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Thread: Fedcoin: A New Scheme for Tyranny and Poverty

  1. #1

    Fedcoin: A New Scheme for Tyranny and Poverty

    by Ron Paul
    July 27, 2020




    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 — 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 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 could 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.


    http://ronpaulinstitute.org/archives...y-and-poverty/
    “The right to life is the source of all rights—and the right to property is their only implementation. Without property rights, no other rights are possible. Since man has to sustain his life by his own effort, the man who has no right to the product of his effort has no means to sustain his life. The man who produces while others dispose of his product, is a slave.”

    Read the RPF trolls' playbook here (post #3)



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  3. #2
    FRONT PAGE THIS!!!

    ... free from the clutches of the Money Manipulators something something, sounds vaguely familiar.

    If you have no financial privacy, you have NO freedom. Then its not just the Govt that gets to tell you how to live your life, but EVERYONE who has access to that data. Imagine for a second that you were diagnosed with being overweight. You get to the store, and two thirds of what you wanted to buy was prohibited by your bank because they have full access to your medical records. The bank then has legal authority to decide what you can spend your money on. Oh, and that raise? Forget about it ever happening. Need your yard mowed and want to pay the neighbors kid to do it for you? Nope. Yard sale? Nope. Lemonade stand? Nope. Babysitting? Nope. Bag of weed where it isnt legal? Nope. Gun? Nope. Revolution? HA HA HA HA HA! EVERYONE gets to tell you how to live your life, EXCEPT YOU.

    Thats not even to get started on Inflation or ways they can embezzle your money away from you and continue to steal the VALUE of your money.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  4. #3
    Quote Originally Posted by DamianTV View Post
    FRONT PAGE THIS!!!

    ... free from the clutches of the Money Manipulators something something, sounds vaguely familiar.

    If you have no financial privacy, you have NO freedom. Then its not just the Govt that gets to tell you how to live your life, but EVERYONE who has access to that data. Imagine for a second that you were diagnosed with being overweight. You get to the store, and two thirds of what you wanted to buy was prohibited by your bank because they have full access to your medical records. The bank then has legal authority to decide what you can spend your money on. Oh, and that raise? Forget about it ever happening. Need your yard mowed and want to pay the neighbors kid to do it for you? Nope. Yard sale? Nope. Lemonade stand? Nope. Babysitting? Nope. Bag of weed where it isnt legal? Nope. Gun? Nope. Revolution? HA HA HA HA HA! EVERYONE gets to tell you how to live your life, EXCEPT YOU.

    Thats not even to get started on Inflation or ways they can embezzle your money away from you and continue to steal the VALUE of your money.

    Bump
    “The right to life is the source of all rights—and the right to property is their only implementation. Without property rights, no other rights are possible. Since man has to sustain his life by his own effort, the man who has no right to the product of his effort has no means to sustain his life. The man who produces while others dispose of his product, is a slave.”

    Read the RPF trolls' playbook here (post #3)

  5. #4
    Yeah, well, with all the resisance being organized and encouraged it should be no problem.
    Chris

    "Government ... does not exist of necessity, but rather by virtue of a tragic, almost comical combination of klutzy, opportunistic terrorism against sitting ducks whom it pretends to shelter, plus our childish phobia of responsibility, praying to be exempted from the hard reality of life on life's terms." Wolf DeVoon

    "...Make America Great Again. I'm interested in making American FREE again. Then the greatness will come automatically."Ron Paul



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