Skip to comments.The US Federal Reserve begins looking into its own digital currency
Posted on 05/24/2021 2:13:45 AM PDT by RomanSoldier19
The US Federal Reserve took a step toward developing a digital currency as it announced plans to publish a research paper on the subject. The aim is to gather public comment and get the US play a "leading role" in the development of international standards, said Fed chairman Jerome Powell in a video message.
"To help stimulate broad conversation, the Federal Reserve Board will issue a discussion paper this summer outlining our current thinking on digital payments, with a particular focus on the benefits and risks associated with CBDC in the U.S. context," Powell said. "As part of this process, we will ask for public comment on issues related to payments, financial inclusion, data privacy, and information security."
(Excerpt) Read more at msn.com ...
Gotta get rid of physical cash. So they create a digital currency, and inflate the dollar.
The terrible part about this (among many!) is that the new currency will just be another inflationary coin too.
It’s all about the tracking and control.
Past-due child support? All access to funds blocked
IRS? All access to funds blocked
Bank garnishment by creditors? All access to funds blocked
Conservative? All access to funds blocked
My chances of being a billionaire seem to be increasing.
I thought the Fed was already creating imaginary currency out of thin air.
“plans to publish a research paper on the subject.”
Only after a research team consisting of people of a diverse mix has been assembled and mathematics is not a requirement.
I suppose digital currency is “modern”, or even “post modern”. Absolutely a fiat currency, it makes the problem of confiscation of one’s entire net value as simple as a keyboard stroke, or even to plunge any person into complete penury upon the whim of any tyrant or just plain thief who has the necessary means to access individual accounts. But this is already possible using the credit card system we currently have, which has been an imminently vulnerable asset subject to attack. It just goes to a higher level.
They want to be able to tax every transaction. Digital currency is how they will do it.
A clear effort to bring digitals under their power.
“Absolutely a fiat currency, it makes the problem of confiscation of one’s entire net value as simple as a keyboard stroke, or even to plunge any person into complete penury upon the whim of any tyrant or just plain thief who has the necessary means to access individual accounts.”
I think the government has ignored the initial reason that digital currency took off. Digital currency was viewed as a way to cheat on taxes, buy things without leaving a footprint and generally get around the government. A US digital currency would give the government more visibility and taxability. Apparently countries are planning to convert to all digital. This is to capture tax on every transaction. A kid mows your lawn? You pay a tax on his service. What will happen is the people who have off the books jobs will convert to using foreign currency or something like Bitcoin*. As it is now, people in Europe who have off the books jobs, take their EU cash to Switzerland and convert it to Swiss Franks. (This is really pissing off Switzerland, although I haven’t seen any recent articles on the subject, it was in the news for several years.)
* China has already outlawed any cyber currency they don’t control. This is because Chinese currency is not convertible, to stop capital flight. The Chinese have attempted to make their currency convertible twice. Both times it led to capital flight to investments in the US and Canada. They will never make this mistake again. The only way to get money out of China, if you aren’t in the CCP, is to convert it in China to something you can sell out of China. Very hard for the average person. This is why there are entire unoccupied cities in China. Real-estate is the only thing a Chinese person can legally buy as an investment. All other “investments” are like legal gambling.
They have been looking at doing this for quite a while now. It is nothing new. I was posting about it a number of months back.
A digital currency linked to global economy via the central banking system.
They have got to do something as China is going to require everyone use THEIR digital currency during the Olympics. China is far, far ahead of us on this. From digital currency to social scores.
Yes all about making surveillance and control easier for the govt and anyone they allow to ‘help’. Will be interesting to hear the narrative for why we need this. I’m sure it’s already been written.
I warned the crypto fanboys this was absolutely coming. Within two years bitcoin will be dead or a zombie. It is a hobbyist developed coin that has severe deficiencies for widescale use.
US Federal Reserve
US My Butt
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