These days, many countries are considering introducing their own Central Bank Digital Currencies (CBDCs).
The Bank of England recently released a research paper discussing the possibility of creating its own digital currency, saying it has “not yet made a decision on whether to introduce CBDC”.
In July 2021, the Bank of Canada issued a discussion paper called “The Positive Case for a CBDC”, citing it “could be an effective competition policy tool for payments” and “could also support the vibrancy of the digital economy.”
But no country is moving faster on this front than China.
The Central Bank of China has already introduced a digital yuan, which is expected to eliminate physical cash and provide a centralized payment-processing network.
As China continues to expand its CBDC implementation beyond its trial run in some cities, more of its citizens will be forced into using the government’s app to identify themselves, store their wealth and make everyday purchases. That means the Chinese government will be able to track purchases and even freeze or close personal accounts, for whatever reason they see fit.
That is a terrifying prospect – and it highlights one of the many reasons bitcoin will always be superior to any currency issued and controlled by any government.
The Bitcoin network uses blockchain technology to track the status of the network, including user balances and transactions. This allows transparency and decentralization by nature. Perhaps most importantly, this means that the system cannot be controlled or influenced by any one person, company or government.
China’s digital yuan – and any CBDC under consideration – have the complete opposite fundamentals. With a CBDC, one central bank has ultimate control and power over the currency, not to mention the ability to track and even reverse everyday purchases.
It’s a particularly worrisome situation in China, where its government has been pushing a social credit system that, at its core, rewards or punishes people for their economic and personal behaviours. As the country implements its digital yuan more broadly, there are fears China could use its CBDC to extend control over even more of its citizens’ rights and freedoms.
We don’t face that threat in western countries yet, but that’s not to say we are immune from the possibility. If Meta’s recent announcement that it’s shutting down the face recognition system on Facebook is any indication, our society is definitely not keen on being monitored, controlled, or surveilled in any way.
From 2013 to 2017, the U.S. Department of Justice ran Operation Choke Point to monitor and crack down on payments for what the government deemed “high-risk activities”, ranging from online gambling and payday loans to pornography and surveillance equipment sales. These activities were not illegal but they offended the government’s moral compass – a slippery and scary slope.
Most recently, in October 2021 U.S. President Joe Biden and his government backed down from requiring the IRS to collect data on every bank account with more than $600 in annual transactions.
Infringements like these on our privacy are unacceptable. But the likelihood of them happening will grow exponentially if, and when, western governments introduce their own CBDCs.
Aside from a potential loss of personal freedom and privacy, CBDCs would introduce another undesirable outcome: even greater inflation than we’re experiencing today. Governments, including our own here in Canada, are printing money faster than ever, which simultaneously drives inflation and devalues personal wealth.
As Saifedean Ammous writes in his fantastic book, The Fiat Standard: The Debt Slavery Alternative to Human Civilization, “CBDCs would allow for the implementation of…inflationist schemes with high efficiency, allowing for increased central planning of market activity. Government spending would proceed unabated by whatever little discipline credit markets currently exert. Real-world prices are likely to rise, which would lead to more control over economic production to mandate prices.”
To sum this up, CBDCs could lead to higher inflation, less personal autonomy, and more government meddling. For those reasons, whenever I’m asked if the introduction of CBDCs will kill bitcoin and its relevance, my answer is a resounding, “No.”
Central bank digital currencies are not the same thing as bitcoin. They aren’t even competitors with bitcoin, nor will they ever replace bitcoin. They are a distraction. In my opinion, CBDCs will only create greater demand for bitcoin and its many advantages.
Bitcoin offers individuals the profound ability to own sound money, protect their wealth from inflation and keep governments from micro-managing their finances. That is certainly not what CBDCs will do, and it’s why we should all be very apprehensive about giving central banks the ability to issue, oversee and control digital currencies.
No CBDC can, or ever will, stack up to bitcoin.
Guest Column from Dave Bradley, Chief Revenue Officer at Bitcoin Well
@bitcoinbrains on Twitter
Sponsored by Bitcoin Well
THOMAS: How Western Canada fared in the 2021 housing market
“That didn’t happen. By early summer, sales picked up, prices steadied and the industry hasn’t looked back since, with some markets setting sales records in 2021.”
When COVID-19 hit in March 2020, like many industries, the lockdowns and restrictions shut down housing industry operations.
Home sales and prices plummeted, adding to the fear of the virus that homeowners would lose their homes’ equity.
That didn’t happen. By early summer, sales picked up, prices steadied and the industry hasn’t looked back since, with some markets setting sales records in 2021.
Here’s how major markets in Western Canada fared last year.
It was the third year in a row with record-breaking sales and dollar volumes.
“Both 2020 and 2021 were remarkable years in delivering sales gains from the previous year,” said Kourosh Doustshenas, outgoing president of the Winnipeg Regional Real Estate Board. “Last year saw an increase of more than 2,500 sales compared to 2020 and 33% sales growth over the previous five-year average.”
Sales of existing homes in 2021 reached 18,575 units with the dollar sales volume reaching $6.25 billion, up 28% from 2020.
Single-family homes and condominiums were the most popular, with market shares of 68% and 14% respectively.
The Saskatchewan Realtors Association’s (SRA) report covers all sales in the province.
A record 17,387 sales were recorded in 2021, surpassing the previous record in 2007 by 17%.
While the pandemic triggered disruptions in some sectors of the economy, housing boomed, said SRA CEO, Chris Guérette.
“Improved savings from those not financially impacted by COVID-19, combined with low lending rates have supported the strong sales environment we saw throughout 2021,” said Guérette, adding inventory levels in the province were 16% below long-term trends.
“This resulted in the MLS Home Price Index (HPI) composite benchmark price* gaining more than seven percent.”
Sales of existing homes in Calgary soared in 2021, reaching a record 27,686, nearly 72% higher than 2020 and more than 44% higher than the 10-year average, says the Calgary Real Estate Board (CREB).
“Concerns over inflation and rising lending rates likely created more urgency with buyers over the past few months, said CREB’s chief economist Ann-Marie Lurie. “However, the supply has not kept pace with the demand, causing strong price growth.”
The year-end benchmark price was $451,567, up 8% from 2020.
“We enter 2022 with some of the tightest conditions in over a decade,” said Lurie. “In December, inventory was nearly 25% lower than long-term averages, which will impact our housing market in 2022.”
“2021 was an incredible year for the Greater Edmonton Area (GEA),” says Realtors Association of Edmonton chair Tom Shearer. “The year-over-year stats for sales and listings in the GEA were significantly higher than December 2020.”
Last December, single-family home sales rose 16.5% from December 2020. Condo sales increased 25.6% from December 2020. Duplex/rowhouse sales increased 16.8% year-over-year.
The HPI benchmark price in the GEA came in at $410,900, a 5.2% increase from December 2020.
Home sales reached an all-time high in 2021, with the Real Estate Board of Greater Vancouver (REBGV) reporting a total of 43,999, a 4% increase over the previous record of 42,326 in 2015.
The HPI composite benchmark price at the end of 2021 was $1,230,200, a 17.3% increase from December 2020.
“While steady, home listing activity didn’t keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” said Keith Stewart, REBGV economist.
“Detached home and townhome benchmark prices increased 22% last year, while apartments increased 12.8%.”
There were 10,052 properties sold in 2021, close to the record of 10,622 sales in 2016.
“The theme of this year has been very consistent,” says Victoria Real Estate Board president David Langlois. “Each month a high demand for homes paired with record low inventory has put strong pressure on pricing and attainability.”
The single-family HPI benchmark price in the Victoria Core in December 2021 was $1,144,900, up 25.1% from $1,122,600 in November. The HPI benchmark price for a condominium in the area in December 2020 was $570,600 up from $487,100 a year earlier.
Housing supply across the country is a concern, said Langlois
“We have spoken throughout the year about the need for new housing supply at all levels to help moderate prices and improve attainability,” he said. “Some of our municipalities have begun to look at ways to make it easier for new homes to be brought to market and we applaud and encourage any movement in this area.”
*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time.
Myke Thomas is a Western Standard contributor. He started in radio as a child voice actor, also working in television and as the real estate columnist, reporter and editor at the Calgary Sun for 22 years.
MAKICHUK: Flaming question: Should we let them go, or not?
“Maybe Gondek can take a holiday in Mexico? Pretty please?”
So, do we care if the Flames leave, or not?
That, my friends, is the question.
While it appears Mayor Jyoti Gondek was instrumental in letting the arena deal die, it’s never quite as simple as that.
I wouldn’t exactly put halos over the heads of the Flames owners either.
Someone suggested the right people to negotiate this thing are not in place — that actually sounds like it might have some merit.
It reminds me of when the Flames decided to trade Doug Gilmour, the player who helped them win the Stanley Cup.
At that time, sources told me the team and Gilmour were not that far apart in the money department. In fact, it was pocket change compared to what they pay players now.
I won’t go over the Gilmour-Leeman trade, it’s too painful for Flames fans to have to endure, and, well, I’m not that cruel of a person.
But really, are we that far apart now? We all know construction costs are soaring, but slamming the door shut on this deal, is not the way to go, IMO.
Even though I can’t stand the Flames. Why?
Well, for starters, I’m a Red Wings fan, all the way.
Secondly, when I worked at the Calgary Sun, whenever the Flames went into the playoffs we would end up working 12-hour days until the ordeal was over.
We did well against the competition, having a good stable of writers who worked their tails off. Not to mention the best sports photogs in the city.
As we got no extra overtime pay for all this extra effort and hardly saw our families during these times — which were exciting, of course, no argument there — it just got to be too much.
We would kill forests of trees to pound out pages on the Flames and their playoff adventures.
In the end, whenever the Flames were eliminated, we would hold the “Thank You Flames Open” — a golf tournament, complete with prizes, and, a Green Jacket, which we purchased at Goodwill for $8.
The winner would get to wear the green jacket in the office, for an entire year — a tremendous honour!
But I’m not here to beat up on the Flames. I know how important this team is to the city.
While personally I don’t care if they stay or go, I know a lot of people want them to stay because they have become such an important symbol of our city.
Some of the best hockey ever played was between the Flames and, those guys up north … what’s their name again? Oil something?
Anyway, you get the picture. We happen to have a big rivalry with the folks in Edmonton who seem to get things done better and faster than our city council.
Case in point, Rogers Place. How come they could get it done and we couldn’t?
That project also went over-budget, and led to a similar standoff. Clearly, cooler heads prevailed and Edmonton’s council approved the funding for the House of McDavid … and the rest, as they say, is history.
By the way, they also have better winter snow removal according to what I’ve been told.
So do we care or not? Should we try to resurrect this deal or not?
Should Gondek — she of the climate emergency no one cares about — swallow her pride and step aside from the negotiation process?
Or, well … should we let them go and build a brand new stadium for the Calgary Stampeders instead? Believe it or not, they actually do need a new stadium.
As much as I love McMahon stadium, it is seriously out of date. I mean, even Regina has a much better football stadium, for crissakes. Regina!
If you ask me, I’d rather axe the Green Line, and other such Nero-like mega-projects of the previous mayor and use that money elsewhere.
But let’s get back to the Flames. Remember Winnipeg, who went through a dark period after their NHL team left town?
Glen Murray was city councillor for Winnipeg’s Fort Rouge ward at the time and was elected as the city’s mayor in 1998. He watched as Winnipeg’s team slipped away, eventually moving to Phoenix, where hockey never really caught on.
“It was heartbreaking because the provincial and the municipal governments who were subsidizing [the team] couldn’t sustain it,” Murray told the CBC.
“Every proposal for a new arena involved hundreds of millions of dollars, which no one in the community could raise at the time,” he said. “It was a real dark period for the city because people love their hockey team.”
When the much-despised NHL commissioner Gary Bettman announced the return of the then still-to-be-named team in May 2011, the excitement in the city was palpable.
“In all my years as a reporter, I have never seen a city stop before,” said Marjorie Dowhos, a CBC Manitoba reporter.
“Cheers immediately broke out, some people had tears in their eyes and I had shivers up my spine as I watched all of this,” she said.
Season tickets went on sale to the general public on June 4 and sold out in 17 minutes.
What more do I have to say? Do we really want to go the way of the Winnipeg Jets?
Let me finish, with a little story.
Back in 1967, my Dad took me to my first NHL hockey game at the Olympia in Detroit. They were sold out, so we bought $3 standing room tickets.
The first thing I saw was Gordie Howe score effortlessly on Toronto Maple Leafs goalie Terry Sawchuk, on a breakaway. The place went nuts, it literally shook.
That, and many other experiences that evening, would change my life. I saw walls of Red Wings paraphernalia, none of which we could afford. I think all we came home with was a cheap program.
To this day, I will never forget that first experience of watching the Wings play and seeing them walk off the ice on a carpet, right in front of me.
Hockey gods they were — not like today’s overpaid prima donnas.
One can’t really put a dollar value on that. I don’t know how much the Flames bring to the city, financially, but I would imagine it’s significant. But then, there’s that emotional attachment, too.
Remember the big run in 2004? We all do. Hell, even I was popping shooters on 17 Avenue!
So yeah, hell, let’s try to keep the Flames. Let’s give it another go and hope that as good citizens the Flames owners group will cut us some slack in this time of financial disarray. And let’s get the right people in there, to get this done.
Maybe Gondek can take a holiday in Mexico? Pretty please?
And really, let’s leave this “line in the sand” crap to Vladimir Putin and his maniacal ambitions.
We’re better than that, I’m sure of it. Let’s get ‘er done.
Dave Makichuk is a Western Standard contributor.
He has worked in the media for decades, including as an editor for the Calgary Herald. He is also the Calgary correspondent for ChinaFactor.news
SLOBODIAN: Truckers going pedal-to-the-metal for Canadian freedoms
“We feel that the trucking industry is literally this country’s last hope to potentially getting our freedoms back.”
The complainers started calling Richland Transport Inc. while Rick Wall was still at the Canada-U.S. border protesting federal mandates requiring cross-border truckers to be fully COVID-19 vaccinated.
Wall, president of the Winkler, Man. trucking firm, organized Convoy Against Mandates. Semi-trucks drove along Highway 75 to the Pembina-Emerson port of entry in Southern Manitoba Monday. Pickups, tractors, and cars joined in.
“I love the haters. We’ll go out there all day long and battle for them as much as we will for any supporters. We were out there uniting the truck industry to fight all mandates for everyone,” Wall told the Western Standard.
“This country has been ripped apart. We need to reunite and love and respect each other like we used to. Our government has done a tremendous job of dividing us, destroying us.
“We’re supposed to hate each other based on medical decisions. That is not right… We need to open our eyes.”
One caller who threatened to cut Richland’s phone lines “because your boss is stupid” might change his mind when the impact of the Liberal mandate personally affects him.
The mandate requiring truckers returning from the U.S. to be fully vaccinated or quarantine took effect January 15.
“Whether you support our movement or not, it will affect you. You wouldn’t see an instant effect from what we haul. It’s a trickle effect. It’s all linked,” said Wall.
With fewer drivers delivering loads, the supply chain will be heavily impacted. The Canadian Trucking Alliance (CTA) anticipates a loss of 12,000-16,000 cross-border commercial drivers. Some estimates peg it higher at 20,000-26,000.
Unvaccinated American drivers will be denied entry.
“You’re going to see price increases on basically everything, especially food. I think you’ll see a lot of empty grocery store shelves. We’re in the middle of winter and our food is getting trucked in. Nobody’s growing gardens this time of year. They couldn’t have picked a worse time to do this. So much of our produce comes from the southern U.S.”
Meanwhile, unvaccinated truckers forced into quarantine — after they deliver their loads — lose income.
“In a lot of scenarios, it’s basically taking that particular driver’s right to provide a livelihood for his family away from him. It’s detrimental to these families. There’s a lot of drivers not willing to participate in this mandate. The vaccines are clearly not working, that’s my view on it.”
Truckers have been treated shamefully by a Liberal government that kept changing direction.
Since mid-November, the government was in a state of confusion over the requirements, announcing different rollout criteria, then going back to the original plan.
“It’s been a really, really tiring battle. Our heads have been spinning for months. Clearly, we saw how chaotic that was last week on how the government flip-flopped right until the very end,” said Wall.
“We had no solid information on the Canadian side basically until they started enforcing it on our drivers. It was pretty tough for us to navigate and try to figure out what do we tell our drivers.”
When the mandate kicked in, Richland’s first returning driver ran into problems at the border.
“He was down in the U.S. for a week. He came across Saturday morning. He was verbally abused by the Canadian Border Services Agency (CBSA) officers at Emerson port of entry. He was treated horribly and was finally released after an hour and-a-half and told to go quarantine.
“Most of these guys know their rights. They will cite their rights and try to stand up for themselves. I’m very proud of them for doing that. We should all have that right.”
Some CBSA officers treat truckers with “utmost” respect.
“But the next guy is on a complete power trip giving the driver a really hard time, disrespecting them, denouncing everything the driver will say in his own defense.
“Goodness gracious, you’re coming home to your own country where you pay your taxes. And quite frankly, that officer’s salary… They come back home, and they’re treated like criminals.
“Our system is incredibly broken…Something has to be done.”
Well, never underestimate the grit and stamina of truckers.
They’re just getting started. More rallies are planned.
A convoy rally will be held January 24 in Winnipeg. It will circle the perimeter of the city then head to the legislature.
A cross-Canada trucking convoy starting January 23 in Vancouver working its way east will gain momentum as it crosses the country. Truckers from across Canada will convene in Ottawa.
“It’ll just take a few more of us to stand up and say this isn’t right and try to unite the people. We need to end all these totalitarian mandates,” said Wall.
“We feel that the trucking industry is literally this country’s last hope to potentially getting our freedoms back.”
And our shelves stocked.
Slobodian is the Senior Manitoba Columnist for the Western Standard
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