The U.S. dollar will be stronger if it’s not a central bank digital currency (CBDC), according to candidate for Republican presidential nomination Vivek Ramaswamy. He is convinced that a digitized greenback and other digital fiats represent a threat to democracy in the United States.
CBDC Is the ‘Latest Trojan Horse of the Great Reset,’ Opponent Ramaswamy Says
Vivek Ramaswamy, one of the runners in the 2024 Republican Party presidential primaries, has criticized the U.S. government for considering a digital version of the dollar. “It’s telling that Janet Yellen is pushing for the U.S. to adopt CBDCs, begging Americans to keep up with the Jinpings,” he tweeted on Wednesday.
Ramaswamy believes that “CBDCs are just the latest Trojan horse of the Great Reset and are a clear path to a social credit system that will permanently embed ESG into our currency itself.” In his view, “the dollar will be *stronger* if we protect it from digitization.”
In a video posted on X, formerly Twitter, the American entrepreneur said he is a “big opponent” of central bank digital currencies, which he considers to be “a grave threat to liberty in this country,” for the same reason that China is adopting them. He elaborated:
In the U.S., that’s become an argument to say we need to do that to keep up. I view it the other way — precisely for the reasons that Xi Jinping wants to adopt it, is exactly the reasons why we in the United States shouldn’t.
Fed Should Focus on Stabilizing Dollar, White House Hopeful Suggests
Vivek Ramaswamy also slammed the U.S. Federal Reserve for its behavior in the past couple of decades, calling the central bank “a bad actor” for “trying to hit two targets with one arrow, inflation and unemployment, which has proven to be a disastrous 25-year experiment.”
“I think what the Federal Reserve needs to do is go back to focusing on what it did focus on, even after it went off the gold standard … stabilizing the U.S. dollar as a unit of measurement. That, too, is a big impediment to GDP growth,” the presidential candidate explained.
Ramaswamy’s comments on CBDCs come after last month, another contender to become the Republican nominee for the 2024 U.S. Presidential Election, Florida Governor Ron DeSantis, vowed to “nix central bank digital currency,” if he is elected president, describing it as a “massive threat to American liberty.”
What are your thoughts on central bank digital currencies? Let us know in the comments section below.
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Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
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