it will be linked to an app on your phone, and you’ll get some number of digital credits per month as a “UBI.” Probably, getting it will be tied to having been vaxxed, not being a racist, and so on. Though they might not attach those strings when it first rolls out – who knows.
What we do know is this: this is not a very long timeline. People will say things like “5 or 10 years out,” and I don’t think that is realistic. I think this is all happening now.