Advisory: Be careful of what you read on social media. The algorithms used by these platforms have no regard for Biblical truth. They target your emotions to keep you engaged on their site so their advertisers can drop more ads. These platforms exist to enrich their stockholders. Consider God’s promise to Believers in James 1:5, “If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you.”
Digital Currency and Direct Deposits To Households via FedNow accounts…
Introducing the Central Bank Digital Dollar
After looking at what the FED is and isn’t allowed to do, we can look at how their authority is to be expanded. According to the Digital Asset Bill, section 11 of the Federal Reserve Act is to be amended to provide the Federal Reserve Board with new powers:
“(d) To supervise and regulate through the Secretary of the Treasury the issue and retirement of Federal Reserve notes (both physical and digital), except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation, and to prescribe rules and regulations (including appropriate technology) under which such notes may be delivered by the Secretary of the Treasury to the Federal Reserve agents applying therefor.”
So far so good. But the next section, contains the real story. According to the Digital Asset bill, Federal Reserve notes will in the future also be issued digitally:
“Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. Notwithstanding any other provision of law, the Board of Governors of the Federal Reserve System is authorized to issue digital versions of Federal reserve notes in addition to current physical Federal reserve notes. Further, the Board of Governors of the Federal Reserve System, after consultation with the Secretary of the Treasury, is authorized to use distributed ledger technology for the creation, distribution and recordation of all transactions involving digital Federal reserve notes. The said notes shall be obligations of the United States and shall be considered legal tender and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.” 7)
Creation, Distribution and Redecoration
As we saw, the Federal Reserve does not have the power to create Dollars directly. It seem like this power is now to be granted to them. Given that these new Reserve Notes are digital, this strangely merges two distinct forms of money as well.
Next, we saw that the distribution of Dollars was done through member banks. It isn’t clear if this remains the case. It clearly says that these digital Dollars can be issued “in addition” to the current Federal Reserve notes. There is nothing, at least not in this law, preventing the Federal Reserve from taking a more centralized and direct role in distributing the digital Dollar. Perhaps during the next “emergency.”
And finally, the Federal Reserve Board is to be authorized to create and distribute a “ledger-based” digital Dollar that could be used for everyday transactions. There are a few technologies one could imagine, but let us for now assume this will be a blockchain. Blockchains are great for recording transactions; it is what they do.
Perhaps that is why the Federal Reserve will be authorized to do so? However, it is a bit hard to imagine that such a centralized structure would not lead to monitoring of all transactions. And what about privacy? What about security?
The Fed is currently not as powerful as it wants the market to believe; the Federal Reserve Act restricts a lot of its actions. This amendment, however, could drastically expand the powers of the FED, by allowing them to create and distribute a “digital USD” directly. It could change the entire structure of the financial system, with far reaching consequences.
And how are digital Federal Reserve Notes to be justified in terms of the origins and authority of the Federal Reserve? If the Digital Dollar is based on a blockchain, how can they also be based on reserves?
And what mechanism will determine how funds (and how much) are added to the economy? And where and how will they be distributed? Will this all be under the control of a board of seven unelected bureaucrats? And how will they control a distributed ledger of such magnitude?
This amendment has the potential to change the way the Federal Reserve operates. It is not law yet, and can still be changed. This deserves a wider discussion by economists and financial experts outside the crypto-space as well.
People’s hearts are troubled. Their minds are in a state of confusion. The Bible tells us that there will be a time of great delusion that will come upon the people. That time has arrived. The politicians must come up with more significant and more believable lies to bring on the Antichrist. We have entered the Tribulation.
“Unless God has raised you up for this very thing, you will be worn out by the opposition of man and devils.” ~ SRH
If you read up on the Fed’s plans for its own digital currency and the FedNow system, you’ll come to understand that the Fed has concluded that supporting consumption (i.e. giving money to households to enable more spending) is too important to leave in the corrupt hands of the legislative bodies (Congress) or the Treasury, which must issue debt to raise cash to distribute to households, debt that further burdens federal revenues and spending.
We can’t count on you, broker-dealers or Congress, so we’re taking charge, as the system is now so over-extended that any misadventure by other players could well be catastrophic. The only alternative from the Fed’s point of view is to take charge and cut the untrustworthy, self-serving incompetents out of the loop.
So the Fed’s plan is to create new money out of thin air and deposit it directly in household accounts via the FedNow system.
The danger of this power grab is that the Fed will misjudge the situation, and that will prove catastrophic because the system has been stripped of resilience, feedback and redundancy.
I suspect the Fed sees itself as trapped by the incompetence and greed of the other players and by its own policy extremes that were little more than expedient “saves” of a system that is unraveling due to its fragility and brittleness.
Most central banks are busy preparing for the potential introduction of central bank digital currency (CBDC). CBDC is a digital currency issued by the central bank. It is sometimes referred to as a digital version of a bank note, but in many cases this is not correct. There are indeed many different potential variants.
So far, virtually all the central banks are keeping their options open as to whether a CBDC will ultimately appear.
As the system unravels, the Fed’s primary imperative is to save the financial system and economy from the greed-soaked incompetence of the other players, public and private, by taking charge of critical swaths of the financial system and economy.
After the subprime debacle almost took down the entire global financial system, the Fed (with a bit of help from Congress) essentially took over the entire $10 trillion U.S. mortgage market.
Private-sector lenders had figured out how to issue guaranteed-to-default mortgages and pass off the fraudulent mortgage-backed securities (MBS) to a global cast of suckers who believed America’s financial system was properly regulated. (Haha, the joke’s on you.)
In response, the Fed basically nationalized the mortgage market, buying more than $1 trillion in mortgage-backed securities and ensuring that virtually all mortgages in the U.S. were guaranteed or originated by federal agencies: Fannie Mae and Freddie Mac (after their bankruptcy as quasi-private agencies), FHA and VA.
More recently, the Fed realized the private broker-dealer banks that handle the all-important issuance of Treasury bonds could no longer be trusted.
As analyst Christopher Whalen explains, “The Fed’s primary concern is not employment or inflation, but rather keeping the market for Treasury securities functioning.”
In response, the Fed is cutting the broker-dealers out as unreliable players. The Treasury market and the U.S. dollar are the foundations of federal spending and power, and so the Fed has realized that, just as it did with the fraudulent embezzlers of the private-sector mortgage market, it has to bypass or neuter the private-sector players as threats to stability.
Next up on the Fed’s agenda: take charge of the issuance of new money to households and cut Congress out of the loop.
AntiChrist Will Make His Move SOON–Globalists Call for Cashless Society in Response to Corona-virus, Warning Physical Money Is Dirty…
“And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” This cryptic verse from the book of Revelation describes a future dystopian world where cash is no longer king, as it’s been replaced by the mark of the beast that’s right now being unveiled before our very eyes in response to the Wuhan coronavirus (CoVid-19).
Not long after Beijing started “quarantining” physical money all throughout China because it might be infected with the novel virus, the Federal Reserve here in the United States decided to do the same thing by “quarantining physical dollars that it repatriates from Asia before recirculating them in the U.S. financial system,” according to a Fed spokesperson.
While all money isn’t quite yet been fully and systematically removed from American circulation, we’re witnessing the precursors to this exact thing happening in the soon coming days as Wuhan coronavirus (CoVid-19) fear and panic continues to run its treacherous course.
The money quarantine decision comes as a “precautionary measure,” with the Fed indicating that said money will have to remain under mandatory lockdown for at least 10 days before recirculating. Specifics about how these paper dollars will be effectively sanitized before being reintroduced have not been disclosed by the Fed.
Evil men and impostors will proceed from bad to worse, deceiving and being deceived. You, however, continue in the things you have learned and become convinced of, knowing from whom you have learned them, and that from childhood you have known the sacred writings which are able to give you the wisdom that leads to salvation through faith which is in Christ Jesus. All Scripture is inspired by God and profitable for teaching, for reproof, for correction, for training in righteousness; so that the man of God may be adequate, equipped for every good work.
One of the signs of the end times I speak about in this article is that “lawlessness” in society will become pervasive. Hear the words of Jesus as he mentions this fact in His message about end times events.
Source: HNewsWire HNewsWire HNewsWire ZeroHedge
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