How CBDCs will be the death of small businesses
Nation First looks at the impact of CBDCs on the engine room of most western national economies.
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Central Bank Digital Currencies (CBDCs) are being implemented by governments globally, including the G20 nations.
The introduction of CBDCs restricts individual freedoms, and harms small businesses, which are crucial for a healthy economy.
Dominant entities like PayPal have abused their power, leading to fears that such situations will occur with the rise of CBDCs.
CBDCs blur the lines between political and economic spheres, allowing governments to control business sectors, freeze transactions, and levy heavy fees.
The adoption of CBDCs increases the wealth gap, favours multinational banks, and disadvantages smaller banks and creditors, resulting in the end of a truly free market.
Many Nation First readers will by now be familiar with the term ‘Central Banking Digital Currencies’ (CBDCs), which, following their ‘successful’ implementation in Communist China, governments around the world now seek to introduce.
Just over a week ago, the G20 — the top 20 nations with the biggest economies (including the United States, the United Kingdom, Canada, the European Union and Australia) — “agreed to a plan to eventually impose digital currencies and digital IDs on their respective populations”, according to NTD News.
This is somewhat unsurprising as pilots, proof of concepts, and research for the implementation of CBDCs have already been launched by most nations around the world.
In earlier Nation First articles, we already explained what the introduction of CBDC would mean for our individual freedoms.
However, what has not yet been looked at is how the CBDCs would negatively impact small businesses, which are undoubtedly the main drivers of employment, as well as a healthy and robust economy in most western nations.
When an entity has a monopoly over your money, it absolutely will seek to abuse it.
Consider the case of PayPal, which owns a dominant share of the online payment market.
Aside from its usual non-user-friendly features, crazy fees, and plenty of unnecessary restrictions, it is also known to give out heavy fines or ban user accounts on arbitrary grounds.
Indeed, when Nation First’s sister publication, the pro-freedom Australian news site Eureka Free Press was first announced, with a call for support via PayPal, it didn’t take long for PayPal to cancel the publication’s account.
This was before Eureka Free Press had even begun running any articles.
With the introduction of CDBCs and a transition to a cashless society, there will be no degree of separation between the political and economic spheres.
Governments will exercise undue influence over the business sector just as they do in Communist states.
Small businesses that don’t comply with unfair regulations, don’t allow corruption for government officials, or engage in ‘wrongthink’ will suddenly find their accounts and transactions frozen.
Governments (via central banks) could also charge crazy transaction fees that make it unaffordable for all but the biggest businesses to conduct operations in certain markets.
The biggest benefactors of CBDCs will be big multinational banks, which are already intent on seizing every bit of wealth that ordinary citizens possess, leaving us in a permanent state of debt.
With the implementation of CBDCs, there will be fewer customer deposits made, and this ultimately hurts smaller banks and creditors unable to access ‘loans’ from the central banks as the big players do.
Naturally, they will cease to operate, allowing the multinationals to capture their markets as well and create a true oligopoly.
Their closure, in turn, would hurt many smaller businesses which have earnings or capital that is just simply too low to attract loans from bigger financial institutions.
CDBCs, perhaps, will ultimately be the death of the true free market.
This is because, with governments having full control over virtually all major financial channels, business success will be based less on innovation and more on government connections and appeasement (again, just like how it is done in Communist states).
This, in turn, would practically eliminate any chance for truly entrepreneurial and innovative individuals from humble backgrounds to make it big.
Businesses will no longer put resources into research and development to succeed in the market, but rather they will invest in gaining the ‘blessings’ of an all-powerful central government.
With wages stagnating, starting one’s business remains among the few viable venues for an average person for upward social mobility.
The globalist ‘elites’ can’t tolerate competition and want the 99% to remain improvised and fighting for scraps.
All of this leads to one conclusion: when they announce their moves to bring in CBDCs in your country, make sure you scream NO from the rooftops!
Until next time, God bless you, your family and nation.
Take care,
George Christensen, with a Nation First staff writer
George Christensen is a former Australian politician, a Christian, freedom lover, conservative, blogger, podcaster, journalist and theologian. He has been feted by the Epoch Times as a “champion of human rights” and his writings have been praised by Infowars’ Alex Jones as “excellent and informative”.
George believes Nation First will be an essential part of the ongoing fight for freedom:
“The time is now for every proud patriot to step to the fore and fight for our freedom, sovereignty and way of life. Information is a key tool in any battle and the Nation First newsletter will be a valuable tool in the battle for the future of the West.”
— George Christensen.
Find more about George at his www.georgechristensen.com.au website.
Yes well they've already started by Nationalising the Calvary Mater Hospital A.C.T and don't fall for that line business owners, it's only a Christian Institution. They've started there because they know they'll have less opposition but it's only a matter of time before they come for your business in one way or another.
Still trying to get my head around these CBDCs. From all accounts, everything I've read about them, it seems likely that there is actually no need for a corporate banking system to truly make it work. It seems to me that a central bank of a country could be the only bank needed to make this work once they eliminate cash. Question then becomes, who owns the Central Banks?