Fedcoin: A New Scheme for Tyranny and Poverty

Guest Post by Ron Paul

If 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 — voila — each American would have dollars added to his Federal Reserve account. This is the 21st century equivalent of throwing money from helicopters.

Fedcoin could “crowd out” 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 to an economic crisis thanks to the Fed. Fedcoin will hasten and worsen the crisis.

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. Operation Choke Point involved financial regulators “alerting” banks that dealing with certain businesses, such as gun stores, would put the banks at “reputational risk” and could subject them to greater regulation.

Is it so hard to believe that the ability to track purchases would be used in the future to “discourage” individuals from buying guns, fatty foods, or tobacco, or from being customers of corporations whose CEOs are not considered “woke” by the thought police? Fedcoin could also be used to “encourage” individuals to patronize “green” business, thus fulfilling Fed Chair Jerome Powell’s goal of involving the Fed in the fight against climate change.

Fedcoin will threaten private cryptocurrencies, increase inflation, and give government new powers over our financial transactions. Fedcoin will also speed up destruction of the fiat money system. Whatever gain fedcoin may bring to average Americans will come at terrible cost to liberty and prosperity.

-----------------------------------------------------
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal

-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
Click to visit the TBP Store for Great TBP Merchandise

8
Leave a Reply

avatar
  Subscribe  
Notify of
ottomatik
ottomatik

Ohh it’s coming, to be implemented after the reset.

Steve
Steve

FEDCOIN would be a death knell to privacy which is at the heart of freedom. Every transaction you make is recorded and could/will be analyzed by some govt agency. It affords the bastards complete power and control over our lives. You will be forced to comply to any edict, law or announcement no matter how preposterous it is. I have trouble imagining a more dangerous precedent to what’s left of our privacy and freedom than FEDCOIN becoming implemented.

It MUST BE RESISTED AT ALL COSTS in the most literal sense.

It’s a line in the sand that if crossed will mark the completed domination by the totalitarian state in which you have absolutely zero control of your life. You will be forced to comply with ANY demand of govt. Again, I can’t imagine anything much more ominous to the people of this country.

Fleabaggs
Fleabaggs

Fedcoin or something very much like it will be the new “America” only Scrip/Voucher system. The dollar is toast(As intended) and Fedcoin will imprison everyone. Welcome to Housing Vouchers, Food Vouchers, Bus/Train Vouchers, Goodwill Clothing Vouchers etc.. Anything remaining requiring money will be added to the debit card and earmarked. The infastructure already exists through the various and sundry “Aid to the Poor” programs like Homeless Shelters, Salvation Army, Volunteers of America, United Way, Red Cross, Health and Human services,
Food stamps and so on. No social credit score, No Vaccine, No Eaty. Your farmette will be taxed and levied out of your hands if not taken outright by the useful idiots now rampaging through the cities. As soon as they have full control of the big cities they are going Rural and the police and Feds will be helping them.

Mygirl....Maybe

Yup. What Flea said.

BUCKED/BUY MORE AMMO
BUCKED/BUY MORE AMMO

Getting folks to accept it will be easy. Heck easier than getting folks to wear a mask .

They’ll make the 500K you have in the bank worthless via Zombie inflation then tell folks look, we’ll convert your 500K to the Amero and you’ll have your 500K purchasing power back….viola….99% will accept those terms…easy as pie .

A. R. Wasem
A. R. Wasem

Ron Paul was and is right, period.

Jaz
Jaz

This is another reason to bail out of your cushy job and or retirement plan ASAP. There will always be a black market and bartering.

Bot
Bot

Any mandated Fed program always suffers from the law of unintended consequences. Barter, both in goods and services, and individual private exchanges using gold and silver will flourish. The compliant and submissive will line up for the rations just like they’ve swallowed the Covid hook line and sinker; still wearing their masks.

Discover more from The Burning Platform

Subscribe now to keep reading and get access to the full archive.

Continue reading