From Birch Gold Group
Thanks to the Federal Reserve, the idea that you can go into a store and anonymously purchase something with cash might soon be obsolete.
Why? Because they’re developing something called Fedcoin, which would be based on blockchain technology.
If you’re unfamiliar with blockchain technology, you’re not alone. Here’s how a piece on Motley Fool describes it:
The digital and decentralized ledger that records all transactions. Every time someone buys digital coins on a decentralized exchange, sells coins, transfers coins, or buys a good or service with virtual coins, a ledger records that transaction, often in an encrypted fashion, to protect it from cybercriminals. These transactions are also recorded and processed without a third-party provider, which is usually a bank.
Right now, Bitcoin is a popular form of cryptocurrency that operates using blockchain technology. Like the description above, Bitcoin is decentralized, its transactions are anonymous, and no central bank is involved.
But the irony is, the blockchain tech behind the Fed’s idea isn’t likely to be used the way Bitcoin uses it. Not even close.
Originally, the “Fedcoin” idea appeared to be a security enhancement to a century-old system used for clearing checks and cash transactions called Fedwire. According to NASDAQ in 2017:
This technology will bring Fedwire into the 21st Century. Tentatively called Fedcoin, this Federal Reserve cryptocurrency could replace the dollar as we know it.
The idea didn’t seem to move very much three years ago, but now the idea of a central bank-controlled “Fedcoin” seems like it could be moving closer to reality, according to a Reuters report from February 5.
According to the report, “Dozens of central banks globally are also doing such work,” including China.
Of course, there is risk, according to Federal Reserve Governor Lael Brainard. For example, there is the potential for a country-wide run on banks if panic ensued while the Fed “flipped a switch” and made Fedcoin the primary currency for the United States.
But blogger Robert Wenzel warns the risks of the Federal Reserve issuing its own cyber currency may run even deeper than that.
“This is not good.”
Lawmakers try to package and sell whatever ideas they come up with, no matter how intrusive or ineffective they might be.
According to Brainard, Fedcoin has the potential to provide “greater value at a lower cost” for monetary transactions. Sounds reasonable, if taken at face value.
But no matter how the Fed may try to “sell” the idea of utilizing Fedcoin in the future, Wenzel’s warning is pretty clear:
A Federal Reserve created digital coin could be one of the most dangerous steps ever taken by a government agency. It would put in the hands of the government the potential to create a digital currency with the ability to track all transactions in an economy—and prohibit transactions for any reason. In terms of future individual freedom, this would be a nightmare.
If you use cash at a grocery store, no one will know who you are or what you bought unless it was caught on video or you use a reward card. In the rare instance a store accepts Bitcoin, the same would be true.
But if you were to use a centrally-controlled digital currency like Fedcoin, who knows what the Fed will decide to track now or in the future? Or what meddling they could come up with to deny your transaction?
If the Federal Reserve wanted to outlaw cash, and your only choice was to use Fedcoin to make purchases, then your financial life would be tracked under their watchful eye.
“Not good” indeed.
Protect your retirement by maintaining your financial freedom
Who knows if the Federal Reserve will move closer to making cash a thing of the past? Perhaps Fedcoin will add to the number of ways the Fed can meddle with your retirement?
Until that gets sorted out, you can consider other options to protect your retirement with a tangible asset that can’t be converted into digital form.
Precious metals like gold and silver continue to hold value, and have for thousands of years. And because they are physical assets, you can’t be tracked as you could if Fedcoin moves from being a bad idea to reality.
After 8 long years of ultra-loose monetary policy from the Federal Reserve, it’s no secret that inflation is primed to soar. If your IRA or 401(k) is exposed to this threat, it’s critical to act now! That’s why thousands of Americans are moving their retirement into a Gold IRA. Learn how you can too with a free info kit on gold from Birch Gold Group. It reveals the little-known IRS Tax Law to move your IRA or 401(k) into gold. Click here to get your free Info Kit on Gold.
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Yes the incessant march towards a society controlled by “big brother” continues apace.
Wenzel’s warning is exactly why the Feds want it implemented. 5G will make it much easier.
And just another tool to get some more “fed speak” on . Probly around the time PMs are in and around important support and resistance levels. Especially when Steve Liesman just wont be able go say enough good things about the new fedcoin.
The Federal Reserve is NOT “a government agency.”
Tell that to the Congress Critters, Beelzebullian Bureaucrats and Corporate Cannibals sucking Federal Reserve Banker cock.
Hell, congress as it is today is no longer a government body. sar’c
Medic
The Feds and Fed are a monolithic unit that follow orders from the oligarchy.
If you’re a dissident, a gun owner, a nationalist, or any other sort of “undesirable”, they will simply deny any transaction you attempt to make. No mortgage payment, no car payment, no groceries, etc. until you complete your re-education and accept your fate as a tax slave for the globalist cabal. Make no mistake, this is the end game. Mark of the Beast, indeed.
love the handle, and quite agree with the comment, it is a beast system we live under. I suspect they will do this incrementally, like making all credit card transactions settle in fed coin, and then, you will need a fed coin checking account (which will naturally get filled by your employers direct deposit) to settle your credit account.
the un-banked will still need to use physical, and since that is a minority, what will likely happen is that cash is only accepted in the 7-11/local min-marts that sell mostly overpriced beer and junk food to the poorest who can’t afford to travel to the major corp stores.
and of course, it appears China will be the first to implement more beast control systems, and this voodoo virus is the perfect reason to get rid of “dirty virus coated money”
one thing for sure, glad we don’t live in a Chinese social credit score enforced system, yet…
When one country, like china, implements fedcoin, you can bet within a narrow timeframe (20yrs) it will be worldwide. You better pick your last stand. That is when they will collectively come for your liberty.
Then, the new run on the banks, will be no wifi signal for transactions in non compliant zones, cities etc. When they refuse to process your payment for food or mortgage whatcha gonna do. You think being shadow banned on twitter or fake is bad or pisses you off? Wait until your own govt starves you, makes you homeless, then gives your fedcoin to an illegal compliant immigrant while you starve to death.
More important to be around a community of like minded capable people. Owning land wont help if you must pay taxes or pay in fedcoin. We must work now to abolish annual real estate taxes on realty property.
I hope people think long and hard on these words John Galt.
I will not comply
Yup, you can be black balled for anything they desire. You may even be recycled without warning.
What will that do to the value of existing crypto currencies? Hmm…
Interesting times.
Looey.
They might be allowed to operate if they go through the Feds clearing service first.
This is just temporary to lay the infastructure for the eventual CRYPTOSHECKEL
The term, “Vapor Ware,” was the first thing that came to my mind.
How about you?
If they eliminate cash, I believe it will create a massive untraceable underground barter economy in gold, silver, guns, ammo, food, tools, etc and services. The pennysaver/nickelsaver grey market will explode. Other than immediate needs, like paying taxes and bills, my first impulse would be to get rid of that money as fast as possible, before it loses its value or gets disappeared.
At that point, dollars would have no long-term value for saving. I would want to get my immediate needs filled, front-load any future needs, and turn the rest into physical items with trade value ASAP.
If others felt the same way, it might create a sudden boom in the economy, but I wonder what happens when nobody wants the Fed’s clowncoins in return for something?
Alternatively, the remaining foreign currencies might become valuable surrogates. Anyone whose traveled to a nation with a weak currency might have seen businesses who price in both local and dollars or local and Euros.
Hmmm. Let’s do some quick math.
1 decent AR15 = 40-50 silver ounces at current 18$spot.
91 silver ounces = 1 gold ounce at current 1640$ spot.
136 gold ounces = 1 house at the current avg 218K$ price
Rather than waste my time on trading eggs and pantyhose and cigarettes like it was postwar Germany, I probably ought to go straight for the guns and the precious coins, huh?
Once they lock down the travel here or there thing, how are you going to market anything over a more diverse area? Sorta brings back an old saying, Keep them knocked up and bare foot so they stay home, same principle.
People have to rise up and not comply! This will require a re-commitment to our republic as founded I feel.