Posted on 03/28/2022 11:50:51 AM PDT by delta7
reported on the Private Blog that I had a copy of the legislation and I was told it would be introduced today – Monday 28th. That info was correct. Well, here it is!. Reps. Stephen Lynch (D-Mass.), Jesús Chuy Garcia (D-Ill.), Ayanna Pressley (D-Mass.), and Rashida Tlaib (D-Mich.), all Democrats, have introduced the “Electronic Currency And Secure Hardware Act” (ECASH Act) that does far more than just creating a digital currency. This Act cleverly strips the Federal Reserve of its authority to create the money. I wrote: Next week there will be a bill introduced which will be entitled ECASH (Electronic Currency and Secure Hardware Act. This is in response to President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets to develop the digital dollar design, including assessments of financial inclusion, possible benefits and risks for consumers, existing payment systems, and national security. ECASH is very clever for it is actually transferring the creation of the currency from the Federal Reserve to the US Treasury or in other words the White House. The Treasury will distribute DIRECTLY to the public via a secured hardware device which will be something along the lines of like a vending machine. All of those who have created conspiracy theories about banks that own the Fed will now have to switch their theories for the creation of money will now reside in the White House.
Here is the catch, it will be anonymous so it will not be trackable like Blockchain cryptos. People will cheer that, but there will be that infamous Catch 22. Individuals may be restricted to having a maximum of $2,000. That means all money will need to be deposited so it is a covert way of canceling the currency. But they are not dealing with that issue just yet. The end goal here is to force all money to be above board for the purposes of taxation. So it may actually result in creating more of a barter economy.
There will be no centralized ledger or distributed ledger for it will be non-traceable thereby better than crypto. It is to utilize secured hardware software and it’s issued by the Treasury which eliminates the Federal reserve putting the creation of money in the hands of the White House. They are clever for this will be fully anonymous transactions just like paper money today rather than Blockchains that are designed to track every transaction, which means the government can therefore tie every transaction to the sender and receiver.
This will not change the banking requirements of know-your-customer rules. The ECASH you will get via a bank account, peer-to-peer transaction. Thus, retail will not change from the currency acceptance of cash. The sales pitch is this will still serve people who are unable to hold bank accounts due to minimum balance requirements, or those who do not trust banks because banks may charge fees or freeze funds. However, what they are not telling the press is there will be limits so you can not move $1 billion to ECASH – try $2,000.
Simultaneously, Biden is introducing the “Billionaire Minimum Income Tax,” imposing a 20% minimum tax rate on U.S. households worth more than $100 million, even though they are not billionaires. The sales pitch is typically Marxist where the minimum tax would make sure that the wealthiest Americans no longer pay a tax rate “lower than teachers and firefighters.” To the Democrats, the problem is always the rich not that they spend more than they have and constantly bribe the public to pretend they are Santa Claus. They claim this will reduce the deficit by about $360 billion in the next decade. What they are NOT telling the people is this is Elizabeth Warren’s WEALTH TAX. So anyone who pays less than 20% will have to “top-up payment” to meet the new minimum. However, the DANGER here is that “this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations.” That means if you own a company or even a house, and the CURRENT market value rises to whatever the IRS uses, guess what, you will have to pay 20% tax on the value of your stocks, company, or your home. This is the alternative to his attempt to track every $600 transaction to get those evil billionaires who they seem to define as everyone but themselves.
They used the same clever trick to get the income tax passed back in 1913. Only evil people who earned more than $3,000 a year would have to pay. Of course, $3,000 in 1913 was 150 $20 gold coins and that at $2,000 an ounce today is $300,000. So they pitched it as targeting the millionaires, but it came down to less than the millionaire just as they are doing today with the billionaires.
Just as now EVERYONE must file income tax or go to prison, the WEALTH TAX will also come down as they constantly need more money. So if your house doubled in value, you will have to pay 20% of that value to the IRS even if you did not sell it. And then, if it drops by 50% next year, you will NEVER get a refund.
I heard Carol Roth talking about this today. It’s evil and unconstitutional, if that matters anymore.
It will not be anonymous for you and me. It will be for the government and the political contributions.
If they are suggesting we only have $2,000 in cash...that is going to be difficult to enforce.
The entire thing is impossible to enforce. And it will lead people to RUN towards the major crypto currencies.
“$100 million”
I guess Elizabeth Warren has nearly doubled the Warren family wealth.
“This Act cleverly strips the Federal Reserve of its authority to create the money.”
The rest sucks but, can we just keep THAT part?
“$2000”
I guess the rental month in DC, NYC and CA is going to be 14 days.
By the time Biden is gone my income won’t be worth stealing.
Gold rubles could be coming to tax evaders near you.
Every transaction will cost a Western government 20% to 50% of the transaction in lost tax revenue.
Do not trust in uncertain riches (see I Timothy 6:17).
The move to a cashless system will be the end of privacy, and private property.
This move should be fought by all who love freedom.
Please pay attention to what is going on and act accordingly.
This is far worse than the Income Tax and the beginning of
The Federal Reserve.
The only reason for eliminating CASH is to control our lives!
The move to a cashless system will be the end of privacy, and private property.
This move should be fought by all who love freedom.
Please pay attention to what is going on and act accordingly.
This is far worse than the Income Tax and the beginning of
The Federal Reserve.
The only reason for eliminating CASH is to control our lives!
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Exactly, thank you. Most of Americans are still asleep. Today’s issuance of the US Treasury issuance and creation of ECash is the very first step to a cashless society.What bothers me most is people have discarded God and his word,…and prophecies…..the world wide move to a cashless society is fulfillment of God’s word.
FReepers used to have wisdom and discernment, not any longer judging by posts. I implore Freepers to get your nose back into the Bible, it will not only alert you but give you a Peace like you never had.
Please do remember, anything Senile Joe proposes is not clean, pure or righteous.
p
So start preparing for a barter economy. That includes alcohol and cigarettes, anything considered a bit of a 'vice'. But often overlooked are those everyday items like toothpaste, deodorant, soap, over-the-counter drugs {aspirin, Tylenol} - check your 'medicine cabinet '. Tools will become more valuable as well as old fashioned kitchen utensils. Outdoor cooking devices - preferably not needing processed fuels.
Use your imagination. Anything traded is untraceable to the tax collector.
Fine and dandy with say local food markets, but not possible for auto parts stores, tire shops, Kroger, Sams, Costco, insurance companies, etc…
Do not trust in uncertain riches (see I Timothy 6:17).
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Amen. That has special meaning for my current “ life’s” problems.
Have you ever bartered? Read about it's history. You never know. While the mega chain stores might prove hardest, you might find someone in the area willing to make a deal to make a deal. Also, as a practiced negotiator, I have been surprised how often an individual store owner will accept a deal if you catch them at the right moment... car dealerships are a prime example.
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