George Gammon Is Right Central Bank Digital Currency (CBDC) Will Likely Be Launched; however, Fiscally Policies Will Likely Diminish Their Value, Let’s talk LEDGER Money #LateStageSocialism – November 17, 2023

Since the creation of accrual accounting, there has been a DEMAND for a medium of exchange that can move around the world faster than the speed of light. With that said, there has also been a LEADERSHIP problem when it comes to the PERCEPTION of money.

What Is Accrual Accounting, and How Does It Work?

Accrual accounting is an accounting method in which payments and expenses are credited and debited when earned or incurred. Accrual accounting differs from cash basis accounting, where expenses are recorded when payment is made and revenues are recorded when cash is received.

In the modern era, we call the financial idiots amongst us, socialists, Communists, Fascists, Authoritarians, totalitarians, POLITICIANS, central planners, and Collectivists. These organizers of humanity, which in the Western world are often VOTING into power by an equally stupid voting class, seek ways to REDISTRIBUTE capital from one group to another group.

The problem is LIFE INSURANCE companies had it right all along. With Insurance companies, if everyone demands payment from the insurance company at the same time, the Insurance company will CRASH Because the insurance company doesn’t have all the money promised, HOWEVER if the underwriters of the insurance are correct with their initial assessments, then everyone who is contractually obligated to be paid, will be paid.

A ledger summarizes revenue and expenses; it gives all involved the OPPORTUNITY to observe the balance of nature in NUMBERS. In the real world, NATURAL disasters happen, unexpected deaths happen, and in life, anything can happen, but when you take a step back and observe things from a NUMBERS point of view, you’ll start to notice patterns.

Now, in the PRIVATE MARKETS, the Private sector knows that resources are SCARCE, which is why in the private sector, participants are incentivized to BALANCE the books.

What is a money ledger?

A ledger, also called a general ledger, is a record of a business’s financial transactions. It summarizes all the revenue and expenses of the business, plus the debts owed and assets owned. The transactions in a general ledger are organized into five main types; assets, liabilities, equity, revenue, and expenses.

Switch to the Public Sector, the government, the RULING CLASSES that can use LEGAL force against you, they do not want to play by these rules. For example, the United States is currently nearly 34 TRILLION dollars in debt, meaning that without the ability to BORROW money from itself, the U.S. government CAN NOT pay its bills, meaning that the U.S. government is ENTIRELY reliant on being a PARASITE to the private sector.

People who imagine the GOVERNMENT is the answer to all financial and economic problems scream, “THE RICH MUST PAY THEIR FAIR SHARE.” If all the wealth of the rich were confiscated today and given to the U.S. government, it could not pay off U.S. debts, and even if it could, you’d have to expect the private sector would CHANGE its behavior for that never to happen to them again, which would equate to future DEBT SERVICING problems for the U.S. government.

People who OPENLY steal typically are disinterested in admitting that their FISCAL ideas were the reason for the insolvency. If a thief is successful in stealing, said thief will usually be disinterested in changing their behavior. Legal Plunder has always been the preferred method of the Central Planners, equating to no incentive to change FISCAL policies.

What is FISCAL policy?

In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence a country’s economy.

If austerity measures are off the table, as a central planner, you’ll seek out new INNOVATIVE ways to make BAD IDEAS work, introducing Central Bank Digital Currencies(CBDCs)

Even the private sector version to CBDCs (Bitcoin) leaves much to the imagination. Bitcoin could actually be much greater than it is today if it were LEGALLY allowed to challenge the current modern FIAT monetary system.

It’s not like the designers of cryptocurrencies didn’t want to build something better; those of us who remember the e-Gold days comprehend why Bitcoin was designed the way it was. The last thing you want to do is make the FIAT MONEY lovers angry; they will call the government on you and have your entire operation shut down.

This is, of course, why I don’t want a GOVERNMENT gold standard because WHEN the government goes broke, you better believe under a GOVERNMENT GOLD STANDARD SYSTEM, these BIG GOVERNMENT lovers will kick open your door and demand you give them your gold, especially the GOLD BULLION that’s registered with them.

GIVE US YOUR GOLD NOW; IT’S A NATIONAL SECURITY ISSUE!

The individuals without Gold will be disinterested in helping you because they’ll likely be happy to welcome back the NORMALCY that will never come. So, when I write about CBDCs, I come at the subject from a different place.

I foresee CBDCs creating ECONOMIC DEFLATION because they would incentivize politicians to add more layers of REGULATIONS to the economy. A question I often hear from Peter Schiff is why do the Chinese hoard U.S. debt.

It’s because, FINANCIALLY, China is regulations SHIT HOLE, capital controls, and the Chinese Communist Party in general deciding to debase their currency whenever they imagine a strong YUAN is a national security threat.

So if you’re trading in the FOREX markets, sure, you might want to do business with China, but the last thing you want to do is to use their currency as a SAVINGS vehicle.

Central Bank Digital Currency(CBDC)

A central bank digital currency is a digital currency issued by a central bank, rather than by a commercial bank. It is also a liability of the central bank and denominated in the sovereign currency, as is the case with physical banknotes and coins.

So, from my point of view, yes, CBDCs will likely come to market, but as the shift happens, those of us in the know will start to change our behaviors; it’s at this point that I do see the point being made by BITCOINERS, but I still imagine Bitcoin as part of the GRID, and I also see POINT of sale regarding BITCOINS or cryptocurrencies being extremely problematic for private ledgers when people file their taxes.

For example, when taxes were higher, a lot of people didn’t pay the tax by doing CASH PAYMENTS; it still happens in certain segments of the economy now. Buy with CASH, and you’ll get a discount. What the business owner is actually saying is help me avoid the tax man.

Labor unions in Western countries and the government were able to unify because labor Unions would often label businesses that did not want to pay the Labor union wage TAX CHEATS.

The Unions argued they were helping the GOVERNMENT generate more revenue so these PRICE controls created by labor unions helped to create government LAPDOGS while also making financially illiterate wage earners feel like they were getting both higher wages and job security when, in fact, the opposite was usually happening.

The more financially savvy abandoned the labor union movement and became business people themselves; you have many more self-employed BLUE collar people working in the gig/contractor economy now.

If you’re having a difficult time tying everything together, what I’m getting at here is that CBDCs will only ACCELERATE the government’s financial problems, eating to CBDCs and leading to economic collapse.

Now, how that economic collapse plays out, I can’t predict that; what I can predict is that if the Western world imagines that it funds a magic money tree, it will start voting like it found a magic money tree, meaning that resources will be redistributed to whatever the POPULAR POLITICS of the day is.

So if you think the economy is bad now, it will be 10 times worse under a CBDC monetary system.

Interesting times ahead!