There are three articles from three different sources included in this one posting regarding the subject of the U.S. governments push to terminate paper currency and create digital-only “currency” under the pretense of security.
Perhaps this needs to be put out in the light of day to Americans rather than handing them the nonstop flow of distracting drivel and dung that passes for news from every broadcast source and almost every print source in these times.
While I do not know when this “FedCoin” digital-only currency will be mandated and put in place, and I doubt even those pushing this know when this is one of those things presented as good that will only result in being a tool of evil. All the pieces falling into place — if only more would bother to look, see, hear and come to know, and also more importantly come to know the how what, who, and WHY!
For further details go to, open, and read and study daily the Holy Bible. The Word of God.
Thursday, July 30th, 2020
ACP — A Crooked Path
U.S. Government Awards $7 Billion to Develop New “FedCoin” +
Reprinted from MoneyWise
At this year’s “World Economic Forum” in Davos, Switzerland, Nobel Prize-winning economist Joseph Stiglitz declared that the U.S. “could and should move to digital currency and get rid of (paper) currency.”
But Stiglitz isn’t the only high-profile economist who wants to ban cash.
Last year, former U.S. Treasury Secretary Larry Summers declared it was “time to kill the $100 bill”… arguing that, by making large bills illegal, it would reduce crime.
To add fuel to the fire, the U.S. government has been rigorously studying Bitcoin for about two years now… and instead of fighting Bitcoin, the Feds seem poised to wipe out the U.S. dollar by creating their own digital currency.
The National Science Foundation, a U.S. government agency that supports and funds research… has awarded $3 million to three U.S. universities for wide-ranging cryptocurrency research.
Cornell, the University of Maryland, and the University of California Berkeley will focus on developing new cryptocurrency systems that, according to principal investigator Elaine Shi, will address “pain points” attributed to Bitcoin and other existing networks.
She further continues…
“We believe that our research can help establish cryptocurrency as a prominent research area, and make a big impact in shaping the future of financial transactions and e-commerce.”
That $3 million is just a drop in the bucket compared to the $7 billion in funding the agency received from Congress. They’ve funded other efforts aimed at exploring cryptocurrencies, including one initiative at Princeton University and another at the University of California-Irvine.
So far the Fed’s heavily funded research is paying off…
The FBI already knows how to seize digital currencies…
The Marshal’s Service knows how to sell it…
The IRS knows how to tax it…
And now, the Federal Reserve could copy it to rid the U.S. of cash.
Thanks to the new technology called “blockchain”, the government will have the ability to protect their new Fedcoin against counterfeiters.
And the crucial reason as to why the U.S. will develop its own Fedcoin…
Nearly all governments, not just the U.S. have made it clear that they are not fans of anonymous cash transactions. Many countries already have restrictions on cash transactions, and the U.S. government would love the prospect of having every transaction collected in a centralized database.
FedCoin Will Replace the Paper Dollar
Reprinted from Legacy Research Group
July 23, 2020
The U.S. government is about to replace the cash in your wallet with a new, digital-only dollar.
This will be based loosely on bitcoin.
And it won’t be Citibank, or Wells Fargo, or JPMorgan Chase that issues these new dollars.
It will be America’s central bank, the Federal Reserve (or Fed).
Legacy Research cofounder Doug Casey calls this new, digital-only dollar “FedCoin.” And as he and his chief analyst, Nick Giambruno, have been warning, it’s going to be a disaster for your privacy… and your wealth.
It’s also going to trigger the mother of all rallies in our favorite decentralized currencies – bitcoin and gold.
Today, I’ll show you how the Fed will not only issue a crypto dollar… but also make sure Americans use it.
But first, it’s important you have a clear picture of how FedCoin will work… and why it’s so dangerous.
Physical cash gives you anonymity because it’s offline. When you transact with dollar bills, only you and the other party to the deal have to know about it.
But the only way to spend, receive, and store FedCoins will be via an app on your smartphone.
All transactions will be recorded in a centralized U.S. government database.
That makes FedCoin a sort of anti-cash.
Everything you do will leave a permanent record for the feds to monitor and track.
And the feds won’t just be able to snoop on you. They’ll also be able to block you from making certain transactions. As Doug has written…
If I’ve got a $100 bill in my wallet or a bunch of 10s and 20s, I can spend them on anything I want with anybody I want and nobody knows. With blockchain… [the feds] know exactly who’s getting the money and what it’s being spent for.
And it can be programmed so that certain transactions can’t take place. So you are pretty well blocked in. [T]he government knows exactly what you’re buying, what you’re selling, how much you are earning.
They’re in complete control; able to take what they want… including your entire account if you become politically undesirable.
It’s a totalitarian’s dream, in other words. Imagine what Nazi Germany’s secret police, the Gestapo… or the KGB in Russia could do with that kind of information.
Negative rates allow central bankers to tax your savings without congressional approval.
For example, at a rate of negative 5%, for every $100,000 of savings you have, you forfeit $5,000 a year. At a rate of negative 10%… you forfeit $10,000 a year.
And negative rates aren’t just theoretical.
Central banks in Japan and Europe have set negative interest rates. And although he claims it’s not on his menu of options right now, there’s nothing stopping Fed chair Jay Powell from doing the same.
The only problem right now is the feds can’t charge a negative interest rate on physical cash that’s in your possession… only on digital dollars, your store at a bank.
FedCoin slams that escape hatch shut. FedCoins will be under full control of the Fed. They’ll be subject to whatever negative rate it sets.
All central bankers will have to do is hit “delete”… and your digital dollars will disappear.
But central bankers around the world are getting on board.
As Bloomberg reported, in June 2016, central bankers from about 90 countries met with bitcoin experts behind closed doors in Washington, D.C.
Delegates from the International Monetary Fund (IMF), the World Bank, and the Bank for International Settlements (BIS) joined them.
Janet Yellen, who was Fed chief at the time, opened the meeting. And the keynote speaker was Adam Ludwin, co-founder and then-CEO of Chain. It’s a crypto project working to bring the world’s financial system onto blockchain.
“The real golden opportunity, the thing you should be working toward,” Ludwin told the central bank luminaries gathered in D.C., “is a central bank digital currency.”
That’s going by a new report from the BIS.
Established in 1930, the BIS is owned by 62 central banks from around the world. Together, the countries it represents account for 95% of the world’s economic output.
The best way to think of it is as a think tank for central banks. And it just put out a report that’s slipped under the radar of folks in the mainstream press.
The BIS tracked positive and negative references of FedCoin – what it calls central bank digital currencies, or CBDCs – in speeches by central bankers.
This revealed a massive shift in sentiment toward these digital-only currencies. Take a look…
The blue lines represent positive stances toward CBDCs. The red lines represent negative stances toward them.
As you can see, positive references have started to surge as of late last year and into 2020 (blue bars on the right).
A senior figure at the Bank of Thailand, the country’s central bank, confirmed it’s using a CBDC for transactions with some businesses.
He said the central bank is also studying rolling out a state-backed digital wallet available to the public.
Communist China’s central bank, the People’s Bank of China, is piloting a CBDC program.
And it’s gaining traction.
The company behind China’s Uber, Didi Chuxing Technology Co., has said it will let its customers pay with China’s CBDC.
Back in the U.S., Treasury Secretary Steven Mnuchin has chosen a very interesting hire for the role of chief operating officer at the Office of the Comptroller of the Currency (OCC).
That’s the bureau within the Department of the Treasury that charters and supervises banks. Here’s Nick with more…
Mnuchin just appointed a guy called Brian Brooks to run the OCC. Brooks was the chief legal officer at Coinbase. It’s the blue chip of crypto exchanges.
The writing is on the wall. Cash will soon be a relic, banished to the dustbin of history. This means every detail about your financial and personal life will soon be in the hands of bureaucrats and central planners.
I know what you might be thinking… Surely, Americans will resist… Surely, they’re not going to allow Washington to take full control of their financial lives.
I recently ran across an IMF working paper. It suggested the Fed would encourage folks to trade in their cash by paying higher interest than they’d get at the bank.
And right now, that’s not hard. The average rate of interest on a checking account in the U.S. right now is 0.06%. So, maybe the Fed pays 1.5% on FedCoin deposits during the transition period.
At that rate, FedCoin would pay almost 17 times more than the average savings account in a commercial bank. Many Americans would happily comply for half that amount.
If persuasion doesn’t work, the feds have other ways to enforce FedCoin use. Nick again…
After the transition period, the government won’t ask anymore. They’ll take away the incentive and start using penalties.
They could tax cash transactions, for instance. They could also place an expiration date on paper currency beyond which it would be unusable. They could even go so far as sending you a “hazmat” bag in the mail and forcing you to turn in your paper currency.
I get it that this scenario seems far-fetched. But wheels are already in motion.
FedCoin: A New Digital Dollar Scheme For Tyranny Coming Soon?
July 30, 2020
By Ron Paul
Reprinted from Prophecy News Watch
If some Congress members get their way, the Federal Reserve may soon be able to track many of your purchases in real-time and share that information with government agencies. This is just one of the problems with the proposed “digital dollar” or “FedCoin.”
FedCoin was initially included in the first coronavirus spending bill. While the proposal was dropped from the final version of the bill, there is still great interest in FedCoin on Capitol Hill. Some progressives have embraced FedCoin as a way to provide Americans with a “universal basic income.”
Both the Senate Banking Committee and the House Financial Services Committee held hearings on FedCoin in June. This is the first step toward making FedCoin a reality.
FedCoin would not be an actual coin. Instead, it would be a special account created and maintained for each American by the Federal Reserve. Each month, Fed employees could tap a few keys on a computer and — bingo — each American would have dollars added to his Federal Reserve account. This is the 21st century equivalent of throwing money from helicopters.
FedCoin was initially included in the first coronavirus spending bill. While the proposal was dropped from the final version of the bill, there is still great interest that could affect private cryptocurrencies. Also, it would limit the ability of private citizens to protect themselves from the Federal Reserve-caused decline in the dollar’s value.
FedCoin would not magically increase the number of available goods and services. What it would do is drive up prices. The damage this would do to middle- and lower-income Americans would dwarf any benefit they receive from their monthly “gift” from the Fed.
The rise in prices could lead to Congress regularly increasing FedCoin payments to Americans. These increases would cause prices to keep rising even more until we face hyperinflation and a dollar crisis. Of course, we are already on the path to an economic crisis thanks to the Fed. FedCoin will hasten and worsen the crisis.
FedCoin poses a great threat to privacy. The Federal Reserve could know when FedCoin is used, who is using it, and what they use it for. This information could be shared with government agencies, such as the FBI or IRS.
The government could use the ability to know how Americans are spending FedCoin to limit our ability to purchase goods and services disfavored by politicians and bureaucrats. Anyone who doubts this should recall the Obama administration’s Operation Choke Point.
Operation Choke Point involved financial regulators “alerting” banks that dealing with certain businesses, such as gun stores, would put the banks at “reputational risk” and could subject them to greater regulation.
Is it so hard to believe that the ability to track purchases would be used in the future to “discourage” individuals from buying guns, fatty foods, or tobacco, or from being customers of corporations whose CEOs are not considered “woke” by the thought police?
FedCoin could also be used to “encourage” individuals to patronize “green” business, thus fulfilling Fed Chair Jerome Powell’s goal of involving the Fed in the fight against climate change.
FedCoin could threaten private cryptocurrencies, increase inflation, and give government new powers over our financial transactions. FedCoin will also speed up the destruction of the fiat money system.
Whatever gain FedCoin may bring to average Americans will come at a terrible cost to liberty and prosperity.