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March 26, 2025 - The David Knight Show
21:16
Stablecoin Scam Ushers in Total Financial Control Through the Backdoor
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CBDC could be designed without programmable restrictions, just like cash is printed without such restrictions.
But would the government do it?
Of course the government wouldn't do it.
It's in their nature to want to control everything.
And so if they do it, or if their partners do it, they will control everything.
Just look at this example.
Of somebody trying to withdraw money from their bank now.
I'm now in Santander Bank, right?
What are you doing, sir?
I'm filming you and I'm recording this conversation.
I'm coming to banks with your £2,500.
Are you going to let me?
I've got £1,500 in my account.
Are you going to let me?
Are you going to let me have the money or not?
Hello? Are you going to let me have the money or not?
You can't remove the restriction?
You can't remove the restriction?
OK. After your colleague told me I'm a liar, yeah?
So your colleague told me I'm a liar yesterday.
I've come in to withdraw £2,500, yeah?
And you're not going to let me have my money today.
Is that right?
You can still use your card.
Answer the question, please.
I know I can still use my card.
Are you going to let me withdraw £2,500 from my account today, yes or no, in the branch?
And what is the £2,500 for, Mr Jackson?
I'm buying a motorbike for my son.
What's it for?
No, I haven't got any evidence of the motorbike at all.
Prove it.
Okay, so if you don't know what you're getting, how do you know how much you need?
Because I've got a budget, I've got a budget, I've got a budget of £2,500 for the motorbike, so that's why I'm withdrawing.
What business is it of the banks?
So when you find the bank for your son, if you can share with some evidence of that.
You can't film me without my permission, sir.
You can't film me without my permission.
And you can't have your cash without my permission.
Absolute joke.
You're an absolute joke, this place.
See, they don't want to have those kind of encounters.
So it's so easy.
If you've got digital cash, they just shut your account down.
That's what this is about.
Well, what are you going to use that money for?
I need to know.
You don't need to know any of that.
That's none of your business.
You're a bank.
That's my money and my account.
You agree that that's my money, but you won't let me have it.
So in practice, what government, what politician, what bureaucrat would resist the temptation to be able to use CBDC tool to control people by controlling their access to their own money?
Their own money, quote-unquote, own money.
Well, at a congressional hearing, This is also on the Free Thought Project.
They reveal that stablecoins and CBDCs share the same financial control risks.
This is what I've said.
Don't get fooled by the label.
Got all these Republicans everywhere patting themselves on the back.
Oh yeah, no CBDC and all the rest of the stuff.
Tom Emmer, who was the House whip number three.
So they got the speaker, they got the leader, they got the whip.
And he was taking the lead in opposing CBDC a couple of years ago when we were talking about this.
Because he was working with the crypto people.
I thought, well, that's kind of strange.
He doesn't really have a background, even though he's the number three in the Republican Party, maybe because he's the number three in the Republican Party, he doesn't have a background of standing up for individual liberty, of course.
So why is he doing this?
And then I found out...
How heavily involved he was with the crypto community.
Now, the crypto community basically owns Trump.
You know, there's another one of his big financial contributors that are out there.
And, of course, he's looking to make a lot of money off of this stuff as well himself.
So, stablecoins and CBDCs have the same financial control risk.
Private sector digital currencies come with built-in surveillance and built-in control.
You have to look at the functions, not at the label.
It's like looking at a political party and saying, That they're doing.
Not, what do they tell me that they stand for when they're running for election?
No, no, no, no.
It's not about the positions that they assume or the policies that they claim.
It's what they practically do.
And so, but that works.
They're able to get people to line up and fanatically support the Democrats or Republicans because of what they say that they're about.
And nobody ever looks at what they actually do.
And so, I think they're going to be able to be successful with this.
Because they're going to be able to sell this as, hey, this is private.
It's not the Federal Reserve coming up with a digital currency.
It's going to be private.
Now, some countries in Europe, they don't care anymore.
Europe has gone so far down the road to totalitarianism, they're upfront about it.
It's like CBDC.
Just like Joe Biden.
That same attitude.
They're unapologetically totalitarian.
A congressional hearing, and actually this is, It's on Freethought Project, but it's actually from Reclaim the Net.
A congressional hearing on digital currencies rarely makes headlines, yet this week's debate over stablecoins and central bank digital currencies revealed more than technical disagreements.
It exposed deeper anxiety about financial power, privacy and control, and an increasingly digital world.
Those skeptical of CBDCs warned of creeping surveillance and government control.
Advocates, meanwhile, Framed it as a necessity, a matter of American competitiveness in a world where China and Europe are already moving ahead.
So they're going to spy on their own citizens and control their own citizens, and we're not going to be able to survive unless we become just like them.
We've got to become like China.
We've got to have complete control over our citizenry if we're going to be able to compete with China.
Isn't that sad?
But that's really the way all these people think.
Freedom is the thing that would allow us to outcompete China, but they're going to take that away because they want to be just like China.
And that's, I don't even think that they truly believe that.
That's what they've been told.
China is the beta test for all of this stuff.
And then they use it and say, oh, but look, they're getting hit, so we're going to do this.
The CBD opponents, CBDC opponents championed stablecoins as the free market alternative.
Testimony from industry leaders revealed that stablecoins, despite their branding as decentralized private sector solutions, already carry many of the same risks.
The ability to freeze assets like that.
To enforce government mandates.
To track transactions in real time.
And so, what do we have now?
Well, we've got the Democrats, and people like them in Europe, who want to have...
A government digital currency.
And then we have the Republicans who want to have their billionaire friends and contributors control the digital currency.
Either way, we lose.
Either way, unless you get out of this system, we lose.
So, they said, especially when you combine all this stuff with the Know Your Customer laws, as that, you know, that's in the UK.
But that's the kind of know your customer.
Well, what do you need this for?
You need it for a motorcycle for your son?
Well, then show me the receipt that you're going to spend this money on.
See, that's the prior approval stuff.
This is the digital stuff, whether it's going to be privately controlled or whether it's going to be controlled by the government.
That's just the difference between communism folks and fascism, right?
When you look at the difference between Stalin and Hitler, for example, Both of them are horrific totalitarian systems to live under.
But you got there from a different direction.
You know, again, if you look at the Nolan chart, where you take a chart where you have economic freedom on one axis, and on the other axis you have personal freedoms, and if you rotate it 45 degrees so that it looks like a diamond, down at the very bottom, Yeah, there you go.
Thank you, Travis.
Show the chart.
Scroll down so we can have the chart up there so people can see it.
There'll be a picture of the chart further down.
There you go.
So if you take it, you know, you have personal freedom, economic freedom.
And if you rotate it by 45 degrees, then you can get your left-right, and you can have the liberals on the left and the conservatives on the right, the conservatives who want economic freedom, but they don't care about personal freedom, and the liberals who want personal freedom, but no economic freedom that time.
So there you get your left-right thing, you get the people in the center, but down at the bottom you have the authoritarian area.
And both Hitler and Stalin were down there.
They were not on opposite ends of anything.
They're both down in the same authoritarianism.
It's just the basis of how they got there.
And when you look at what Hitler said about Stalin, he said he's foolish.
He's taking over control of the economy and of manufacturing to have the government own it and run it.
He goes, they can't do that well.
He says, I'm going to let them continue to run it until the very end, and then I'll take it.
They both call themselves socialists.
They were both...
Authoritarian. They were both totalitarian.
And yet, one of them said, well, I'm going to seize control of this, and I'm going to make it mine.
And the other one said, I'm going to use the people who are smart, who know how to do this, and at the very end, I will take it over and I will use it for my purposes.
Or maybe I don't even have to take it over if they work with me.
That's why when we talk about fascism, Hitler, we say it's a merger of economic, of companies, and of government, right?
That's what he did.
Whereas the communists want to run everything.
Now, when we could talk about CBDC and things like that, that's what we've got with the difference between Biden and Trump.
It's the difference between Stalin and Hitler.
They both want a totalitarian, authoritarian control of our finances.
But one of them, Biden, wants to run it himself.
And the other one wants to partner with corporations who know how to do it so that he can make more money.
That's what we're looking at here, folks.
So pick your poison or get out of this system.
Again, go David Knight, die gold.
I'll take you to Tony Arterman.
So you can get some gold and silver and start to get out of this system as much as you can.
But this is what's coming.
And this is why you need to start setting yourself up into a parallel society.
When we look at that back and forth in the UK, I just talked about it earlier this week, the Trump administration, Wants reports.
If anybody takes more than $200 out of an ATM, you identify it and send to them.
They want to make a federal case out of it.
They want to look at it.
Now, right now, that's only in 30-some-odd counties in Texas and California that are close to the Mexico border.
But they'll find some other reason to do that.
It was Biden who took the limit down to $600.
You got a payment of somebody for $600.
I want to know about it.
And Trump takes it down to 200.
He says, oh, well, it's about the drug war and the cartels and stuff.
They'll always come up with a rationale.
The bottom line is, it is a race to the bottom of the Nolan chart for both of these guys.
It's just the excuses that they tell you to get you there.
And how they like to run things.
Some of them like to partner with the corporations.
And I think that's an even more dangerous way to do it.
Because the government is very incompetent.
And so if you're going to take the fascist approach and you're going to partner the government with the corporations, that's even more dangerous.
Because it makes the government a lot more efficient and competent.
And of course, that's the path that's being taken by Trump and by Doge and Musk and everything.
Like I said before, I don't like virtually anything that our federal government is doing.
So I don't want to make it more efficient.
I don't want to minimize the government bureaucrats while they maximize the governance with AI.
A CBDC would give the Federal Reserve staff direct window into virtually every transaction of every person in America that they make.
At least one of them...
Will not be able to resist the temptation to use that information to promote what they consider to be a worthy political goal.
That's the comments of the chairman of the Financial Institutions Group who was speaking at this hearing.
He said CBDCs are going to give the federal government unprecedented control over personal finances.
He said it could function as a financial surveillance tool.
We know that's the purpose of it.
Just like the Chinese digital yuan in China, authorities can track purchases in real time, even restrict how certain funds are spent.
The U.S. government could use CBDC to implement similar controls, whether to enforce political objectives, to regulate behavior, or even de-platform individuals from the financial system.
This is something that really concerns me as somebody who has been de-platformed from one financial system after the other because of my unpopular, with the government unpopular views.
Because I criticize the government.
They have kicked me off of Peter Thiel and the technocrats, PayPal, Venmo, other things like that.
I've been kicked off of a lot of different platforms.
So I know what that's like.
One of the reasons why I am not interested in anything that is digital.
Nothing. None of that stuff.
So, Representative Stephen Lynch.
A Democrat.
Dismiss the opposition as misguided, he said, as every major economy races ahead of the U.S. in developing a central bank digital currency.
As every other country is establishing totalitarian control over their citizenry, how are we going to survive if we don't do the same thing?
This is what this Democrat is pushing out there.
All your friends are jumping off the bridge right now.
You've got to do it quick.
More like they're pushing everybody off the bridge.
They're trying to drown us.
Yeah, so dollar dominance requires keeping pace with China and Europe, even if it means sacrificing financial privacy, he said.
No, no.
Yeah, turn in your House of Representatives card, because you just violated your congressional oath there.
The strongest objection to CBDCs came not from those who wanted to stop digital currencies altogether, but those who favored an alternative, the stablecoins.
Yeah. Maybe we should create our own coin, you know, like the Trumps did.
You know, we could call it Crypto Night.
We could sell it as poison to...
To financial tyrants.
It's kryptonite.
It would be backed by as much as the dollar is.
That's right.
We just make it up.
The Trumps can make it up.
We can make up our own thing, too, right?
Well, you know, the private digital cash stuff, right?
Yeah, it's going to have just as much surveillance.
As ACBDC.
Again, because it's going to be the Know Your Customer rules, as you just saw enacted there, and all the rest of the stablecoins are issued by private companies.
So you might think that this would make them have greater privacy.
No. It may be by private company, but that doesn't mean that you get privacy.
Just like when they talk about crypto, right?
It's not private.
It's not, you know, your transactions are not encrypted.
Your transactions are, On a ledger, as Aaron Day says.
You know, you put things on a ledger that everybody's going to be able to look at.
You know, when you're running a business, you've got a ledger there, and you write down all your expenses.
That's what they want from you and the blockchain.
The blockchain is visible for all but a handful of these things.
And like Monero, PirateCoin.
There's one, I think, another new one called Xano or something like that.
I'm still not interested in any of that stuff.
It's still got on and off ramps.
That are not private.
So, this whole thing is a dodge.
You got a private company, but your transactions are not going to be private.
You got something that they call crypto, but your transactions are not encrypted.
See, they use the language.
It's just like the left used the language of woke.
They're not woke.
They're completely asleep to what they're doing to themselves.
They're walking into slavery, and they want you to go into that as well.
With their eyes shut, and they call themselves woke.
Testimony from industry leaders shattered the illusion of greater privacy.
The CEO of Paxos, a major stablecoin issuer, acknowledged that his company already has the ability to freeze user funds to comply with government directives, as you saw at that bank.
So we control the smart contract.
And we're able to decide if an address should be frozen or if funds should be seized.
And let me tell you, you know, when Trump talked about his Bitcoin reserve and he stopped talking about Bitcoin, he started talking about these other three tightly centrally controlled currencies.
What were they?
It's like SOL, and it was a ripple currency, and then there was another one.
But the bottom line, when we looked at them, they were all about facilitating transactions, and they were all about smart contracts and things like that, and they were closely, tightly controlled.
Folks, this is about control.
This is not about...
Moving in the 21st century where we can rapidly move money around and everybody has easy access to this so we don't have to be encumbered with paper or with metal or any of the rest of this stuff.
We can just do it all digitally.
We can live in a virtual reality.
Well, the reality is that you're going to be a slave in the control of that virtual reality.
And the cryptocurrencies that Trump started focusing on are all about tightly, centrally controlled Transactions.
So, he said, so we control the smart contract, so we're able to decide if an address should be frozen.
That means you.
Or if funds should be seized, he said.
The very same tools that many fear that a CBDC might introduce, transaction monitoring, asset freezing, account blacklisting, they're already there in the stablecoins.
So stablecoins are subject to strict regulatory compliance right now.
They'll be able to enact all this Know Your Customer stuff.
They apply the same Know Your Customer and the same anti-money laundering requirements as banks do.
By the end, it was clear, by the end of this hearing, that the real debate is not about government-controlled money versus private digital currencies.
The real debate is about control.
And the reality is that they're not debating whether there should be any control.
The debate is not about control, but about who controls.
Are you going to be controlled by the government, like Biden and Stalin wants you to be controlled?
Or are you going to be controlled by the fascist public-private partnership, like Hitler and Trump want?
The distinction between a CBDC and a stablecoin is largely a matter of just who holds the reign.
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