"Obey or perish."

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Worthless paper.

In 1260 AD, Kublai Khan, grandson of the infamous conqueror Genghis Khan, held control over an empire spanning from the furthest Eastern shores to the fringes of Christendom to the West.

Yet despite his immense dominion, his control over it was balanced precariously on an economic knife-edge; fractured by countless forms of currency, trade in precious metals, and the chaos of local exchanges. Driven by ruthless ambition and a thirst for control, Kublai hatched a scheme that would bind his subjects to his will: state-issued money.

It was called Jiaochao, or simply chao. Unlike previous currencies made of silver or gold, chao was crafted from paper—simple, cheap, and theoretically limitless.

Initially, the Khan's new paper money brought a level of prosperity. Commerce was simplified, taxes were streamlined, and the empire expanded rapidly, due to the ease with which it could fund new and ambitious wars.

For a time, the citizenry saw great benefit in this new era of trade. But sharp as a blade’s edge, the edicts of oppression followed soon after.

The Khan’s officials proclaimed the chao the sole currency of the land, and its use was enforced under penalty of death—no barter, no coins from distant lands allowed. With complete control over the financial system, taxes began to swell, and decrees tightened like a noose: certain goods required permits, and transactions demanded scrutiny. The empire’s days of free exchange faded, replaced by a ledger-bound existence where every sale bowed to the Khan’s watchful gaze.

Yet the worst was still to come. The currency’s lack of intrinsic value meant the emperor’s whims determined its worth. Kublai could—and did—print endless stacks of paper notes to finance his desires, inevitably leading to rampant inflation.

As goods prices spiralled and the people's meagre savings evaporated, resistance began to simmer. Resistance was dangerous, however: merchants or citizens caught rejecting or doubting the Khan’s money faced brutal punishment, confiscation of property, imprisonment, or worse. At times, soldiers were ordered to storm dissident provinces, leaving severed heads adorning roadsides as warnings of defiance etched in blood:

“Obey or perish.”

The Khan’s scheme was one of political genius. By controlling the means of trade, he wielded absolute power over his subjects’ daily lives. He could enrich allies, impoverish enemies, punish dissidents, and reward loyalty at will. A once-free economy instead became an extension of his authority.

Eventually, his experiment would end in ruin.

Rampant inflation destabilised the empire’s economy, and trust in the chao collapsed. The empire began to fragment, but Kublai Khan left behind a clear lesson for posterity: when the state monopolises money, it monopolises sovereignty itself.

Not later… Now.

We’re standing at the precipice during one of the most critical times in modern financial history.

At the very least, it’s one of the most interesting.

Just this past week, gold broke $3,000 per ounce for the first time in history.

At the same time, U.S. president Donald Trump—possibly the most polarising man on Earth right now—has spoken about cancelling income tax for anyone in the USA earning under $150,000 USD per year.

But for the purpose of today’s letter, there’s a third story I think is even more important to focus on.

On March 7th, the European Central Bank’s Christine Lagarde explained how the ECB aims to have its Central Bank Digital Currency (CBDC) rolled out as early as October this year.

If you’ve read this newsletter long enough, you probably already know what a CBDC is.

If not, however, this is all you need to know: CBDC is a digital form of your country’s fiat currency, issued and controlled by its central bank, enabling precise tracking and regulation of every transaction you make.

At least, that’s how your government might describe it.

I think it’s much more accurate to say that once implemented, a CBDC will shackle your every transaction to an all-seeing, iron-fisted system, tracking and dictating your financial soul with cold, unyielding precision.

If you’re not yet terrified of what a CBDC will allow your government to do, here’s a taste:

• Shutoff switch: Turn off your money without notice, without needing your bank to get involved.

• Expiring money: Set your money to expire, forcing spending to stimulate the economy.

• Spending limits: Impose limits on how much you can spend on entertainment, crypto, or travel.

• Block transactions: Stop you from donating to an “unapproved” cause or buying “restricted” products.

• Carbon limits: Block you from buying steak, fuel, or “high CO2” items once you hit a personal carbon limit.

• Automatic deductions: Take your money automatically if they think you owe unpaid taxes.

• Nothing hidden: Gives the government the ability to view every transaction you make by default.

In a nutshell, this is what’s coming for Europe later this year.

And more places soon after.

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Sure, only three countries have fully launched a CBDC—Nigeria, Bahamas, and Jamaica—though that’s set to change.

Once the ECB launches the digital Euro, it will add 20 nations to that tally immediately, with more set to follow; Brazil, Australia, Saudi Arabia, India, Russia, and South Africa, and 38 more are all in the pilot phase of launching one themselves. As are several other EU nations that don’t use the Euro.

We already know our leaders can’t be trusted.

Not with the management of our tax revenue, not to do what’s best for the people, and sure as hell to not abuse their positions of power for personal gain.

We can’t trust them with the economic prosperity of our nations. Despite this, these same people will soon wield the powers of financial gods, allowing them to manipulate and abuse our monetary system at will.

Powers that will allow them to punish you if you step out of line.

These are powers that even Kublai Khan, in his position as overlord of one of the largest empires in history, couldn’t have begun to imagine.

I’ve been talking about CBDCs in one way or another since 2020—nearly five years now. And all that time, it’s been one of those things that’s always been at arms length, never close enough for us to get too worried about its impact on our lives.

Well, not anymore.

For Europeans, it’s here this year.

For everyone else? Likely, very soon.

It’s time to ensure all your assets, income, or earning ability isn’t tied to just a single nation. To have access to some payment options outside the fiat system, like gold, silver, or Bitcoin. And ideally, to have at least one additional residency permit or citizenship outside your country of nationality.

In other words, to have a solid backup plan.

Do it now.

Not later, but now.

Written by Leon Hill.
Founder, Anticitizen.

P.S. — It’s good to be back. Thanks for your patience while I’ve been away.

This newsletter is for educational purposes, and is not financial advice. Please do your own research, and consider risks involved with investing or purchasing any asset.