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How the Fed's digital currency could END ECONOMIC FREEDOM

Right before Thanksgiving, when Americans were distracted with travel plans and family feasts, the Federal Reserve announced it is testing its own CBDC (Central Bank Digital Currency). Carol Roth, former investment banker and author of ‘The War On Small Business,’ joins Glenn to detail how this CBDC is the OPPOSITE of decentralized cryptocurrencies that interest millions of Americans. Yet, the Fed is trying to confuse Americans into believing the two kinds of digital currencies are just alike: ‘It’s a new scheme to maintain power and control.’ Plus, Roth explains how this CBDC — if it becomes the norm — WILL END our economic freedom...

Transcript

Below is a rush transcript that may contain errors

GLENN: Carol Roth, how are you?

CAROL: Glenn, you're sounding very feisty for a Monday morning. I'm not sure I can handle this. But coming up the weekend here.

GLENN: I have to tell you, I can't take the mainstream media, and half of the country, that is like, that's a conspiracy theory. What? That you're stupid?

That you don't pay attention.

That you can't read?

What is the conspiracy theory at this point? Because all of the things that people like you, people like me, we have been talking about now for years, are just being verified, one right after the other.

CAROL: Yeah. I think the definition of a conspiracy theory at this point is something that the media will report on three years later after we all knew that it happened.

GLENN: Exactly right. Exactly right. There's a difference between conspiracy theories and conspiracy facts. So let's -- let's talk about the -- the facts -- let's start with the CBDC. The central bank digital currency.

CAROL: Yes. First of all, CBDC is not a bar at New York City. So this is actually something different.

GLENN: Right.

CAROL: But it is tied into the monetary system. And basically, this is something that more than 100 countries around the world, who are losing control of their Fiat currencies, because of their government overspending. And because of their central bank printing. They're trying to come up with a new scheme to be able to maintain that power and control. So the idea of the central bank digital currency is to confuse you. People are interested in cryptocurrencies because they're deindustrialized and because they don't have that centralized power. And so they're trying to glom on to that interest and say, oh, yeah. We're just like that. Except for, they're exactly the opposite. They are completely centralized. And they give entire control to the central banks. So imagine today, you know the Treasury prints up a Federal Reserve note. We call it a dollar, route?

And imagine that dollar had a chip in it. And so when you went to go pay with your dollar, the fed was trapping you. The government was tracking you and saying, nah, you know, Glenn, you've had too many burgers this month.

We really don't want people eating meat because it's bad for the environment. So this dollar is no good anymore.

This is what a central bank digital currency, assuming that it's a retail facing one, one that the consumers will use, is going to do. And, oh, guess what, the New York fed is doing a 12-week digital dollar pilot. That is including Wells Fargo, the very Group, MasterCard. And about six others.

GLENN: So, Carol, they are saying that because they're not sure. If they can convert our system of transferring money, which doesn't involve any trucks.

But the digitizing of actual physical dollars. And sending them overseas in bulk. They're not sure they can work out the math, on how to do that, without the US dollar.

That sounds like the biggest bunch of bullcrap, I've ever heard.

They're wondering if it's going to work for the data transfer?

You're doing it every day now.

CAROL: Yeah. So the US is the leader in payments. And if you go and look at all the different -- the Bank Policy Institute. All the different folks who are kind of looking at policy around this, everybody is going, you know, America doesn't need this.

It's one thing for a small country that doesn't have the infrastructure. But we have laser fast settlements of payments. We have laser fast transactions through private entities. There is no need for this.

The need is a wanton and a desire for control and power by the people who are in charge and by the people who have not been taking care of those dollars. And so they need a new scheme. And this is the scheme. And, oh, by the way, this is how they're going to do this, Glenn. And my best guess right now. All this stuff we're seeing with the crypto woes. The FTX collapse. The -- you know the hacking, the fraud. They're going to tell you, oh, we need regulation. We need regulation around crypto. Because crypto is bad.

And they are going to regulate it, and they're going to sneak in congressional approval. Because that's the one thing. That a central bank. Digital currency. The fed does not have authorization from it. It must come from Congress. Not that that stops anyone anyway.

Just theoretically speaking. So keep an eye out. Whatever bills are coming down the pike. They are going to try to stuff this in here. And I'm not joking at all. I'm not -- this is not hyperbole. This will be the end of economic freedom. If a retail CBDC comes to fruition.

GLENN: I -- you know I'll go a step further. I'm not saying this is the mark of the beast. But it has all the earmarks of just not being able to live in society without it.

You won't be able to do anything, without it. Correct?

CAROL: Yeah. I mean, listen, it impacts your livelihood. You know how you get paid. How you transact.

I mean, it is the foundation.

Stable money is the foundation of a stable society.

GLENN: Now, people will say, though, Carol. That I already -- I already interact with my money this way.

I don't get an actual paycheck and bring it to the bank. It's digitally transferred into my bank. And then I spend, either a credit card or a debit card, everywhere I go. I go to a gas station. Put a card in. What's the difference?

CAROL: If I really, you're doing by choice. And you have a choice of providers. And the providers aren't the government. And it doesn't have the authority to come in and say, I'm sorry.

We're just going to cut off your ability to take in money. Or to put out money. We're going to freeze it.

Think about the trucker convoy up in Canada. They just froze their assets. They can do this, you know with just a flick of a switch.

Just one off, and say, I'm sorry. But that's it. You can't -- we've abandoned -- we've gotten rid of cars. We're not going to let you hail an Uber. Let you do this.

You said something bad on social media. We didn't like it. So we'll let you come down. This is a tool to let people submit to what the government wants. And it's the ultimate bullying tactic. The ultimate control tactic, to be able to control every facet of how you transact.

GLENN: I will tell you, that it is -- it is -- what people will say, well, I'm not doing anything wrong. You don't have to do anything wrong.

You just have to want to spend your money on hamburger. As opposed to fish or bugs or whatever it is.

You just want -- you want gasoline, and there's a shortage, and you're not part of the crew, that is deemed essential.

So you get no gasoline. This -- this is -- you know everybody complains about socialized. -- or, you know about free market health care.

First of all, we don't have free market health care. We haven't had free market health care, in a very long time. Government is all over it. Now with Obamacare, it's worse.

However, this is the point. Look at what's happening now, with Canada.

Canada actually said to a Canadian veteran, who just needed -- she's like probably 40, she couldn't walk up her stairs anymore.

Because of the pain. So she calls Veterans Affairs, and they say -- she says, I just wanted one of those chair things that go up the stairs.

She said, that they told her. And she's not the only one. We can assist you in suicide, if it's just so bad. She's like, what!

This is what's happening.

CAROL: Yeah.

GLENN: You'll have no options. No options.

CAROL: You will own nothing. They'll put it out there. And like you said, the word I wanted to key in from what you were talking about earlier. Was essential.

Because this is what they did to us in 2020. They said, some of us were essential. Some of us were not essential. So it's not like we don't have a case study, that's less than a couple of years old, to say that they will pick winners and losers. They will do that based on political clout and connections.

And guess who will not be in that inner circle? Probably everybody listening to the program. Including you and me. So this is an epic, epic disaster. And this is something everybody should be writing their representatives and senators. Saying, absolutely not. This is a complete affront to our freedoms.

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