ALMOST EVERY person in the USA has bank transactions-—OF SOME KIND-small/ large/ white/ black/ asian/ eskimo/ fat/ thin/ dem/ rep/ liberal/ smart/ ignorant/-—ALMOST EVERYONE
No matter how mild mannered most tend to be-—this is a different ball game. This is a CONTROL SYSTEM THE USA HAS NEVER SEEN BEFORE-—AND CANNOT WITHSTAND. The banking system we have used for over 200 years works—this is OFF THE WALL EXPERIMENT.
How much $$$$$$ is it going to cost every bank to be in this system-—WHO pays for that?? HOW MANY BANKS ARE CURRENTLY IN THE USA—counting all branches??? NEW equipment? $$$$$$$
How much $$$$$$ is it going to cost EVERY business to be in this system???????? WHO pays for that? WHO PAYS FOR TRAINING??? WHO SERIOUSLY WANTS SUCH CENTRAL CONTROL???
EVERY MORTGAGE/CAR LOAN/PERSONAL LOAN/EQUITY LOAN WILL BE CONTROLLED BY A VERY SMALL NUMBER OF PERSONS.
What equipment will the populace/customers need to have? CAN THEY AFFORD SUCH???
AT WHAT COST??? WHO TRAINS THEM? AGAIN-AT WHAT COST???
EVERYBODY DOES NOT HAVE A COMPUTER OR CELL PHONE—especially persons over 60. NOT everyone has internet service. NOT everyone wants such. Internet services are sketchy NOW at best. RURAL areas have NONE. LOOK HARD at those ‘maps’ that show “COVERAGE”. BIG GAPS-—But people still live there.
IS Welfare going to pay for all the equipment everyone needs in that group???
WHERE are all those pieces of equipment right now??? HOW long will it take to make all of this & TEST it & get it all into place????
This is THOUSANDS/MILLIONS of pieces of fancy equipment-—For a population of over 330 million-—NOT counting the masses of ILLEGAL INVADERS-—WHO is going to supply them & train them with such equipment???
WHO has all of that on the shelf????
WHERE?
HOW MUCH??? WHO TRAINS THE USAGE OF SUCH???
Has such equipment been tested enough to prove worthwhile?
What monthly statements do bank customers get? How do they do their bank reconciliations? DOES each transaction have a number -like a check number does now??? I couldn’t begin to count the number of bank reconciliations I have done in my life-—from 10 checks to 7,000 ++ per month. For over 50 years. TO THE PENNY-—
Say a business give bonus checks at Christmas-—5 employees—each gets $2000. Jan bank statement show only 2 were cleared-—How do I ID the “OPEN ITEMS” on that bank statement??? NO check number-—What cross reference do I have???
Everyone has to keep their income tax records for 7 years.
HOW do they do that with everything electronic??? A person is lucky if they can get past transactions at their bank 90 days or so. 7 YEARS??? NOT GOING TO HAPPEN.
PAPERLESS SOCIETY??? A PHANTOM & a FRAUD-—Doesn’t exist.
IF YOU THINK THIS IS GOING TO MAKE YOUR MONTHLY/ QUARTERLY/ ANNUAL bookkeeping for your records & tax filings easier or better——THINK AGAIN. I have done alot of bookkeeping in my life-—had a big array of different clients-—THIS IS A DISASTER GOING OFF A SHORT PIER INTO DEEP WATER AT BREAKNECK SPEED-—with no recovery.
IF anyone puts in a wrong number-—YOUR bank account gets wiped out-—WHAT recourse do you have??? EVERYTHING will be electronic???? NO Paper??? WHO do you have to plead with?? ANYONE LOCAL—like I can now-—OR ONLY SOMEONE hundreds of miles away-—when they CONSOLIDATE ALL THE BANKS-—
AND—BIDEN & COMPANY ARE PICKING WHO WINS AS A NEW BANK-—That alone ought to scare the hell out of all ofus.
IF there is any level of POWER outage or brown outs-—ALL OF THIS proposed crap is all tangled up. NO transactions are happening-—or worse-—only HALF of the transaction happens-—NOT a complete transaction. TRY STRAIGHTENING THAT OUT!!!
They want all electric homes-—all electric cars-—on a grid that doesn’t exist now-—SO-—WHO has PRIORITY? HOME?? CAR??BANK??
LOTS of unanswered questions & I AM ONLY AN AMATEUR at such questions. I can do damn fine bookkeeping BUT I HAVE NO ACCOUNTING DEGREE & I HAVE NEVER READ AN ECONOMICS BOOK IN MY LIFE.
I predict a massive failure & meltdown.
THIS could provoke a response the “government” cannot handle ...
I expect this is a longer term project. First few years will be major bank to major banks to Fed only. Then smaller banks. Then large corporations. Then voluntary people (urban, young). Only after about 10+ years will they require it. Then, it will be stable for a few years, like boiling a frog. Finally, the end game will be played. Rationing by rule, social credit scores, turning off money “owned” by opposition of all kinds.