Canadian Politician Speaks About CBDCs: “Current Monetary System Must Be Totally Reset!”

The founder of the Canadian People’s Party, Maxime Bernier, argued that the current fiat money system is outdated and should be reset.

Speaking in an interview with Kitco News, Bernier criticized the current monetary system, which he described as “devaluation” due to excessive pressure from central banks.

Canadian Politician: “Commodity-Backed Monetary System Will Be Transitioned In The Future”

According to Bernier, the reset will likely happen in the future, and for this the monetary system needs to be backed by a commodity like gold, as it used to be. He noted that countries like China and Russia are planning to launch currencies based on a commodity:

“A commodity-backed monetary system will come to life. I don’t know when, but the fiat money system won’t survive very long. After that, I believe we should do an international monetary reset by having a currency based on gold or other commodities, as in the 19th century.”

Possible Effects of CBDC

It is worth noting that the central bank digital currency (CBDC) has been put forward as a possible alternative to the fiat money system. In particular, several central banks have begun research into CBDCs. Since these coins are thought to be Blockchain-based cryptocurrency They are followed by the world.

However, the Canadian politician expressed his opposition to CBDCs, stating that it would empower states to control the masses and fuel totalitarian regimes:

“A central bank digital currency would be a way for countries to control everything you do. It will be another method of controlling all our spending and bank accounts. We don’t want that and we don’t need it.”

Bernier stated that there is no need for a CBDC because current debit cards and e-transfers accomplish most of the proposed digital currency’s goals.

The Canadian added that he will use his mandate to educate the masses about the foreseen dangers of CBDC.

*Not investment advice.