For most of my adult life, globalists and futurists have promoted and envisioned the use of digital currencies and even microchip implants.
Though exciting for those who want to simplify their lives, some of the technology is alarming to Christians, those opposed to The Great Reset, and various anti-government groups.
On Thursday The Federal Reserve released its long-awaited study of a digital dollar, exploring the pros and cons of the much-debated issue and soliciting public comment.
Billed as “the first step in a public discussion between the Federal Reserve and *stakeholders about central bank digital currencies,” the 40-page paper shies away from any conclusions about a central bank digital currency, or CBDC. The report originally was expected in the summer of 2021 but had been delayed.
*Stakeholder owner is a globalist’s concept of moving Capitalism away from shareholders investing in corporations, expecting to receive a return on their money, to an attempt to ensure “equity” for everyone involved with the product or service, including the global family.
The report provides an exhaustive look at benefits such as speeding up the electronic payments system at a time when financial transactions around the world already are highly digitized. Some of the downside issues the report discusses are financial stability risks and privacy protection while guarding against fraud and other illegal issues.
“We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Federal Reserve Chair Jerome H. Powell said in a statement accompanying the report.
Top Fed officials appear divided on the matter as the privacy risks, via government ability to track the movement of the money between parties, is sure to cause a lot of public outcries.
Powell last year said the project would need to demonstrate “clear and tangible benefits that outweigh any costs and risks.”
Lael Brainard, a member of the central bank’s Board of Governors who was recently nominated by President Biden to become the Fed’s No. 2 official, has signaled more interest. She has framed the issue both as a competitive imperative for the U.S. internationally — China adopted its own central bank digital currency last year — and an opportunity to extend benefits to lower-income Americans who struggle to access the financial system.
Liberal advocates have focused on its potential to get cash quickly to Americans in financial straits who don’t have bank accounts, a need highlighted by the challenge the federal government faced distributing relief money during the pandemic.
A government-issued digital dollar could eventually lead to the end of private banks as it opens the door to the Fed offering banking services to consumers has drawn objections from the banking industry.
Commercial banks have raised alarms that the move could drain their deposits and destabilize financial markets. And while the Fed, in the Thursday paper, avoids firm conclusions about how it would proceed, it suggested it does not favor offering accounts directly to consumers.
“Such accounts would represent a significant expansion of the Federal Reserve’s role in the financial system and the economy,” according to the report. Instead, the central bank indicated it would favor letting private companies offer digital wallets that would let consumers hold and spend the currency.
The report comes amid an explosion in the market for stablecoins, cryptocurrencies whose prices are pegged to an external asset such as the dollar. The private companies issuing those tokens market them as a safer alternative to other, better-known cryptocurrencies, such as Bitcoin and Ether, that have experienced wild price gyrations.
Top regulators say stablecoin issuers lack adequate controls on the size and quality of their reserve holdings, inviting the risk of a sort of bank run if there’s a sudden demand for redemptions. A group of regulators led by the Treasury Department in November for imposing bank-like rules on stablecoin companies.
Powell has said a U.S. digital currency and stablecoins can coexist. The Fed’s report said a U.S. digital currency could “spur innovation by banks and other actors and would be a safer deposit substitute than many other products, including stablecoins and other types of nonbank money.”
The central bank also noted that it would not expect a Fed-backed digital currency to replace physical cash. “The Federal Reserve is committed to ensuring the continued safety and availability of cash,” the report said, adding the bank would view a digital currency “as a means to expand safe payment options, not to reduce or replace them.”
As the saying goes though, you can’t stop technology from advancing and the chip implants are here. A Russian doctor has injected microchip implants into his hands to make life easier. The rise of microchipping: are we ready for technology to get under the skin?
To those who believe the chip is part of the global government’s control of the world, as warned in the Bible, the idea of allowing a mark of any sort for commerce is a nogo.
“And the second beast required all people small and great, rich and poor, free and slave, to receive a mark on their right hand or on their forehead so that no one could buy or sell unless he had the mark—the name of the beast or the number of its name.” Revelation 13:16-17)
With the winds of change behind everything going digital and with the U.S. Internal Revenue Service wanting to track all transactions in their pursuit for collecting trillions in new taxes for the bankrupt treasury, the odds of this progression from taking place in highly plausible.
Written By: Eric Thompson, host of the Eric Thompson Show.