Economist Peter St Onge raised concerns about a housing bill moving through Congress, arguing that a provision within the legislation could allow for the development of a central bank digital currency despite language presented as a ban.
“Republicans in Congress are pushing a central bank digital currency, once again disguised as a ban, so they can surveil and control every dollar you spend,” St Onge said.
He questioned the intent behind the proposal, adding, “Will it be the Republicans who make you eat the bugs?”
St Onge said the broader housing bill includes provisions addressing zoning regulations and mortgage rates but also contains additional elements he described as problematic.
“Republicans in Congress are currently pushing a housing bill that does some useful things to red tape zoning and mortgage rates while doing some shady things, this is Congress, remember,” he said.
He added that the legislation includes financial measures, stating, “Like letting banks print money they don’t have, and handing free money to people with bad credit, which didn’t work in 2008.”
St Onge said a key concern is a provision related to digital currency, explaining, “But hidden deep in the bowels is a little gem that effectively green lights a central bank digital currency, CBDC, so long as Wall Street gets a piece of the action.”
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