The Fed is targeting the U.S. dollar for destruction.
But they’re doing more than just expanding the money supply at a mind-boggling rate.
They’re also working on a monumental change to the dollar that could vaporize another chunk of your wealth… and almost completely obliterate your privacy.
Even more amazing, this time they’re not even keeping their plans a secret.
That’s probably because the coronavirus pandemic made one thing crystal clear to the politicians and bureaucrats: In a crisis, a shocking number of Americans will willingly – even eagerly – sacrifice liberty in the hopes of garnering a little security.
And now the Federal Reserve has taken that lesson to heart. It’s working with researchers at MIT to create and test a digital currency called Fedcoin to replace the dollar and eliminate cash.
That may sound like no big deal… but it’s actually one of the greatest threats to your wealth and privacy ever devised by the U.S. government.
Let me explain why this new Fedcoin is so dangerous…
You’ve no doubt heard of bitcoin, a digital cryptocurrency which has been making headlines lately thanks to its extraordinary volatility.
One of the appealing things about bitcoin and other cryptocurrencies is that they can generally be used anonymously.
Not so with the Fedcoin. You see, one of the stated purposes for Fedcoin is to make it easier to distribute stimulus payments, Social Security benefits and various other government payments.
They’re already selling it as a way to make sure everyone – including those without bank accounts – gets every government check they’re entitled to.
Obviously, they can only make those payments to you if they know who you are.
But here’s the dangerous part: Thanks to the nature of Fedcoin, access to your account also means the U.S. government will have a complete record of every Fedcoin you spend, where you spend it and what you spend it on.
Worse yet, it’s entirely possible – and I argue likely – that the government will eventually restrict what you can spend your Fedcoin on.
After all, Fed Chairman Jerome Powell is already on record demanding financial regulations that address climate change. What if he decides that one company or another is unworthy of your Fedcoin because it’s not “green” enough?
Or woke enough?
Or anti-racist enough?
As economist Robert Wenzel puts it, “George Orwell didn’t even think of such a monster. Remember complete tracking also means the ability of the state to ban above ground purchases of any goods and services it chooses because it would see if such transactions occurred.”
Before you dismiss the idea as absurd, please remember the Obama Administration’s underhanded attempt to subvert your gun rights. It warned banks that doing business with gun manufacturers and stores could subject them to greater regulation.
And numerous banks have subsequently stopped dealing with gun companies that don’t comply with the bank’s arbitrary restrictions on what those companies can manufacture and sell.
On top of that, firearms sales have been banned completely by PayPal, Square and Apple Pay.
Bottom line: The politicians don’t need to repeal the Second Amendment to ban guns. They can just make it impossible for you to buy them with Fedcoin. And once Fedcoin is the only legal tender available, you may not be able to buy anything the government doesn’t want you to buy.
No wonder former Congressman Ron Paul calls Fedcoin, “A new scheme for tyranny and poverty.”
Rest of post advises people to buy gold and silver.