Congress Is Trying to Sneak a CBDC into Their Must-Pass Housing Bill: Economist St Onge [WATCH]

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?”

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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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He described a central bank digital currency as a government-controlled financial system, stating, “So a CBDC is a kind of government run crypto token that would replace the dollar with a centralized database that lets bureaucrats see and report every dollar you spend, and lets them block anything they don’t like.”

St Onge added, “It’s a stable coin, but a government stable coin.”

He said current banking regulations already involve reporting requirements, noting, “Banks send the government transaction report to any time you move 10 grand and so called suspicious activity reports if you do anything weird.”

He argued that these practices raise constitutional concerns, stating, “Both in blatant violation of the Fourth Amendment requiring probable cause for government spying.”

St Onge said banks also have the ability to restrict access to funds, referencing past events, stating, “Remember the Canadian trucker protests that force banks to freeze protesters accounts using powers we also have thanks to the Patriot Act.”

He said a central bank digital currency would expand those capabilities, stating, “The difference is a CBDC does this to all of your dollars, not just your bank account.”

St Onge added, “There is no escape unless you’re paying the mortgage and groceries in gold or perhaps Bitcoin.”

He pointed to international developments, stating, “China, naturally, is the world leader in CBDCs.”

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