U.S. Representative Warren Davidson is introducing legislation to combat the potential creation of a central bank digital currency (CBDC), which he vehemently describes as “communist money for the digital age.” Davidson warns that a CBDC could enable the government to control and program citizens’ money, allowing for unprecedented surveillance and control, and envisions a “dystopian” future where access to funds is granted only with explicit permission. He likens the development of a CBDC to counterfeiting, stating in a social media post that launching one is akin to printing counterfeit plates and should result in severe penalties for those involved. Davidson argues that the fundamental principles of sound money require fiscal discipline and a monetary policy that does not disproportionately expand the money supply relative to the economy, suggesting that the Federal Reserve itself may need to be ended and audited. While acknowledging a temporary ban on CBDC creation exists until 2030 within a recent housing act, he stresses the urgency of legislative action to permanently prevent what he views as an existential threat to Western civilization.
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