THE END OF FREEDOM: PROGRAMMABLE DIGITAL CURRENCY
Beyond snooping, total government control of your banking…
Lummis Rips IRS Plans to Snoop on Your Bank Account
Senator Cynthia Lummis (R-WY) is blasting new attempts by Democrats and President Joe Biden to implement new rules that would allow the IRS to monitor the bank accounts of every American and police all transactions over $600. During a Senate Banking Committee hearing earlier this week, Lummis took Treasury Secretary Janet Yellen to task over the issue.
“I am astounded by what you’re supporting and proposing. I think it’s invasive. I think privacy for individuals is being ignored. And I think that treating the American people like they are subjects of the government is unconscionable,
Secretary Yellen: “It’s important to have comprehensive information so people can’t game the system.”
Lummis" "No ma’am. But you know what is important? Liberty." <Source>
Benjamin Franklin sagely noted, “Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.” The same can be said of convenience. In our increasing lazy society where a majority of the sheeple take the path of least resistance, we are now facing an existential threat to our freedom.
Before anyone starts with the mantra, “They wouldn’t do that, it’s a conspiracy theory,” be advised that the Federal Reserve, a PRIVATE, non-governmental corporation owned by a secret group of banks, is openly considering the use of digital currency – and even worse, “programmable digital currency.” Of course, they do not define the programmable portion of the concept.
FEDS Notes (June 23, 2021)
What is programmable money?
Many observers of financial technology have offered interpretations and discussions of potential use cases of programmable money. While such references to programmable money typically describe it as being enabled by distributed ledger technology (DLT) or blockchain systems, this is not universally the case, and the term remains ill-defined.
Two natural components of the definition are a digital form of money and a mechanism for specifying the automated behavior of that money through a computer program (this mechanism is termed “programmability” in this note).
However, it is not clear whether these components alone are sufficient for a definition, given that various combinations of similar technology for payments automation have existed for decades.
It was only after the advent of public blockchain cryptocurrencies that the term “programmable money” became common parlance. So what is it about these new systems that have prompted the recent spate of references to the term, and does the answer somehow imply that DLT has to be a part of any “programmable money” system? <Source>
The Fed is advancing its efforts to develop a digital currency - and says it will publish a research report this summer
Federal Reserve Chair Jerome Powell on Thursday revealed that the central bank has taken further steps in its exploration of a digital currency and will be releasing a discussion paper this summer outlining its current thinking on digital payments. The chairman noted that the central bank has been exploring the benefits and risks of a CBDC in the past, focusing on whether it could improve what he said is the "already safe, effective, dynamic, and efficient" domestic payments system in the US.
"We think it is important that any potential CBDC could serve as a complement to, and not a replacement of, cash and current private-sector digital forms of the dollar, such as deposits at commercial banks," he said. A CBDC is a type of central bank liability - just like the US dollar - issued in digital form, which could be designed for use by the general public. <Source>
What they are actually saying …
The use of your digital currency can be monitored, controlled with restrictive usage, and taxed – with little or no provision for the fast resolution of errors and difficulties like power outages.
In the beginning, digital currency would co-exist with current forms of fiat paper currency such as Federal Reserve notes. The first implementation of digital currency is likely to be in the form of a digital wallet on your smart device or in the form of a debit card. The first issuance would be to the mass of individuals receiving social welfare benefits with the programmability feature restricting the conversion of digital credits into hard currency. And possibly programmed restrictions that enable the digital credits to be used on essential goods and services prescribed by government dictate. The second issuance would be to the mass of individuals receiving entitlement payments such as Social Security with little or no restrictions other than conversion options. At some point, the use of the programmable digital currency would become mandatory and include the surrender and conversion of all existing currency.
If this sounds like a pipe dream, the system is being developed in Communist China and linked to a central dossier containing a social credit score. Thus, individuals with suspect behavior might find that they cannot purchase tickets to travel beyond specified distances without further government approvals and permissions.
IMF: Making The Digital Money Revolution Work for All (July 29, 2021)
History moves in uneven steps. Just as the telegraph erased time and distance in the 19th century, today’s innovations in digital money may bring significant changes in the way we lead our lives. The shift to electronic payments and social interactions brought on by the pandemic may cause similarly rapid and widespread transformations.
Opportunities are immense. A local artisan can receive payments more cheaply, potentially from foreign customers, in an instant. A large financial conglomerate can settle asset purchases much more efficiently. Friends can split bills without carrying cash. People without bank accounts can save securely and build transaction histories to obtain micro-loans. Money can be programmed to serve only certain purposes, and be accessed seamlessly from financial and social media applications. Governments can tax and redistribute revenues more efficiently and transparently. <Source>
Yahoo normalizes communist China’s social credit score (September 20, 2021)
In the not-too-distant future, your internet habits could help determine the house you can buy, if you can buy at all, and the rate on your next auto loan. Your credit score is currently based on payment history and debt level, but the globalist International Monetary Fund (IMF) suggests spying on buying and borrowing habits, and using that information might be a better indicator. They want to put AI on it to do the spying.
They will know your entire web history and use that to let you buy a house or a car but don’t worry, they won’t get political or totalitarian at all. You can trust corporations even though they are in bed with DC. (Yes, that’s sarcasm).
Lenders might use your public digital footprint to see if you are worthy of borrowing. Yahoo loves the idea and boasts about it as the lending score of tomorrow. <Source>
Hawley says 'Communist China' importing social credit scores to US as form of 'cancel culture'
Sen. Josh Hawley warned that the Chinese practice of using social credit scores is being imported to the United States as the newest form of an intensifying cancel culture.
“Everyone knows what a credit score is. But social credit scores are new. They’re the latest corporate import from Communist China, where government and big business monitor every citizen’s social views and statements,” Hawley said in an op-ed in the New York Post.
“And they’re the latest form of cancel culture in this country, as corporate monopolies and the left team up to shut down speech they don’t like and force their political agenda on America,” Hawley continued. “For those who still believe in free speech and the First Amendment, this is the time to take a stand.” <Source>
Government of Canada: China’s Corporate Social Credit System: How businesses can prepare
China developed the Corporate Social Credit System (CSCS) to ensure corporate compliance and improve behaviour of companies doing business in China. It is part of the People’s Republic of China’s plan to build a single, standardized reputation system for local and foreign firms alike.
The system touches on virtually all aspects of a company’s business operations in China. It assesses the performance and demeanor of companies, by analyzing topic-specific ratings (e.g. tax, customs and environmental protection) and compliance records (e.g. on anti-monopoly cases, data transfers, pricing and licenses). The automated system collects data, processes and rates it against the defined requirements. Based on their rating, Chinese authorities will reward businesses with “good” and sanction those with “bad” behaviour.
China has already introduced the system. It is expected to be fully implemented by the end of 2020.
Businesses will receive low corporate social credit scores if they have unsatisfactory corporate compliance to Chinese rules. As a consequence, China could declare offending companies to have “bad behaviour." This could result in sanctions, which depending on the rating, could include:
- penalty fees
- higher inspection rates
- targeted audits
- restricted issuance of government approvals
- exclusion from preferential policies
- restrictions from public procurement
- public blaming and shaming
- being blacklisted in extreme cases
New Zealand is considering launching its own digital currency as it sees opportunity for payments innovation
New Zealand's central bank is looking at the potential of creating a digital currency, with officials in a report Thursday saying such a project could foster further innovation in the country's payments system. The Reserve Bank of New Zealand sought public feedback on papers focusing on the future of money which included a proposed digitized currency at a time when the use of cash is declining."A Central Bank Digital Currency would see the features and benefits of cash enjoyed in the digital world, working alongside cash and private money held in commercial bank accounts," RBNZ Assistant Governor Christian Hawkesby said in a statement.
The majority of the world's central banks are studying the benefits and drawbacks of CBDCs, according to a survey by the Bank for International Settlements. Federal Reserve Chairman Jerome Powell this week said the central bank's report exploring a potential digital dollar is due soon and that it would be "ideal" to work with Congress on creating such an asset. <Source>
And, just when you thought it couldn't get worse...
Terrifying: Biden Is Nominating Soviet-trained Radicals Now
President Joe Biden wants to put an actual Communist — self-proclaimed “radical” Cornell University law school professor Saule Omarova — in charge of the nation’s banking system.
Omarova graduated from the Soviet Union’s Moscow State University in 1989 on the Lenin Personal Academic Scholarship, according to the Wall Street Journal. As recently as 2019, she was still praising the USSR’s economic system as in some ways superior to our own. “Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best.'”
Omarova’s goal is the eventual elimination of private banking and the establishment of the Federal Reserve as the nation’s only bank.
In her own words:
“The core idea here is simply to allow all U.S. citizens and lawful residents, local governments, non-banking firms and non-business entities to open transactional accounts directly with the Federal Reserve, thus bypassing private depository institutions,” she wrote. “In this sense, it is a variation on the familiar FedAccounts — or FedCoin, ‘digital dollar wallets,’ etc. — theme. In principle, FedAccounts can be made available as an alternative to bank deposit accounts, upon a person’s request.”
She’d also like the U.S. to create a central bank digital currency—as Venezuela and China are doing—to “redesign our financial system & turn Fed’s balance sheet into a true ‘People’s Ledger,’” she tweeted this summer.
Omarova herself wrote that her proposal is “deliberately radical in scope and substance.” <Source>
Pay attention to what the Biden Administration is stuffing in those massive 1000+-page bills. Like all financial transactions, over $600 need to be reported. Federal agencies are given unconstitutional access to your financial accounts – if not by government dictate, then buried in a PRIVATE organization’s terms of service.
Feckless Republicans may not be the correct answer, but the Democrats are demonstrably at the root of our current problems.
The Biden Administration has destroyed our sovereignty at the Southern Border. Left Americans behind enemy lines in Afghanistan. They have crippled our economy with pandemic restrictions clearly based on politics and not supported by science.
Digital currency is the perfect vehicle to rob you blind. Including the implementation of negative interest rates. Followed by the total control of a programmable digital currency.
We are so screwed.
“Nullius in verba.”-- take nobody's word for it!
“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw
“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius “A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell “Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar “Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS
"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell
“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar
“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS