The “potent director” fallacy is ascribing powers to someone or to a group that they don’t really have. Perhaps the most widespread one is the idea that central banks control economies. They don’t. From MN Gordon at economicprism.com:
There’s not much you can do in the year 2021 that doesn’t leave a digital trail. The collusion of big tech and big government has assured this.
Still, there does remain one simple way to elude the busybodies. In fact, one of the last ways to preserve some level of economic privacy is to pay with cash.
Because when you pay with cash the authorities cannot monitor and track what you buy. They don’t know if the cash you pulled from the ATM was stuffed in your mattress, or used to buy groceries or ammo or silver coins. What’s more, the authorities don’t like this.
The control freak central planners want to know what you are buying, and where and when you are buying. They also want to know how much you spend down to the very last cent. A digital dollar, coupled with the abolition of cash, would allow them to do this. Moreover, it would provide them the ability to have full control over every transaction you make.
For example, if a purchase falls outside of the parameters established by the digital dollar’s monitoring algorithm, it could be cancelled on the spot. Should an attempted purchase not align with the buyers social credit score it would not go through. Are you overweight? Then no glazed donuts for you.
To be clear, digital dollars would have nothing to do with cryptocurrencies or decentralized finance. Rather, digital dollars would be issued by the Federal Reserve and would allow the Fed to monitor and control every transaction you make.