Fedcoin: A New Scheme for Tyranny and Poverty

Ron Paul Institute

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.

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Is The Nationwide Coin Shortage Being Used To Push Us Toward A Cashless Society?

The Economic Collapse

The coin shortage in the United States is becoming quite severe, and a lot of people are deeply concerned about where this might be leading us. But if you don’t run a business or deal with coins on a regular basis, you may not even know that it is happening. On Monday, my wife told me that a lot of people on Facebook were talking about this nationwide coin shortage, and then on Tuesday Ricky Scaparo posted a couple of news stories about it, so I decided that I better start looking into this. Because if this coin shortage is going to be used to push us toward a cashless society, that makes it a really big deal. What I discovered is that this coin shortage has actually been intensifying for quite a few weeks, and on June 11th the Federal Reserve issued a statement in which they announced that coin rationing would begin on June 15th

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The War On Cash – COVID Edition Part I

Claudio Grass

The corona crisis has already taken a very high toll and caused deep damage in our societies and our economies, the extent of which is yet to become apparent. We have seen its impact on productivity, on unemployment, on social cohesion and on political division. However, there is another very worrying trend that has been accelerated under the veil of fear and confusion that the pandemic has spread. The war on cash, that was already underway for almost a decade, has been drastically intensified over the last few months. Over the last years, and as the war on cash escalated, we’ve gotten used to hear certain arguments or “reasons” on why we should all abandon paper money and move en masse to an exclusively digital economy. These talking points have been repeated over and over, in most western economies and by countless institutional figures. “Cash is used by terrorists, money launderers and criminals” is arguably the most oft-repeated one, as it’s been widely employed in most debates about the digital transition. Just a couple of years ago, it was also used by Mario Draghi, to support the decision to scrap the 500 euro note. We didn’t get any specific information or data about how many terrorists were actually using this high-denomination note, but we do know a lot of law-abiding citizens were using it to save, as did small business owners for their operational liquidity needs.

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The War On Cash – COVID Edition Part II

Claudio Grass

It doesn’t require too dark an imagination to realize the gravity of the concerns over the digital yuan. China is a true pioneer when it comes surveillance, censorship and political oppression and the digital age has given an incredibly efficient and effective arsenal to the state. Adding money to that toolkit was a move that was planned for many years and it is abundantly clear how useful a tool it can be for any totalitarian regime. The ability to track citizens’ transactions, access their financial data, control and freeze the account of anyone that presents a potential threat, it all opens the door to the ultimate oppression: total control over private resources, over people’s livelihoods and their capacity to cover their basic needs. If we accept that digital currencies are inevitable and arguably their emergence has been accelerated by the corona crisis, the real question is who controls them, who issues and distributes them, and who determines their value. We stand at a historic crossroads and the answer to these questions can determine the kind of future we’ll wake up to. It can be a very bleak one, if the power remains with governments and centralized institutions. In this scenario, money will retain all the flaws and vulnerabilities of today’s fiat currencies, only its digital nature will amplify them to an unimaginable extent. The privacy violations of today will become simply unstoppable, a mere fact of life, while disastrous monetary policies, like negative rates, so far only cushioned by the individuals’ ability to sidestep them through physical cash, will be forcibly and uniformly transmitted throughout the economy.

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CASHLESS SOCIETY 2020: Coronavirus Swings Society to “Touch Free” Digital ID and Digital Currency

Activist Post

Many people are warming up to the idea of digital currency in a cashless society due to coronavirus because going touch free is cleaner than cash. Many businesses are already moving to make digital currency the only form of transaction they will engage in so their customers and their employees feel safe. Humans, unless they are of the heroic mold — like the forefathers of the United States of America — will embrace almost anything to save themselves. Given a serious crisis, many will trade away freedoms that were once valued as priceless, though braver folk gave up their lives to attain such liberty for all. We saw how easily that happened after 9/11 when then President George Bush turned the NSA into the world’s biggest black box to house acres of super computers to store all cell-phone calls and all data communications moving across the internet in the name of national security — literally the National Security Agency.

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COVID-19 and the War on Cash: What Is Behind the Push for a Cashless Society?

The Rutherford Institute

Cash may well become a casualty of the COVID-19 pandemic. As these COVID-19 lockdowns drag out, more and more individuals and businesses are going cashless (for convenience and in a so-called effort to avoid spreading coronavirus germs), engaging in online commerce or using digital forms of currency (bank cards, digital wallets, etc.). As a result, physical cash is no longer king. Yet there are other, more devious, reasons for this re-engineering of society away from physical cash: a cashless society—easily monitored, controlled, manipulated, weaponized and locked down—would play right into the hands of the government (and its corporate partners).

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