The Chinese government has rolled out “money with expiration dates” using its prototype Central Bank Digital Currency (CBDC) which means that citizens are forced to spend the money and are not allowed to save and build wealth.
The Keynesian dream to “boost the speed of money” is becoming reality in China with the digital yuan as the guinea pig in a move that literally means your money, or the money you are given by the government, will expire if not used in a certain time frame.
World Economic Forum founder Klaus Schwab has admitted that China is the model for WEF policies so it is interesting to see the Chinese government roll out plans that mirror his own dream of impoverishing the masses and eliminating private ownership. The promise that you will “own nothing and be happy” was not a joke.
While this money be used to stimulate the economy when combined with China’s dystopian Social Credit Scoring system, it will also mean that if you don’t behave, or meet particular “criteria” set by the government, your money could just expire if they want to punish you, thereby giving the elites another tool to keep people in line.
The digital yuan (DCEP) doesn’t live on a blockchain or public ledger, it’s controlled centrally by the authorities, to be changed if, and when, political whims dictate. The DCEP is not a peer-to-peer cryptocurrency but rather requires the use of officially regulated financial intermediaries. The digital yuan also doesn’t have an algorithmic protocol dictating the production of new assets – akin to money creation – much less an end date at which point no more will be created. It is a currency with a discretionary money supply controlled entirely by the government.
It also gives the Chinese government a new way to surveil the population, creating new data which can be tracked by authorities, which could be especially useful as other cryptocurrencies like Bitcoin have pseudonymous protections for user privacy.
China and its dystopian social policies is operating as the testing ground for the New World Order. World Economic Forum founder Klaus Schwab recently praised China as a model for the transformation of the world during an appearance on Chinese television.
Schwab was speaking to Tian Wei, the host of the “World Insight” program on the Beijing-based China Global Television Network, about the recent G20 summit in Bali, Indonesia. Asked about his impression of the summit, Schwab ordered the elected world leaders to go even further.
“We have to have a strategic mood,” he said, “We have to construct the world of tomorrow. It’s a systemic transformation of the world.” The leaders, he said, must “define” what the world “should look like” after “this transformation period.”
Schwab’s praise for China echoes words uttered by George Soros during an interview with the Financial Times.