Many readers may be unfamiliar with CBDC — or Central Bank Digital Currency. The only significant similarity to Bitcoin, Dogecoin and the others is that they are digital.
CBDC will make life more convenient. Your bookkeeping will be simplified, and you will have only one token for all your monetary transactions. The speed of transactions optimizes, and you will have greater access to expanded financial services. Your funds will have greater security, and there will be reduced costs across all financial sectors. It will prevent free-market or non-centralized digital currencies from becoming a monopoly. Other benefits are also possible.
This centralized type of currency has already been rolled out in some countries and is about to be implemented in others.
For example, the EU will conclude its testing of a digital euro this year, and if all goes well, the digital euro will be issued in 2028. This digital euro could become the model for the future digital Canadian dollar.
In 2019, during his tenure as Governor of the Bank of England, Mark Carney attended the Jackson Hole Symposium.
There, he argued for a “Synthetic Hegemonic Currency,” which is supported by multiple CBDCs. He wishes to use this to compete with the US dollar as a reserve currency (Growing Challenges for Monetary Policy in the Current International Monetary and Financial System.)
To fulfill his vision, he advocated that Canada introduce a digital currency.
Overall, that speech supported the goals of the globalists, including their desire to have more control over the world’s economic systems. The US dollar remains a significant obstacle to such ambitions.
The Jackson Hole speech also indicates PM Carney’s views regarding China versus the US.
Brookfield Asset Management, under his leadership, increased investments in real estate in Shanghai. As the governor of the Bank of England, he was instrumental in the attempt to make the Renminbi an international currency. Carney’s efforts in support of China have been highlight by others (Jen Hodgson, 27 Feb 2025, Western Standard).
Hodgson’s article quotes from Willful Blindness by Sam Cooper. Cooper states that the goals of globalists (PM Carney and others) are “consolidating financial power across borders to coordinate carbon reduction policies and progressive social outcomes.” Part of “consolidating financial power” is the development of a “Synthetic Hegemonic Currency,” based on multiple CBDCs.
Here are some aspects of the often-neglected dark side of CBDC that commentators worry about.
Increased transaction speed does not benefit the consumer. The bank will withdraw funds from your account at the time of purchase, giving the bank money access sooner. There is no guarantee that any savings generated by the bank will be passed on to the consumer.
Although greater access to financial services sounds wonderful, most people will not use this option frequently once they have their finances in order.
Far more serious problems are already known. As with the COVID pandemic, the example to look at is China.
Yes, your funds will be more secure.
But secure from whom? The issuing government will have complete control over your account. With cash, the money is yours. With digital currency, the government can control your money.
Here is what is possible, that nobody talks about.
Drive over the speed limit — no court, no police officer — the camera caught you, and money is withdrawn from your account.
If the government decides you have eaten 'too much meat,' they know.
Along with an extensive camera system, there will be no privacy or anonymity outside of your house.
If the government needs you to spend more to prop up the economy, they can apply negative interest to your account.
If you say things the government dislikes, your ability to make purchases, to travel on planes, buses, or trains could be revoked. The government’s ability to monitor accounts in real time, will inspire more regulations and tighter controls over financial freedom. You will be secure from fraud or theft but never secure from the government’s ability to control you.
These are some of the “progressive social outcomes” the globalists are calling for. They happen in China now.
Which worries you more: a “possible” monopoly developing in the free-market system, or the certainty of a government having a monopoly and power over all finances with the ability to force you to do as it wishes?
Many people would say the musings above are some sort of paranoid delusion. That could never happen here in Canada. I used to think that too. I used to be much more excited about CBDC until I started seeing what it could easily do.
But what really changed my mind is that a group of truckers, their families, and even bouncy castles protested an obviously idiotic mask policy. Not only did the government freeze the truckers’ bank accounts, but even people who donated to their cause had their accounts frozen. It can happen in Canada — and it did. Was Mark Carney sitting in a dark room in Ottawa, advising PM Trudeau on these events too?
Although many news outlets call our current situation with the US “Trump’s trade war”, if you dig past the liberal–controlled media’s description, President Trump is trying to create fair trade. He refers to the tariffs as “reciprocal tariffs”. If Canada has no tariffs on goods, the US will have no tariffs on the same type of goods. If Canada has 30% tariffs on goods, the US will have 30% tariffs on the same type of goods.
Of course, trade is more complex than that, but that is the base from which President Trump is working. The thing to note here is that Canada is in the driver’s seat. The “war” could end yesterday, but the Liberal Party is protecting certain economic sectors as an ongoing vote buying policy. They are unwilling to give this up.
PM Carney proves himself unethical by pushing the 51st state trope as repeated in his well-calculated announcement of April 28, 2025 for the election. President Trump is trolling; PM Carney is trying to use this to manipulate voters because the Liberal Party cannot run on its record.
While announcing the date for the next election, PM Carney said that Canada needs to build a strong economy. His published Net Zero plans, his 21st century socialist style stakeholder economy, and his calls for Canada to be closer to the EU clearly show he is not about to help Canadians, but he will be helping his globalist friends.
The EU, by its own account, is a failing experiment (The Future of European competitiveness, by Mario Draghi.) Germany made considerable efforts to reach Net Zero and has not only severely damaged its industrial sector but also had to beg for natural gas to heat German homes in winter.
PM Carney presents himself as a reasonable person with an advanced level of economic knowledge. However, he is another ideologue like Justin Trudeau.
He will prove to be a poor choice for negotiating with President Trump. As the governor of the Bank of England, when he entered the room to negotiate, he was immediately in a winning position because of the respect and the power of the Bank of England.
He is no longer a governor, and President Trump will not be impressed with this globalist. As an elected prime minister, he could bring about profound changes to Canada: eroding our freedoms, damaging the economy, making us uncompetitive, and furthering his and his friends’ personal power and profit at the expense of Canadians.
He will attempt to accomplish these changes in a deceptive and manipulative way much like his misleading “elimination of the consumer carbon tax.” Consumers will still pay a carbon tax but it will be collected by corporations instead of directly by the government.
At a time when we should be removing internal barriers, he will increase them.
At a time when we should be broadening our international trade perspectives, he will focus us ever more on the failing EU.
At a time when we should be modernizing our economy, he will be locking us in the 20th century so he and his friends can maintain power and profit from the pockets of hard-working Canadians.
These are the real-world implications from his own writings. The Liberal Party of Canada needs a different ideology, not a different ideologue.
