Posted on 09/23/2017 11:10:02 AM PDT by PPSman
The U.S. Federal Reserve will not only issue its own cryptocurrency but will also make sure Americans use it, according to Doug Casey.
“To start with, I suspect it’s going to be a parallel currency. Perhaps usable just within the U.S. which, in effect, would be a form of foreign exchange controls even more effective than the inability of Americans to open up foreign bank and brokerage accounts today [due to monetary control through FATCA]…I think it’s a near certainty that they’re going to do something like this and soon.”
They will call it Fedcoin.
David Andolfatto, vice president at the St. Louis Fed, proposed the word “Fedcoin” in 2015. He’s spoken publicly about this multiple times since then, and says Fedcoin could give the central bank an “added (policy) tool.”
(Excerpt) Read more at economicpolicyjournal.com ...
Who died and made them Mammon?!
Let's guess:
1. By law?
2. By behind the scenes regulations?
3. By collusion with banks and business leaders?
4. All of the above?
All of the above - plus mandating that banks accessing the Fed Reserve use it. This is bad.
Like everything else government does, it starts small and innocuous, with a sweet-sounding name. I don’t care who’s the president. This will happen no matter who’s president.
In 2 years it becomes accepted at all federal agencies.
In 2.1 years it’s used for EBT cards.
In 2.5 years it’s accepted at all state agencies.
In 3 years it’s accepted at Starbucks.
In 5 years it’s accepted at most businesses.
In 6 years your pay is in Fedcoin.
In 6.5 years, your taxes must be paid in Fedcoin.
In 10 years, it becomes mandatory for all transactions, except those of the ruling elite, with penalties ranging from life in prison to death for use of cash.
In 10.005 years everyone finds out that the government has been monitoring all transactions, and will use the information to determine what your salary and taxes will be. They will just take the taxes out of your money. No need to file a tax return. Convenient, eh?
Only usable inside the United States. That’s exactly the way it was with the old Russian ruble non-convertible outside the USSR.
Any questions who the bad guys are these days here in the USSA?
Google Doug Casey
Google Doug Casey
The click-bait gods.
It’s unconstitutional. The constitution only gives the federal government the power to coin money (not to make coins). And the states are prohibited from making anything but gold or silver legal tender (i.e. money).
Our government has been ignoring this constitutional mandate for far too many decades, and now we see the result.
Time for Americans to oppose government using cyber cash (and paper) in place of actual money.
I realize that returning to a gold or silver standard will create huge problems — but nothing like the problems we will face if US government created cyber money becomes the only legal tender.
the only way to pay for health care and health care related supplies.
Cheaper to (not) print, no government controls, automating the Mint eliminating jobs, currency control, trace every dollar in and out, eliminated money laundering, diminish tax cheating except for bartering, etc. Eventually , no dual currency.
How do I buy a “Proof Electron”?
Google Doug Casey
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Good thinking.
Fedcoin is not a good idea.
Unless someone wants to control all aspects of your life.
5.56mm
I Binged him.
Looks like a kook.
Because the dollar isn't yet phoney enough and prone to as much manipulation as they would like.
Is this their response to Bitcoin???
Why does our government need a crypto currency, if they already have regular currency, if I can is that term??
As so many of us do online banking and transfer funds, using debit cards and electronic transfer, why is the government seeing a need for a crypto currency?? Isn’t the whole point of Bitcoin that it is outside the control of any governmental control???
:)
Ping.
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