The same institution responsible for creating most of our economic financial problems is now trying to solve them all and “help” us.
There has been a lot of speculation over the last year regarding the Federal Reserve’s push to create a digital dollar.
Now, Fed Chair Jerome Powell is telling Congress that developing a digital currency is a high priority.
Ronald Reagan once famously said, “The nine most terrifying words in the English language are, ‘I’m from the government, and I’m here to help.”
Is this the Federal Reserve advocating that the US fiat system is broken? We’re not sure…
They seem to be riding on the cryptocurrency wave’s coattails as the new digital dollar is said to have some similar characteristics as cryptocurrencies such as Bitcoin.
Treasury Secretary Janet Yellen recently warned the public against the use of cryptocurrency, calling it dangerous and advising it needs regulation.
Central bank-issued digital currencies may solve a few problems such as the need for middlemen (banks, credit card processors), ultimately eliminating transaction fees, thus making transactions peer to peer.
Transactions would be instant, secured by possible blockchain technology, making it nearly impossible for fraud, double-spending, or hacking to occur.
In essence, it would work a lot like our current digital banking system, except now, the government could potentially monitor and control all of our transactions.
While this may not seem like such a severe problem to have, a glance at China’s “progress” with a similar project may be a good indicator for where we may be headed ourselves.
The digital yuan, China’s digital dollar, which they have been experimenting with by rolling it out to small cities and districts, has now evolved into a more extensive social credit system.
The new system allows the government to track nearly every move of their citizens, which they will then be either rewarded or have certain privileges removed.
For instance, citizens who have jaywalked or played too many video games are blacklisted on a “list of dishonest persons subject to enforcement.”
As time progresses, so could enforcements, restrictions, and limitations.
Until eventually, the government could have absolute control.
China is just a few steps away from its government having absolute say and control of how and where their citizens spend their money.
As the quote goes by famous banker Mayer Anselm Rothschild, “Permit me to issue and control the money of a nation, and I care not who makes its laws.”
Are you willing to have the government take complete control of your finances?
We’re not, and never will. Call American Hartford Gold at 800-462-0071– where what you do with your money is your business only.