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Self-described "global thought leaders" are chomping at the bit for a cashless society. In a recent discussion at the 2022 World Government Summit, panelists discussed a new digital currency enforced by world superpowers.
Church Militant's William Mahoney looks at where things stand.
Pippa Malmgren, economist: "We're about to abandon the traditional system of money and accounting and introduce a new one."
Pippa Malgrem summarizes the race toward central bank digital currency, or CBDC.
Communist China is currently in the lead. In 2020, the People's Bank of China introduced a pilot program for the country's first CBDC, shùzì rénmínbì or digital yuan, also known as e-CNY. Reports over the weekend reveal China's digital yuan is now in 23 cities.
Condoleezza Rice, director, Hoover Institution: "One of the recommendations is that the U.S. government, in all of its aspects — the Fed, the White House, the Treasury — interact together on digital currencies."
Just five days after Condoleezza Rice delivered those words, Biden signed another executive order. This one "places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC."
Meanwhile, Sweden has been pursuing a cashless society. For some years now, the Scandinavian country even has had bionic banking as an option, which, at the moment, is voluntary.
Chipped Swede: "Would you like to touch it?"
Reporter: "Yeah. Oh weird. It's like a grain of rice."
Chipped Swede: "Yeah, a grain of rice."
Reporter: "Embedded in his hand is a microchip that serves as his keys, his ID and his wallet."
But despite promises of peace and prosperity, many note the opposite would be the case. For example, Big Brother would monitor every transaction, and many people would be left struggling.
A recent study in the UK showed millions, young and old, rely on cash for their budgeting and livelihood. Globalist proponents of CBDC talk about equality, but digital currency sets an unprecedented stage for worldwide digital slavery.
Pippa Malmgren's father, Harald Malmgren, was a senior aide to four presidents, including Richard Nixon when the United States went off the gold standard. Pippa Malmgren served as special assistant to George W. Bush on the National Economic Council. She's also a member of the Council on Foreign Relations.