Socialism Expert Believes Biden Administration Set On Replacing U.S. Currency

Objectivity 4.5 | Credibility 4.8 | Relevance 4.9

Justin Haskins, director of the Socialism Research Center at The Heartland Institute, describes what he believes is the Biden Administration’s goal of replacing America’s currency with a central bank digital currency (CBDC). According to Haskins, the Biden Administration has been developing CBDC policies which would make such a currency programmable and traceable. “If the federal government or Federal Reserve were to determine that Americans are buying too much gasoline, for example, it could stop people from using CBDCs at gas stations with a few clicks on a computer.” Haskins emphasizes that under most of the Biden Administration’s proposals for a CBDC, ownership of the currency would be limited to large banks, the Federal Reserve and the government. Haskins concludes, “If a programmable CBDC is rolled out in the near future, you won’t own money and you’ll have very little privacy, if any at all.”