News Bites
‘Central bank digital currencies were concocted in hell by Satan himself’ – Rich Checkan
One of the biggest threats to our liberty and privacy will be the introduction of central bank digital currencies (CBDCs), said Rich Checkan, president of Assets Strategies International.
Speaking to Michelle Makori, editor-in-chief of Kitco News, at the Freedom Fest 2021 conference, Checkan said that these government-issued digital assets will give the state the ability to monitor every transaction one makes, essentially tracking one’s entire life.
“I think central bank digital currencies were concocted in hell by Satan himself. They are incredible control by governments over everybody’s bank accounts and they are going to create a void of privacy for every individual citizen. They’re horrible, but I think that’s where they, Central banks, want to go,” he said.
Checkan’s comments come as the Central Bank of China, the PBoC, has already begun developing a digital Yuan, and now other major central banks around the world are following suit.
Federal Reserve Chair Jerome Powell has stated that he intends to make the U.S. a “leader” in the development of central bank digital currencies, although there is no specific indication as to if and when a “Fedcoin” would be released.
On gold and silver, Checkan remains bullish once current price headwinds dissipate.
“I think you’ve got a couple of things going on. First, the Fed, and I’ve been super critical of the Fed,” he said. “I don’t think they have any credibility right now. they have no ammunition, maybe yield curve control. I think a lot of that is what’s going on, holding [gold] down a little bit, I liken it to a pressure cooker. The pressure will build to a point, and free markets will take over and that cover will explode.”
For retail investors, Checkan said that before making a physical gold or silver purchase, there is one important question that needs to be asked to the bullion dealer from the start, which serves as a litmus test for whether or not, to do business with this dealer.
“If the answer to that question is no, regardless of how nice they are, regardless of whatever story they weave…understand that you should never buy from them,” he said.
To find out what that question is, watch the video above. Follow Michelle Makori on Twitter: @MichelleMakori (https://twitter.com/MichelleMakori).
