Posted on 04/16/2021 8:08:50 PM PDT by delta7
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 could effect 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 .
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.
What could go wrong?
Besides Govt needs all this info to keep us safe
Pigs at the federal trough.
Ad yet it takes weeks to count votes?
Heck it is here and has been here.
Early this afternoon I used my major credit with an on line company to buy groceries.
By the time I got home the major bank which owns that credit card, showed my purchase and what I owe as that moment.
During this time, my wife paid for her appt. with her hair stylist on her main credit card. Before, she got home our bank which owns/sponsors her credit card showed her purchase,last payment and what is due today.
In the meantime, autopay with our bank paid the garbage bill, electric bill, water bill, our yard man, two insurance payments and our donations to the Salvation Army and Church.
We got our SS payments deposited into our checking and minimum monthly distributions from our IRAs deposited into checking.
Anyone, who believes that big brother/sister doesn’t have access to my data, my wife’s data, our data and your data 24/7 has had a severe head injury.
Anyone still think all of this is about a virus?
Yes the govt may have access to all of this data, but they probably need a warrant for some of it.
If i pay the neighbor kid cash to mow my lawn, or anything else it becomes harder.
While I suspect that they may be able to track some cash transactions it becomes much more difficult.
You: “My debit card for my FexCoin account quit working.”
Gov Drone: “The is no “Joe Bloe” in the system. I cannot help you.”
You: “Of course I exist. Here is my ID.”
Gov Drone:”Sorry, according to the FedCoin system you don’t exist. Call this number 800-EAT-SH*T and they will help you.
You: “How long will that take.”
Gov Drone: “I don’t know.”
You: “How will I buy food? My paychecks goes in there.”
Gov Drone: “Not my problem. Next!”
He was going to shut down the FED.
Ron Paul has always been the real deal advocating for the Constitution and liberty. Rand Paul is a hypocrite and a prevaricator who voted for The Big Steal. Eff Rand Paul! GOPee Delenda Est!
bump
“...they probably need a warrant..”
Yeah, uh huh, mm hmm, that’ll stop ‘em. Yessirree.
About as credible as a “continental”. Why not change over to cruzeiros or cruzados? Those currencies have far more integrity.
I have moved to using cash to pay for most things to force stores to stay in the business of accepting it.
Yep the debit card is a thing of the future. Instead of
paying with cash or checks use your debit card. It offers
a few advantages to the seller and gives the gov’t a
tracking source of your income/outgo.
I have moved to using cash to pay for most things to
force stores to stay in the business of accepting it.
**************
The debit card does the same thing. The card is an auto
deduct from you checking account. Cash will become a
system of the past.
Unfortunately, that us not true. All cards (debit or credit) have hidden fees that usually are paid for by the retailer. Here is a link to information about who pays and how it works.
https://www.cardfellow.com/blog/debit-card-transaction-fees/
I don’t really see this as any different than what we have now. Really we’re already digital. The fed can already jiggle a few keys and put money in my account, and can get all the info the want. Really folks, the cows left this barn ages ago.
HAAHAHAHAHAH Oh that’s hilarious. Warrant? For financial data? That went away in the 90s when they started watching for “patterns” that “could be related to drug trafficking”.
Buy more with cash.
Pay your bills with CHECKS & postage stamps.
Everything you do electronically is posted within 60 seconds.
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