International experts have spoken out against the Reserve Bank of New Zealand’s plan to introduce a central bank digital currency (CBDC), which critics warn will give the government total control over spending.
A new docuseries from free speech online radio station Reality Check Radio featuring financial experts, authors and independent journalists, warned that the RBNZ’s proposed “digital cash” would pave the way for “complete financial surveillance”.
The bank, which opened public consultations earlier this year, has said the currency would be “private, secure, and trusted”, but critics fear it will be open to exploitation in a country still reeling from Jacinda Ardern’s severe violations of human rights and trampling of personal freedoms during the Covid pandemic.
“Because it’s programmable by design, the Central Bank will be able to control how much money you can have and what you’re allowed to spend it on. There will be zero financial privacy,” Reality Check Radio said.
“If you say the wrong thing, post an unfavourable comment online, criticise the government out loud, buy something with too many associated carbon credits, or use too much of a resource they deem as ‘scarce’, you could be cut off, punished.
“Your funds and access to basic necessities will be snatched away. Just like we see in China today.”
Former US public official and investment banker Catherine Austin Fitts told the docuseries that central banks now had the capability to “reset” the global economy thanks to digital technology.
“If you go to the root of what [a CBDC] is and what it’s intended to be, it’s intended to be a total control system which I would describe as slavery,” she said.
“[It’s] taxation without representation, now I can just go into your bank account and if I want to raise taxes I just raise it and take it out because I have complete and utter control of your money.”
“This is how we get you to own nothing but be happy,” said entrepreneur and author Aaron Day, referring to an infamous World Economic Forum slogan.
“The way we actually stop it is by exiting the system first before they have everything ready.”
Dr Robert Epstein, Professor and Senior Research Psychologist at the American Institute for Behavioural Research and Technology, said that despite the power CBDCs threatened to give central banks, proponents “don’t think of themselves as tyrants … they think of themselves as saviours”.
Anger over the RBNZ plan boiled over during the consultation process, and New Zealanders again expressed their concern in response to the release of the docuseries this week.
“We all know that this system of digital slavery won’t be applied to the wealthiest. Can you see the billionaires handing over everything and being told by ‘the system’ that they don’t need another luxury car or mansion or $1000 bottle of wine? It’s globalised feudalism,” said one social media user.
“They will control you through any digital currency platform. Cash is king, don’t be part of their agenda,” said another.
