The quiet part out loud. Money has a new purpose over at the Federal Reserve bank. Social control.

[Mij]

I suppose the government wants electronic currency to speed up what it wants to do with it. They could come up with "new dollars" now and have everybody exchange their old currency for newly printed stuff, but that would be time consuming. In revolutionary France the value of the assignat would fall by 5% just between the time of printing and issuance.

I wonder whose pictures would be on the new money?

No, they want elect. money so they can track and control your access to it, and how much!!!

 

[DoggyDaddy]

No, they want elect. money so they can track and control your access to it, and how much!!!

But we've been told that crypto is totally private and anonymous. Surely the new .gov crypto would be as well!

 

[Mij]

But we've been told that crypto is totally private and anonymous. Surely the new .gov crypto would be as well!

Ummmm, ya, the .gov respects our privacy.

 

[BugI02]

Without composing a novel length reply, I’ll throw this on the table.

The FDIC currently has reserves amounting to 0.03% of “insured” funds on deposit in banks nationally. That means if a large (not even mega bank) goes insolvent FDIC can’t cover the loss.

Since banks can go insolvent any day. As long as it’s Friday (think about that). If there is a large bank failure a reasonable expectation is, on the following Monday the new “crypto eagle” will be announced. Going along with the crypto eagle announcement will be a grace period of 60 days to surrender your cash in trade for the crypto eagle.

All will be well and the American subjects will rest comfortably knowing their rulers have once again saved them from certain wreck and ruin.

Cause the 'disease' so you can sell the 'cure'

 

[jsx1043]

 

[Mij]

View attachment 265019

Yep, you got it.

 

[jsx1043]

Yep, you got it.

I’ve been shouting from the rooftops about CBDC for a few years now. That’s why it was so important during the wuflu that we did not fall into the digital vaccine passport trap. Convincing everyone that Digital ID is a good thing is the last hurdle they have before dismantling your privacy and sovereignty forever. We teeter closer everyday as more processes go digital in the name of “convenience”.

 

[rosejm]

Serious question: what "currency" will be used for illicit/under the table transactions?

There's a huge percentage of our economy that's currently using cash. It's not going to stop, but it can't utilize CBDCs.

 

[Mij]

Serious question: what "currency" will be used for illicit/under the table transactions?

There's a huge percentage of our economy that's currently using cash. It's not going to stop, but it can't utilize CBDCs.

Illicit or legitimate I think the more important point is the .gov has no business in my financial affairs.

 

[patience0830]

Who needs precious metals?

When you have vodka, guns, and ammo?

 

[d.kaufman]

When you have vodka, guns, and ammo?

Equally important

 

[Mgderf]

 

[rosejm]

Illicit or legitimate I think the more important point is the .gov has no business in my financial affairs.

Preaching to the choir, and per my line of thinking there are other strange bedfellows who feel the same way. But my question still stands...

Do we think the grey/black market will accept the FedCoin?
I don't think so either, but what will take the place of the greenback?

 

[Mij]

Preaching to the choir, and per my line of thinking there are other strange bedfellows who feel the same way. But my question still stands...

Do we think the grey/black market will accept the FedCoin?
I don't think so either, but what will take the place of the greenback?

No idea, I’m sure there will be some work around, there always is. Gold, silver, ammo, guns, antibiotics, food, the fellows that deal in that world will have to figure it out. They usually do. Maybe some guy that’s good with computers will find a way.

 

[Shadow01]

So will bollets be the black market currency?

 

[rob63]

That article is extremely misleading. Here is the part that was actually published by the Fed:

"The Board of Governors of the Federal Reserve System (Board) has determined that
the Federal Reserve Banks (Reserve Banks) should develop a new interbank 24x7x365
real-time gross settlement service (FedNow) with integrated clearing functionality to
support faster payments in the United States. The Board is requesting comment on
modifications to the FedNow Service or other actions that would further reduce or
eliminate potentially adverse effects without significantly compromising the anticipated
public benefit associated with the service."

Notice that they were requesting comments about the proposal.

The part about monetary policy being a means of social control and the other stuff about cryptocurrencies only appear in a response written by the manager of an investment research firm, William Michael Cunningham, that pushes cryptocurrencies. They do not appear in the original document published by the Fed.

The Zero Hedge article removes the information explaining who wrote the response and then mixes together the two separate documents so that it appears that the part written in the response was instead written by the Fed. Very dishonest.

 

[Magyars]

 

[mbkintner]

View attachment 265189

I only understood 72.4% of that meme...today that is.

 

[nra4ever]

Not a joke,and no they did not want this paper made public.

"The main economic attributes of a technically effective currency rests on three functions: as a unit of account, a store of value and as a medium of exchange."

But there is a fourth function of money: as a means of social control.

The Fed Proposes A 4th Function Of Money: Means Of Social Control | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

The fed in that paper admits they fear bitcoin.

 

[rob63]

The fed in that paper admits they fear bitcoin.

No, actually, no, they didn't. The investment research firm manager who wrote the reply said that. The Fed may very well fear Bitcoin, I don't know, but I do know that they didn't write that paper.