Economist Jim Rickards has raised concerns about the potential implementation of a social credit system in the US, powered by a central bank digital currency (CBDC). Rickards suggests that issuing a CBDC would provide the government with the necessary data to construct such a system. He argues that monitoring transactions on a CBDC could enable the creation of a system that punishes individuals for engaging in unapproved activities, such as buying guns or supporting certain political parties. Rickards acknowledges that this may sound paranoid but compares it to measures taken by the government during the Covid pandemic, highlighting that it is not that far-fetched. In his hypothetical system, the government would control people’s movement, limit their liberties on social media, and target them through intelligence agencies, with the CBDC being the only means of payment. Rickards warns that these measures could initially be presented as necessary to combat extremism and criminal activity. However, others, including Florida Governor Ron DeSantis and Presidential Candidate Robert F. Kennedy Jr., have also criticized the potential issuance of a CBDC, citing concerns about control and oppression.
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