Business
Bank of Canada admits ‘significant’ number of citizens would resist digital dollar
From LifeSiteNews
A significant number’ of Canadians are suspicious of government overreach and would resist any measures by the government or central bank to create digital forms of official money.
A Bank of Canada study has found that Canadians are very wary of a government-backed digital currency, concluding that “significant number” of citizens would resist the implementation of such a system.
The study, conducted by the Bank of Canada, found that a “significant number” of Canadians are suspicious of government overreach, and would resist any measures by the government or central bank to create digital forms of official money.
According to results from the BOC’s report titled The Consumer Value Proposition For A Hypothetical Digital Canadian Dollar, “cash remains an important method of payment” for Canadians and “[c]ertain groups may strongly resist a digital dollar if they conflate its launch with the end of cash issuance.”
The BOC noted that not only would a “significant number” of Canadians “reject” digital money, but that for some “mindset segments, their lack of interest in a hypothetical digital Canadian dollar was heavily influenced by perceptions of government overreach.”
As reported by LifeSiteNews in September, the BOC has already said that plans to create a digital “dollar,” also known as a central bank digital currency (CBDC), have been shelved.
The shelving came after the BOC had already forged ahead and filed a trademark for a digital currency, as LifeSiteNews previously reported.
Officials from Canada’s central bank said that a digital currency, or electronic “loonie,” will no longer be considered after years of investigating bringing one to market.
However, that does not mean the BOC is still not researching or exploring other options when it comes to digital money. As noted by researchers, despite there being some “interest” in a “hypothetical digital Canadian dollar,” that “interest does not necessarily translate to adoption.”
“Most participants felt well served by current means of payment,” noted the study, adding, “Individuals who support the issuance of a hypothetical digital Canadian dollar did not imagine themselves using it regularly.”
Those most enthusiastic about a government-backed version of Bitcoin were teenagers and young adults. Those older remained especially skeptical.
“They were skeptical of the need for this new form of money and of its reliability,” read the report, which also noted, “They did not trust that concepts were secure or that their personal information would be kept private.”
Given the results from the report, the bank concluded that “[b]road early adoption” of a digital dollar “is unlikely given that available payment methods meet the needs of most users.”
“Financially vulnerable segments often have the most to gain from this payment method but are most resistant to adoption. Important considerations for appeal and adoption potential include universal merchant acceptance, low costs, easy access, simplified online payments, shared payment features, budgeting tools and customizable security and privacy settings,” it noted.
Digital currencies have been touted as the future by some government officials, but, as LifeSiteNews has reported before, many experts warn that such technology would restrict freedom and could be used as a “control tool” against citizens, similar to China’s pervasive social credit system.
Most Canadians do not want a digital dollar, as previously reported by LifeSiteNews. A public survey launched by the BOC to gauge Canadians’ taste for a digital dollar revealed that an overwhelming majority of citizens want to “leave cash alone” and not proceed with a digital iteration of the national currency.
The BOC last August admitted that the creation of a CBDC is not even necessary, as many people rely on cash to pay for things. The bank concluded that the introduction of a digital currency would only be feasible if consumers demanded its release.
In August, LifeSiteNews also reported that the Conservative Party is looking to gather support for a bill that would outright ban the federal government from ever creating a digital currency and make it so that cash is kept as the preferred means of settling debts.
Conservative leader Pierre Poilievre promised that if he is elected prime minister, he would stop any implementation of a “digital currency” or a compulsory “digital ID” system.
Prominent opponents of CBDCs have been strongly advocating that citizens use cash whenever possible and boycott businesses that do not accept cash payments as a means of slowing down the imposition of CBDCs.
Business
The ESG Collapse: Al Gore, Intel, BlackRock, and the Failed Promise of “Sustainable” Investing
From StosselTV
For years, investment firms pressured companies to hire people of certain races and genders, and pushed “sustainability.” That has hurt returns.
Investments that claim to be “sustainable” have been underperforming. It’s because companies that embrace “ESG” woke investing end up prioritizing politics over innovation.
Intel, once a leader in the tech world, wasted millions on ESG goals. Now, it lags behind its competitors. Its stock is down more than 70%. “You have a company that’s absolutely failing!” Says Matt Cole, CEO of Strive investment managing.
Even BlackRock, which led the “ESG” push, now backs away from ESG investments. “What you’re seeing today,” says Cole, “is ESG funds shuttering at record speed.”
Our new video explains why.
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Business
GOP Lawmakers Urge Coast Guard To Defend US Ports Where ‘Chinese Military Company’ Operates
From the Daily Caller News Foundation
By Philip Lenczycki
Republican lawmakers urged the U.S. Coast Guard on Wednesday to take “decisive action” against a Chinese military company that has “expansive operations at major U.S. ports,” according to a letter exclusively obtained by the Daily Caller News Foundation.
The House Committee on Homeland Security and House Select Committee on the Chinese Communist Party sent a letter to U.S. Coast Guard Acting Commandant, Admiral Kevin E. Lunday requesting information and a classified briefing related to COSCO Shipping, a Chinese state-owned enterprise that the Department of Defense (DOD) recently added to its list of “Chinese Military Companies.” COSCO Shipping poses a “significant” national security threat to the U.S., ranging from “espionage, cyber intrusions, sabotage, and supply chain disruptions,” according to the letter.
“Permitting vessels and personnel affiliated with COSCO SHIPPING to operate within U.S. ports without adequate safeguards exposes the nation to unacceptable risks, particularly during times of increased geopolitical tension,” the letter states. “As the lead federal agency for maritime security, the U.S. Coast Guard (USCG) must take decisive action to mitigate these risks.”
The letter is signed by House Homeland Security chairman, Tennessee Rep. Mark Green, China Select Committee chairman, Michigan Rep. John Moolenaar, Florida Rep. Carlos Gimenez and South Dakota Rep. Dusty Johnson.
The People’s Republic of China (PRC) exploits “Chinese Military Companies” for intelligence and military purposes as part of its “Military-Civil Fusion Strategy,” the letter states.
Military-Civil Fusion “supports the modernization goals of the People’s Liberation Army by ensuring it can acquire advanced technologies and expertise developed by PRC companies, universities, and research programs that appear to be civilian entities,” according to the DOD.
Toward that end, China engages in “forced technology transfer, intelligence gathering, and outright theft,” and directs Chinese enterprises to “undertake classified military R&D and weapons production,” according to the State Department.
In addition to being a state-owned enterprise, the committee’s letter warns that COSCO Shipping vessels “frequently have Chinese Communist Party (CCP) political commissars embedded amongst their crews.”
COSCO Shipping’s website includes a section for “Party building” and states that its CEO, Wan Min, also serves as the Party secretary of the firm’s internal CCP branch. A “Party branch” is the smallest “grass-roots” CCP organization, and one must be established within any Chinese institutions containing three or more Party members, according to the Chinese government.
The committee’s letter also urges the USCG to intensify its protocols for “screening vessels, owners, and crew members associated with COSCO Shipping and other entities linked to the PLA or the PRC’s security and intelligence services.”
COSCO Shipping’s previous CEO, Xu Lirong, simultaneously served as deputy director of the China International Culture Exchange Center (CICEC), which former analyst at the Australian Strategic Policy Institute Alex Joske identified as a front for China’s premier civilian intelligence service, the Ministry of State Security, the DCNF previously reported.
“It is essential that biographical information for all foreign mariners, particularly those from the PRC and other high-risk countries, undergo comprehensive scrutiny utilizing the complete range of classified and unclassified data resources accessible to the U.S. government,” the committee’s letter states.
A USCG spokesperson told the DCNF it “routinely evaluates vessels before arrival within U.S. waters” and examines vessels “for safety and security” after arrival as well.
The committee’s letter also requests for USCG to provide answers to nine questions by Feb. 3.
More than half of the questions relate to the protocols, process, or datasets USGC uses to vet foreign vessels and mariners.
For example, one question asks: “What classified and unclassified datasets are used by the USCG to vet foreign mariners, vessel owners, and operators?”
Another question asks: “Is the USGC’s vetting and screening process for foreign vessels and mariners fully automated, partially automated, or primarily manual?”
Other questions concern USGC’s possible coordination with federal agencies, like the FBI, and inquire into whether or not USGC has conducted a risk assessment specific to COSCO Shipping.
“The USCG must prioritize the integration of both classified and unclassified intelligence, strengthen interagency coordination and collaboration, and leverage advanced technological solutions to enhance its ability to detect and deter emerging threats,” the committee’s letter states.
COSCO Shipping did not respond to multiple requests for comment.
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