{"id":7021,"date":"2025-01-10T14:02:09","date_gmt":"2025-01-10T14:02:09","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=7021"},"modified":"2025-01-10T14:02:09","modified_gmt":"2025-01-10T14:02:09","slug":"ex-uk-pm-liz-truss-supports-bitcoin-warns-against-cbdcs","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=7021","title":{"rendered":"Ex-UK PM Liz Truss Supports Bitcoin, Warns Against CBDCs"},"content":{"rendered":"
\n

In an interview<\/a> with Peter McCormack, the longtime Bitcoin advocate and host of a podcast that originally focused solely on Bitcoin before expanding to cover UK politics, former UK Prime Minister Liz Truss expressed her support for Bitcoin and expressed deep reservations about central bank digital currencies (CBDCs). Truss, who briefly served as the UK\u2019s Prime Minister and Leader of the Conservative Party, spoke candidly about monetary policy, the Bank of England\u2019s independence, and the potential implications of CBDCs.<\/p>\n

Pro-Bitcoin, Against CBDCs<\/h2>\n

During the interview, Truss explained her position on digital assets, emphasizing their capacity to \u201ctake power away from central banks.\u201d She stated: \u201cI am a supporter of Bitcoin and cryptocurrency. I think they\u2019re a good thing. I think they help take power away from central banks\u2026 I\u2019m very, very worried about anything like a central bank digital currency completely. I think they give the state huge amounts of power.\u201d<\/p>\n

She expressed concern over unchecked influence wielded by central banks, particularly the Bank of England, which she argued remains \u201cunaccountable.\u201d Referring to quantitative easing<\/a> (QE) and inflationary pressures, Truss noted: \u201cWe\u2019ve had huge levels of inflation, we had QE that went on for far too long, asset price spikes\u2026 and the result was inflation. We were told beforehand that it was going to be transitory and it wasn\u2019t transitory, even though the lessons had all been learned before.\u201d<\/p>\n

According to Truss, these policy decisions\u2014combined with the lack of accountability\u2014have resulted in significant financial strain on British households.<\/p>\n

McCormack pressed Truss on whether a central bank is truly necessary. She underscored that if the UK decides to maintain a central bank, it must address its governance: \u201cThat\u2019s an interesting question. Well, if we do have one, it ought to be accountable. So at the moment, we\u2019ve got the worst of all worlds\u2014we\u2019ve got an unaccountable central bank<\/a>.\u201d<\/p>\n

Truss criticized the transfer of power from the Treasury to the Bank of England dating back to former Chancellor Gordon Brown\u2019s move to grant the bank operational independence. She suggested that a lack of robust oversight led to policy missteps with long-term consequences. \u201cWhat Gordon Brown did in making it independent\u2026 you can see the results. We\u2019ve had QE for far too long\u2026 supporting very, very lax government spending policies with printing money.\u201d<\/p>\n

Truss made it clear she sees potential danger in an official central bank digital currency. Highlighting her primary misgiving, she said: \u201cI think they give the state huge amounts of power and what we know is overweening state power is not a good thing\u2026 it also feels like part of the surveillance State.\u201d<\/p>\n

Her remarks echoed broader concerns within the cryptocurrency community, where critics warn that a CBDC<\/a> could enable governments to monitor and control individual transactions more directly than with cash or decentralized cryptocurrencies.<\/p>\n

While reflecting on her tenure in government, Truss revealed that delving into monetary policy matters was discouraged: \u201cWhen I was at the Treasury and tried to ask about monetary policy, I was told it wasn\u2019t our responsibility, it was the responsibility of the Bank of England<\/a>\u2026 during the leadership campaign in 2022 where I flagged up all the policies I was going to pursue, I said that we should look again at the Bank of England\u2019s mandate.\u201d<\/p>\n

She insisted that a broader debate on the mandate and accountability of the Bank of England is crucial to ensuring more robust monetary policies. According to Truss, the Chancellor of the Exchequer should not shy away from engaging on such policies, despite resistance from the Bank or accusations of threatening its independence.<\/p>\n

\u201cWhenever an organization justifies itself by saying it\u2019s independent, that in my view is a red flag that there is a problem. So all of this should be talked about: the international monetary system, the independence of central banks, the role of cryptocurrencies,\u201d Truss remarked.<\/p>\n

At press time, the Bitcoin price was at $94,079.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

In an interview with Peter McCormack, the longtime Bitcoin advocate and host of a podcast that originally focused solely on Bitcoin before expanding to cover UK politics, former UK Prime Minister Liz Truss expressed her support for Bitcoin and expressed deep reservations about central bank digital currencies (CBDCs). Truss, who briefly served as the UK\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-7021","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/7021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7021"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/7021\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}