Will U.S. Trade Cash for CBDCs? Fed Sends Mixed Messages. By Michael Nevradakis, Ph.D. The Defender. 18 March 2024. Michael Rectenwald, Ph.D., author of Google Archipelago: The Digital Gulag and the Simulation of Freedom, told The Defender that CBDCs represent “the closing of the totalitarian circle.” “Every transaction involving CBDC would be transparent to central banks, regardless of whether a commercial bank acts as an intermediary,” Rectenwald said.