An Increasingly Digital World Results in Fewer Payments Involving Cash; Wikimedia Commons With an increasingly digital and globalized financial system, countries around the world are preparing for the implementation of Central Bank Digital Currencies (CBDC). Only a few central banks have implemented them so far, but many more—including the Federal Reserve, European Central Bank, and Bank of England—are actively researching and developing them. Although the vast majority of currency in circulation is already stored in databases rather than physical bank vaults or wallets, this digital financial network is far from centralized. Commercial banks individually manage their databases and payment networks, but with a CBDC this responsibility would be delegated to the central bank issuing said currency. Central banks are advertising their conveniences of lower transaction costs, no credit or liquidity risk, and more efficient storage in order to gain support for this upcoming financial technology. Furthermore, they argue that by creating a centralized payment system and monetary database, it will be easier to stop and trace the origins of money laundering and shut down illegal markets. But what central banks are actually seeking is more control over their patrons’ daily lives. Giving them massive power in law enforcement will enable them not only to monitor virtually all purchases, but also to control them. Governments around the world are already limiting “large” financial transactions through apps and cash payments. They will also be able to detect these transactions even quicker without having to rely on businesses and commercial banks as middlemen reporters. And, there is reason to believe that governments around the world will use CBDCs to track more than just drug dealers and terrorists: crackdowns on protests in the United Kingdom have resulted in the arrests of thousands of people for harmless social media posts and in prohibitions against the entry of foreigners who speak against mass immigration. With a digital pound, it would only be easier for the British government to continue its assault on free speech by shutting off protestors’ abilities to purchase essentials for daring to express the wrong opinion. This resembles what happened under Justin Trudeau’s response to trucker protests against COVID-19 vaccine mandates in 2022 when he ordered banks to freeze the accounts of truckers he deemed to be involved. And, on a much larger scale, China has used AI and facial recognition cameras to place hundreds of millions of its citizens under constant surveillance in order to crush political dissent. This shows the dangers of a massive digital infrastructure when it is placed into the hands of a central government. Even here in America, civil asset forfeiture could be greatly quickened and abused on a large scale with Central Bank Digital currencies. This would give the state the power to instantly deny its citizens the ability to purchase food and shelter if they were deemed an enemy. And even if you trust your government, would you trust a cyberattacker who breaches a database containing finances for hundreds of millions of Americans? A centralized database would only make it easier for said cyberattackers to do so, which has already happened to the Social Security Administration. There exists a digital resistance option to CBDCs: cryptocurrencies. Cryptocurrencies such as Bitcoin and Ethereum offer near complete anonymity to patrons due to their use of decentralized blockchain networks. On the other hand, commercial banks using dollars must constantly report holdings to governmental agencies. Understandably, however, many are reluctant to purchase cryptocurrencies due to their volatile prices and high transaction energy costs. There exists yet another, simpler alternative: cash. Cash, too, cannot be traced by major financial institutions or governments. However, unlike crypto, cash reserves are accessible not only during cyberattacks, but also during blackouts or in areas of low internet connectivity. As it turns out, giving up one’s essential liberty with the goal of purchasing temporary security will result in a permanent loss of both.
By Edward Kim
As summer quickly approaches and the travel season begins to pick up, tensions in the Middle East continue to rise, leaving many Americans worrying about something much closer to home: gas prices. Analysts have warned that the ongoing global conflict could push oil prices higher and bring gas prices closer to $5 a gallon in some parts of the United States. In cities such as White Plains, New York, prices range from $4.69 to $4.99 per gallon; the state average is now around $4.37, where a year ago it was about three dollars, with an all-time high being a little over five dollars during the war with Ukraine. While international conflicts often feel distant from everyday life, their effects can quickly appear at gas stations, grocery stores, and household budgets across the country. For many Americans already struggling with inflation and rising living costs, another spike in fuel prices could place even more pressure on daily life. But why would gas prices even rise? Gas prices are not determined solely by local demand. Global events, including conflicts, oil production levels, and supply chain disruptions, can all influence what Americans ultimately pay at the pump. When uncertainty affects major oil-producing regions, markets often react quickly. Of course, one major reason that experts are closely watching is the current conflict with the Strait of Hormuz, a narrow waterway located between the Persian Gulf and the Gulf of Oman. While many Americans may have never heard of it before until very recently, the strait is one of the world’s most important oil shipments passing through it. Because so much of the world’s energy supply moves through this small passageway, even concerns about disruptions can create uncertainty in oil markets. As tensions continue to rise, investors and analysts closely monitor the situation because fears of supply shortages can contribute to rising oil prices that eventually affect consumers. Still, predicting exactly what will happen remains difficult. Oil markets often react not only to actual disruptions, but also to uncertainty itself. Even without complete interruption of shipments, concerns surrounding future risks may influence investor behavior and market activity. So if tensions continue or worsen in the coming weeks, Americans could potentially begin seeing some of those effects reflected at gas stations across the country. However, because global conditions can shift quickly, future gas prices remain uncertain. But the increase in gas prices extends far beyond simply paying for more at the pump. Higher fuel costs create a ripple effect throughout daily life, affecting everything from grocery prices and transportation costs to overall household budgets. Students commuting to classes, families balancing monthly expenses, and workers who travel long distances may feel those effects especially strongly. As inflation and the cost of living remain concerns for many households, even small increases in gas prices could place additional financial pressure on people already trying to manage everyday expenses. So, when will it get better, and what could you do about it? While experts continue monitoring global developments, predicting exactly where gas prices may go remains difficult. Analysts suggest that if disruptions in the Strait of Hormuz persist, global oil markets could take time to stabilize. In the meantime, consumers may continue adapting to fluctuating prices in practical ways. By shopping around for lower prices and planning trips more efficiently, drivers can manage some of the financial challenges. These everyday choices may help reduce some of the financial strain while highlighting how global events can influence even the smallest parts of daily life. Acknowledgement: The opinions expressed in this article are those of the individual author, not necessarily Our National Conversation as a whole
By Alan Jimenez
This Tuesday, May 19th, Rep. Massie lost the Republican primary against Trump-backed Ed Gallrein. This race was a litmus test to see whether Rep. Massie had what it takes to go directly against Trump as a GOP politician and get away with it politically. It is not the first time President Trump has targeted GOP politicians who go against his agenda, and it most certainly won’t be the last. Famously, former Rep. Liz Cheney, who became a staunch anti-Trumper after the January 6th riots, was ousted handily by Trump and his allies in a 2022 Republican primary. In fact, out of the 10 Republicans who voted for Trump’s impeachment, 8 of them either resigned or lost their place against Trump-chosen candidates. This illustrates that even when Trump was out of office during the 2022 midterms, he wielded enough influence to successfully target his detractors in the party. However, that midterm sent mixed signals, given that Governor DeSantis of Florida had won so handily. DeSantis was starting to gain real prominence in the GOP, and once again, Trump’s hold on the GOP was being threatened. At one point, a mere month after the 2022 midterms, DeSantis led Trump in a head-to-head presidential primary race, with 52% of likely GOP voters supporting DeSantis and only 38% favoring Trump. That bolstered a narrative that Trump had lost his mojo and that his grip on the GOP had weakened in the hands of a new superstar of the GOP, DeSantis. In reality? When the election season began for the Republican Presidential primary, Trump pummelled DeSantis, left, right, and center. The result was a rather comprehensive loss for DeSantis when he ran for President in 2024, with Trump even beating the Florida Governor in his home state. Trump was again crowned the king of the GOP. The Kentucky race for Rep. Massie has a similar feel, yet is different. As Trump’s second term takes hits among the MAGA base, there was a narrative building that Trump was again starting to lose his base. The argument had merits, given a split amongst right-wing influencers on the President’s approach towards Iran and the Epstein Files. Tucker Carlson, a prominent cheerleader of MAGA, broke with the administration due to the war. Former Rep. Marjorie Taylor Greene, another outspoken supporter of MAGA, broke with Trump, and so here there was a divide that was clear to see among the right-wing base. Some of this is borne out in the data. Trump’s approval rating is only 39 percent, according to a Fox Poll, and compared to 2018, far more Americans think his policies will hurt the country: (Source: Fox News Poll) However, general unpopularity does not necessarily translate into a lack of support among core GOP spaces. Trump has institutional power as a known entity in GOP spaces, and he has access to plenty of political spending and media influence. As a result, he was able to get Rep. Massie’s opponent, Ed Gallrein, over the line. While Massie was able to garner a following among the “anti-war” right, it proved to be insufficient against Trump’s political machine. That being said, Massie still ran a competitive campaign and lost by 9 percentage points. That may seem like a lot, but I would argue that, given it was not a complete blowout, with Massie getting 45% of the vote, both sides can take their own victory. Trump can claim victory by demonstrating that, yet again, he was able to take out a GOP member who went against him. Massie can claim that, despite the Trump political machine being used against him, he was able to walk away with a respectable amount of support. In the near term, Trump has reclaimed his throne; however, in the increasingly loud anti-interventionist part of the GOP base, Thomas Massie has garnered support, and if he can sustain it, he can be a significant force in a post-Trump GOP. Trump remains the king of the GOP, but Massie’s politics may well represent the future of right-wing politics. Acknowledgement: The opinions expressed in this article are those of the individual author, not necessarily Our National Conversation as a whole ——————————————————————————————————– References: https://www.pbs.org/newshour/politics/trump-backed-gallrein-defeats-rep-thomas-massie-in-gop-primary https://www.bbc.com/news/world-us-canada-62569056 https://www.politico.com/news/2022/12/14/desantis-trump-gop-primary-voters-00073874 https://www.politico.com/news/2024/03/19/trump-florida-gop-primary-2024-00147898 https://apnews.com/projects/elections-2026/kentucky-primary-results-us-house/#4 https://www.foxnews.com/politics/fox-news-poll-economic-pain-deepens-disapproval-trump-hits-new-high https://www.pexels.com/search/wooded%20crossroads%20with%20multiple%20paths
By Vaibhav Sinha
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