The US inches closer to a digital dollar–this will increase control over economy & political rivals for America’s elites.
The Federal Reserve is launching a new, faster payment system that will modernize how financial institutions move money. The 1970s Automated Clearing House (ACH) might soon find itself a dinosaur as the Fed launches FedNow—a rapid system that the Wall Street Journal reports could set the stage for a digital dollar.
According to the WSJ, “The extent to which FedNow is successful could help determine whether the Fed decides to move forward with a central bank digital dollar over the coming years. Unlike private cryptocurrencies such as bitcoin, a Fed-issued central bank digital currency would be backed by the U.S. central bank, just like the Fed backs physical currency.”
The digital dollar or FedCoin or whatever term of art is finally adopted will have similarities to crypto already on the market—for example Bitcoin. And crypto provides a myth of privacy; however, as the New York Times reported, the federal government has proven they can trace crypto payments.
The digital dollar is the dream of America’s autocratic class. Democrats attempted to insert a digital dollar into Covid stimulus bills.
Why do America’s would-be autocrats want a digital dollar? Because a digital dollar would increase their control.
China is leading the cryptocurrency push with its own entry—the digital Yuan. According to reports, it allows the central bank greater control over the economy. According to one source, “The Keynesian dream to boost the velocity of money may finally come true. China is exploring expiration dates with its upcoming digital yuan, or DCEP, which means the currency will expire if not used in a certain timeframe…thus forcing consumers to use it up by a certain date.”
And that is only the beginning of the nightmare of financial control such a digital dollar could bring.
Also, America’s would-be autocrats love the idea of a digital dollar because it would increase their power to punish political rivals.
At present, seizing a bank account requires adherence to legal principles like obtaining a court order. Sure, big banks might close a conservative’s bank account or refuse to do business with a conservative—but that’s different than the government seizing your assets. That step requires legal steps.
However, a Fed Digital Dollar would allow more direct control—digital assets could be turned on or off with a few steps
Michael O’Fallon has warned about this step of the Great Reset for a couple of years.
O’Fallon said, “Your Bitcoin won’t save you from what is coming…” And, O’Fallon warned, “After printing trillions of dollars and creating massive inflation and dollar destruction, central banks, BlackRock and the Fed introduce the concept of digital currency infused with ESG – ending privacy and the possibility of volitional purchasing.”
These are key points: a digital currency eliminates privacy because all transactions enter the digital ledger and just like the ledgers of crytpocurrencies are open to prying eyes of the state—the digital dollar will be even more closely tied to monitoring. What will the government monitor? Politics of course and that will be governed under the guise of ESG.
ESG is the latest scam used to control people and markets—to infuse ideology into every type of commercial transaction. You can learn more about the dangers of ESG from James Lindsay here—but basically as Lindsay says, “If you wonder why everything, especially every big corporation, is going Woke, ESG is your answer.”
ESG distorts our free market through allowing big firms to ideologically collude. To better understand its threats you can read Vivek Ramaswamy’s Woke, Inc. He details how ESG distorts the stock market through a “top-down elitism” that undermines shareholder value.
Now imagine ESG applied to every transaction you make—and used to give you and your family a social credit score (ESG score) and the government using that to determine your taxes or your next stimulus payment.
All of these nightmares are within the grasp of America’s would-be autocrats if a digital dollar becomes a reality.