“Let me issue and control a nation’s money and I care not who writes the laws.” Mayer Amschel Rothschild
Did you know that bill denominations of $500, $1000, $5,000 and $10,000 were removed from circulation in 1969 by order of Richard Nixon? Most remaining bills of these denominations are held by collectors but should one end up at a bank, they would not reissue it.
In 2018, the EU eliminated the 500 Euro. In 2019, India eliminated all high denomination bank notes. China, in moving towards a cashless society has linked their electronic payment systems WeChat and AliPay to their ‘social credit’ policy that is used to reward or punish the peasants. And, with China being the darling of the left-wing in this country, is it any wonder that they too desire the ability to control their own peasants?
In March of this year Democrats in the House introduced a bill to create a ‘digital dollar’ managed by the Federal Reserve with the justification that it could be used to make digital payments during the dreaded Corona virus. Never let a crisis go to waste, right?
Remember, the Federal Reserve is not a government agency. It is a privately owned company established under the Federal Reserve Bank Act. The Fed determines either economic prosperity or the lack thereof by controlling interest rates and the amount of money in circulation.
Speaking of the Fed, Jerome Powell as chairman, has been working on that cashless society the Democrats crave since 2019 when he announced their intent to offer a 24/7 real-time payment service – FedNow – which he hopes to have operational by 2023 or 2024.
The Fed plans to employ a credit model similar to other real-time payment systems in use around the globe. And while they are tight lipped regarding pricing information, Powell believes that fees will be based on a per-item and fixed-participation fee structure. In other words, if you want “instant” access to your money, be prepared to pay.
While this is being pushed as a means to help Americans get faster access to their money, the truth is that this will grant unlimited power to the government, financial institutions and businesses like PayPal or Apple Pay to control what purchases people make. Remember that both banned the use of their system to purchase legal firearms. And if you can ban one legal purchase, what’s to stop them from banning other purchases, especially if you’re not a member of the ruling party.
Patreon and PayPal have already banned various political groups who do not match their political ideology. And don’t forget that Obama used Operation Chokepoint to pressure banks to withhold services from firearms dealers and high interest payday lenders, both of which are legal organizations.
What digital cash really means is that every aspect of our financial life will be fully traceable, fully controlled. Every transaction becomes a permanent record that could and probably will be used against you at some point in your life by whatever dictator happens to be in power.
If FedNow is allowed into operation, the Federal Reserve will have the power to create and distribute money without Congressional approval. It would be a power grab of unprecedented proportions. And like all left-wing financial policies, those at the top will profit while the peasants starve.
Today’s bank robbers don’t need a gun and a mask – they just use a mouse and a keyboard.