Are you okay with your own money not being accessible to you?
So, you wake up thinking that you’d like to go to the mall, buy a few new things and, perhaps, meet a friend for lunch – all normal things which we take for granted, because we can. But what happens when you no longer have the ability to plan out your day, so long as it involves spending money? Pretty soon, it may not matter if you’ve earned it yourself, because someone else will decide when and if you’re able to access what belongs to you. What sounds unthinkable is a concept to which we may all have to adjust, because it’s not so far off, according to the Bank of Israel.
Digital currency is closer than we think and, in preparation for that inevitable change, the Bank of Israel is seriously looking into issuing a digital shekel called, “stablecoin.” This type of cryptocurrency would be backed by the government and essentially take the place of cash money. The difference about this type of digital currency, unlike Bitcoin, is that it would be controlled by one central banking authority.
But Israel, not wanting to take the lead in this move, has decided to adopt a “wait and see” approach, in order to watch what other countries do. Ilan Tennenbaum, head of Crypto Trading – Big Shot, says that “this discussion is going on all over the world and obviously, the U.S. is in charge, so we’ll get a final decision from them regarding a CBDC (Central Banking Digital Currency) and then the Bank of Israel will do the same [as they].”
Conclusion – Israel will follow what everyone else decides to do. But be forewarned! Once centralized digital banking becomes operational, all transactions will be posted on a blockchain, which is a viewable, digitalized record of each person’s spending. In theory, it means that the government and/or those running the new banking system have full control over your money.
It’s honestly hard to think about anything that could rival getting people to comply with whatever it is the government wants us to do. It is the ultimate motivator! Do this, and you can access your money. Don’t do this, and your money is no longer yours to use. What could be scarier or more threatening to one’s personal survival?
Without the ability to transact, one cannot eat, pay rent, buy clothing or be treated medically. It is tantamount to literally cutting off your lifeline by pulling the plug on the air you breathe. But, oddly enough, none of this is being hidden from us. Tennenbaum, himself, admits that all of this is a “potential opening for trouble as it would grant the Bank of Israel total control over all of the digital cash flow within the system.”
The real danger of a centralized digital currency, through banks, is that it does not allow for personal freedom, consideration, choice, individual decision or independence. It seizes full control, power and rights over what belongs to you, hijacking your ability to continue being the master of your financial fate.
In an article by the Cato Institute entitled, “Central Bank Digital Currencies and Freedom Are Incompatible,” it states: “The truth is CBDCs are government’s attempt to protect its privileged position and exert more control over people’s money. At its core, this brave new world of monetary policy equates to the government saying that your money isn’t really your money. Your property rights are subservient to the ‘public good’ and the supposed necessity of ‘managing the national economy.’”
And, indeed, it is being sold as a desirable commodity, which will be “more convenient and secure” in order to make sure that everyone gets on board without asking too many questions or making too many inquiries. After all, who would be against convenience and security? But when you dig a bit deeper, it becomes very clear that control is the real prize for those on top. But what happens to the rest of us?
We’ve already had a sneak preview of what awaits us. Rewind to February 2022, when Canadian Prime Minister Justin Trudeau arbitrarily froze more than 200 bank accounts of protesters, worth nearly $8 million. If you consider that such an act could be done pre-CBDC, what would prevent anyone from cutting off access to one’s bank account after it is totally controlled by the government in a cashless society? In the case of Canada, Trudeau merely invoked emergency powers in order to put an end to the protests. Of course, it worked wonderfully, because people needed to eat. Undoubtedly, other world leaders were carefully watching to see the outcome of Trudeau’s actions, gleaning what can be done to prevent unwanted opposition in the future.
If you think about it, this sort of forced behavioral modification can be enacted in order to, pretty much, get people to do whatever anyone wants, because most of us are willing to forego principles if we’re hungry enough, and that’s what they’re banking on (pun intended).
But the question that is worth asking at this moment, because there isn’t much time to waste, is, “Can we trust government officials, banking heads, overseers of regulation, and the like, to be honest, forthright, transparent, humane and have our best interests at heart?” The COVID years have, certainly, taught us otherwise. When mandates are enacted, with no exception, and when freedoms can be instantly removed, shouldn’t we all be extremely uneasy about handing over our hard-earned money to less than honest brokers?
Is it possible to prevent this looming threat of centralized digital banking from becoming a reality? In the UK, a petition, which gathered 31,477 signatures, was available for signing via UK Government and Parliament in an attempt to prevent the introduction of any programmable CBDC in the UK. It might not be such a bad idea to consider starting our own petition in Israel, to express our lack of support for a system that would prevent its citizens from having full control over their money.
The fate of our finances should not be dependent upon the actions of other nations!
Israel, in fulfilling her calling as a light to the nations, must take the lead and show the rest of the world that we follow the Creator who formed mankind with free will in order to choose for ourselves what is right. Now that’s a model truly worth following!
A former Jerusalem elementary and middle-school principal and the granddaughter of European Jews who arrived in the US before the Holocaust. Making Aliyah in 1993, she is retired and now lives in the center of the country with her husband.