Thursday, September 24, 2020

Will Fed Created Digital Currency Become Part of the Elitist 'Great Reset'?

As I have pointed out before, the global crony crowd is going to use COVID-19 as cover to reset the economy and the world.

It now appears that a Federal Reserve digital currency may become part of the reset.

During a speech yesterday, Federal Reserve Bank of Cleveland President Loretta Mester said that different parts of the Fed are researching how the central bank could offer its own full electronic currency, and that these efforts have come under greater focus due to COVID-19.

“The demand for and use of such instruments need further consideration in order to evaluate whether such a central bank digital currency would allow for quicker and more ubiquitous payments in times of emergency and more generally,” she said. “A range of potential risks and policy issues surrounding central bank digital currency need to be better understood, and the costs and benefits evaluated.”

"Legislation has proposed that each American have an account at the Fed in which digital dollars could be deposited, as liabilities of the Federal Reserve Banks, which could be used for emergency payments. Other proposals would create a new payments instrument, digital cash, which would be just like the physical currency issued by central banks today, but in a digital form and, potentially, without the anonymity of physical currency," she said.

"The Board of Governors has a technology lab that has been building and testing a range of distributed ledger platforms to understand their potential benefits and tradeoffs.The Board of Governors has a technology lab that has been building and testing a range of distributed ledger platforms to understand their potential benefits and tradeoffs. Staff members from several Reserve Banks, including Cleveland Fed software developers, are contributing to this effort. The Federal Reserve Bank of Boston is also engaged in a multiyear effort, working with the Massachusetts Institute of Technology, to experiment with technologies that could be used for a central bank digital currency. The Federal Reserve Bank of New York has established an innovation center, in partnership with the Bank for International Settlements, to identify and develop in-depth insights into critical trends and financial technology of relevance to central banks.1" Mester added.

Bottom line: A Federal Reserve digital currency is on the drawing board,

I don't not believe most Americans understand how dangerous to liberty such a Fedcoin would be.

A total government digital currency economy would make all transactions traceable. The government would know where and how you are spending your money and from whom you are receiving money.

This adds the possibility that with a digital currency the government could very easily prevent the purchase and sale of some goods since it would know where digital money is being spent. The market is clever and may find some workaround at the edges but a government-controlled digital could very well lead to an authoritarianism that could not even be imagined by George Orwell.

It is not too soon to speak out loudly against a Fedcoin.

-RW

4 comments:

  1. Robert, I’ve learned a lot about the fedcoin from you and over at zerohedge, and besides talking about it in my radio show, I bring it up to almost everyone I know, and talk to people about it I don’t know whenever a situation comes up that opens the opportunity. One of those was the coin scarcity, knowing, not personally, that the person at a cash register at a convenience store was the owner or someone who seemed not to be brain dead, I’ve asked about the coin scarcity and then bring up “well it won’t matter when the government introduced the new fedcoin.” And it has always started a conversation and the other person instinctively knew it was bad. Especially here in Fairbanks cash is used a lot still. I was at a heating and plumbing store a month or so ago and the person helping me was the owner and I casually brought up “have you heard about the fedcoin”? On the 500 mile trip to Prudhoe bay, on our VHF radios, if I know the person at all I have brought up fedcoin, and I have yet to have anyone think it was good. Every since they first talked about it, and especially when the house tried to introduce it woth round one of the corona freebie bill that was passed. This is so important. Send this article to your friends and people who aren’t. Pot shops (I’ve been told, I’ve never tried it) have to take cash only, so those people need to know about it too, and people who use those places. What will they do?
    This is a direct attack on liberty that will have horrible repercussions. Businessmen and owners need to know, cause every business owner worth his salt does whatever he can to keep his taxes down. That will go out the door. You won’t even need to have your taxes done anymore, the Fed computers will have it all worked out for you (how nice of them) and they will just take it from your account. Fedcoin has to be the main reason the Fed wants to create Fed bank accounts for everyone. And from what I’ve read those aren’t going to be voluntary. Thank you for leading the charge against this. We can’t let corona crap distract us from what is happen wing in the real world of the State.

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    1. Joshua I consider this issue only to be eclipsed by the November election! That is how critical it really is. Perhaps an attempt at a back room implementation will be the impetus to rally people on the sideline.

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  2. Just from a practical perspective... EMP!...What could go wrong?
    All liberty choking objections apply, as well...
    Y'know, I couldn't express myself without ellipses...

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  3. If the FED creates an account for every citizen, how will commerce function with those traveling from other countries? A temporary account tied to a visa? How about illegals? What happens during power outages or when systems simply go off-line? California and its rolling blackouts this summer would have been an issue.
    So many problems with this and yet they want to move forward? This is purely about control and tax revenue.

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