Speaking during an interview with Kitco News on August 12, Bernier slammed the existing monetary system over what he termed as debasement due to excessive printing by central banks. According to Bernier, he is certain the reset will likely occur in the future and needs to be backed by a commodity like gold. He cited countries like China and Russia that are planning to roll out currencies based on a commodity.
Impact of fiat system on inflation
Notably, Bernier, who served as a minister from 2006 to 2015, noted that the excessive printing and rising federal debt burdens are driving inflation rates to record highs. It is worth noting that central bank digital currency (CBDC) has been fronted as a possible replacement for the fiat monetary system. Notably, several central banks have begun research into CBDCs.
Possible effects of CBDC
However, Bernier expressed his opposition to the currency, noting that it would give the government powers to control the masses and fuel totalitarian regimes. He noted that there is no need for CBDC because the existing debit cards and e-transfers are accomplishing most of the goals for the proposed digital currency. Bernier added that he would be using his position to educate the masses regarding the assumed dangers of CBDC. Elsewhere, as reported by Finbold, author of the personal finance book ‘Rich Dad, Poor Dad’ Robert Kiyosaki has also slammed CBDCs claiming that they might be used to spy on citizens.
