At the Annual Conference of the journal of Financial Regulation at Columbia Law School in New York, the President of the Federal Reserve Bank of Minneapolis, Neel Kashkari said:

“CBDC doesn’t solve any actual problems, other than enabling central bankers to monitor all transactions, and deduct taxes directly from people’s accounts. I keep asking anybody, at the Fed or outside of the Fed, to explain to me what problem this is solving… I can see why China would do it. If they want to monitor every one of your transactions, you could do that with a central bank digital currency. If you want to directly tax customer accounts, you could do that with a central bank digital currency. So I get why China would be interested. Why would the American people be for that?”

This also replicates what Catherine Austin Fitts, an American investment banker and former public official, stated when she said: “If you can move every human into a digital concentration camp, empty their bank account any time you want, and tell them what they can and cannot spend money on, you’ve got complete control.”

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