The Coming Currency War: Digital Money vs. the Dollar

WSJ ^ | 09/22/19 | Dave Michaels and Paul Vigna

[Enlightened1]

The future of money might be a digital version of the cash that’s already in people’s wallets—potentially upending the currency system that the world has known for many decades.

Such a future, of course, might be a disappointment to many libertarians and tech-savvy investors who are pinning their hopes (and in some cases their money) on private cryptocurrencies such as bitcoin.

Instead, central bankers and governments—the entities that cryptocurrencies’ backers hoped to render obsolete—are increasingly warming to the idea of “digitizing” their own national currencies. That is, they would issue money that would exist only virtually, without a paper or coin equivalent, and be universally accepted as a form of payment.

Central banks such as the Federal Reserve in essence already issue digital money, via the commercial banks that have accounts with them. Commercial banks then lend money electronically to households and businesses, and enable customers to make and receive payments digitally without exchanging cash. But a central-bank digital currency would be a leap beyond that.

Instead of working only through commercial banks, central banks might issue digital currency directly to the public that could be used as legal tender in the same way cash is today.

How it might work remains unclear, but countries are experimenting with it, and the implications could be profound for everything from commerce to interest rates to privacy. For instance, right now, most financial transactions—whether paying a credit-card bill or mortgage, sending money to a relative, or buying something online—involve settling payments over a patchwork of systems, meaning money can take two or three days to move between accounts.

A national digital currency managed on a single network could allow money to change hands almost instantly. Most bitcoin transactions, for instance, settle within 10 minutes. With a digital currency, transactions...

[Lazamataz]

One step closer to being able to control your every movement, your every action.

And one step closer to the Mark of the Beast.

[DoughtyOne]

You know, people really lampoon the Bible, but boy has it hit the nail on the head time after time after time...

[WKUHilltopper]

When they control you’re money, they can demand you do anything.

[catnipman]

“The future of money might be a digital version of the cash that’s already in people’s wallets”

ROTFLOL!

well, in that case, the future is already here! In fact, the future was already here the first time credit card companies and banks computerized their records ... currently, approximately 86% of total U.S. dollars exist in digital form only ...

[catnipman]

“One step closer to being able to control your every movement, your every action.”

when cash is outlawed, only outlaws will have cash ...

[Fred911]

“They” already control our money. Its more important than ever to understand real assets. Anyone who thinks paper fiat currency is a store of value is.....well they’re wrong.

[Jumper]

There must be retained from existing reserves on deposit to cover the issued digital currency.

A US oz of gold could be worth more than an Iranian oz of gold.

[discostu]

They won’t need to outlaw cash, they can just stop printing it. It’s useful life in circulation is short, 5 years later most cash will be worn out and gone. That being said though it’s really the market that will decide. Cash is really inconvenient for stores. Prone to malfeasance and misfeasance, dangerous to store, dangerous to transport, and a disease vector resulting in sick days.

[I want the USA back]

There will be no war. Bitcoin is not currency.

[Regulator]

The cryptocurrencies threaten the slave states created by the Reserve banks which depend on taxation to monetize their bonds.

THAT is the ONLY reason they are going after the cryptos.

Without the Reserve Bank and the 16th Amendment, the Statists can’t control us.

Cryptos don’t need that. Which TERRIFIES them.

[grania]

One step closer....

It's the only step that's left. Whoever controls the technology controls who the winners and losers are. The elite will have open balances and have no restraints on spending. Except for illegal barter, every transaction a person makes is part of ones record. This step would make it illegal to do anything that the gov didn't have a record of.

Savings and ownership of property and assets will become obsolete. As a culture, we're already being conditioned to not accumulate things of value or mementos of our lives. Even books are almost obsolete. That's real bad, because anything that's only preserved digitally can be altered or erased.

Nest step....look around you. The powers that be are real intent on convincing people they want to live in smaller physical spaces with less contact with the outside world. The SciFi movies I see our world being closest to are Minority Report, FreeJack, and Idiocracy.

[grania]

...the boy hit the nail on the head (re: Biblical predictions) - time after time

Sure did. I'm not ashamed to admit this: The Jehovah's Witness rep who visits me is a really nice lady. She knows I'm not joining up, and that doesn't bother her, but it does bother some of the others. It is amazing how often her Bible reading about an issue of the day corresponds with something I have knowledge of in the way Math works. Can't help but think that the Big Guy or Gal who wrote the rules of Math and Science also had something to do with the Bible.

[DoughtyOne]

Yeah, I can see what your thinking there, and it’s of interest. It can be of concern too.

I think we’re approaching a time much like it is when you’re headed into the hospital with a life-threatening issue. You can’t do anything about it, so you let go and let others do what their job is.

IMO < the time is coming when we can’t do anything about it, and we will have let go and let the Great Healer do what His job is.

And He will...

We can’t lose.

[grania]

I agree. I see what’s happening with morbid fascination. Sometimes (yeah, this is crazy) I feel like I’m in a silent conversation with someone or something greater than myself. That entity lets it play out, not wishing for the worst, but wondering if self-inflicted wounds will bring down civilization as we used to know it.

[DoughtyOne]

No, it isn’t something we wish for.

Man will have played out things exactly as God foresaw though.

I know it’s hard for modern man to accept this, but again > IMO < what else can explain what the Bible forecasts that is playing out before our eyes.

[Yosemitest]

HELLO BARTER SYSTEM !
Democrats and Establishment Republicans have lied to us too long.
They have left the Socal Security System broke with worthless I.O.U. notes, and destroyed the Medicare System by stealing funds out of it every chance they get.
Now when they've mounted up the Nation Debt beyond any repayable amount, they want to totally destroy our money system.
It's time to REPEAL the Federal Reserve Act of 1913, and go back to the banking system we had BEFORE then, and amend the Constitution to REQUIRE a Balanced Budget every year, and OUTLAW ANY DEFICET SPENDING !

How the Federal Reserve caused the Depression and cheated Americans out of their money. ( 06:57 )

Start at 04:00 into the video and go thru to 06:57 .

IF you can understand a REAL scholar on economics, here's another video:

Thomas Sowell - The Failure of the Federal Reserve ( 06:02 )

And finally ... here's one more with a more simple format :

The Federal Reserve Will Crash The Economy! Cause of the Great Depression ! ( 07:05 )

[Georgia Girl 2]

Hello gold and silver! 😊

[grania]

It’s how it plays out Mathematically, too. If there’s too much control over natural forces, when the impact finally occurs it will be catastrophic. Then there’s the butterfly effect. Small things you do at the onset have huge impacts over time and space. It’s a human flaw to sacrifice the future for present advantage. Taking a bite out of the apple.

[DoughtyOne]

Thanks for your additional comments.