Federal Reserve announces FedNow as tyrannical CBDC takes a step forward
A central bank digital currency will take a leap forward this summer with FedNow’s implementation while banking collapses also help aid the advancement
The Federal Reserve has made an announcement that’s been described as a major step towards a central bank digital currency (CBDC).
That announcement was the target release date for FedNow to be some time between May and July of this year.
The Fed’s announcement describes FedNow:
“The FedNow Service will be designed to maintain uninterrupted 24x7x365 processing with security features to support payment integrity and data security. The service will have a 24-hour business day each day of the week, including weekends and holidays. End-of-day balances will be reported on Federal Reserve accounting records for each participating depository institution on each FedNow Service business day. Access to intraday credit will be provided to participants in the FedNow Service during its business day under the same terms and conditions as for other Federal Reserve services.”
FedNow, it should be noted, is not a CBDC, but it is an advance towards a CBDC.
David Knight said:
“The first stage of CBDC. This particular stage is not really anything that’s new. This stage is really duplication of capability you’ve already got out there with Venmo and with Cash App.”
Knight states that FedNow is representative of the incremental approach the government always uses to get Americans used to an idea that should be rejected from the start.
FedNow is a “service” that will allow businesses and individuals to make or receive payments instantaneously without physical cash. It effectively digitizes transactions, but it still relies on our current physical currency.
Of course, as Knight noted, companies like Venmo already provide that. So, why do we need FedNow?
Well, it’s something the Fed has pushed for several years now. Charles Hughes Smith wrote for Of Two Minds in October of 2020 that there are two stated reasons. One, the Fed believes current payment systems are too slow and transactions need to be instantaneous while this will benefit the so-called “unbanked.” Two, these digital transactions will be easier to track which makes it easier for the government to stop “panic-hoarding.”
Smith wrote:
“Do you see the monstrous power grabs this we’re-here-to-help system would institute?”
“1. The power to borrow and distribute money that is currently reserved for the elected representatives in Congress would be bypassed by FedNow. Why wait around for slow, corrupt Congress to agree on stimulus, Universal Basic Income (UBI), etc.? With FedNow, the Fed can create trillions out of thin air and distribute the dough to households without any Congressional approval.”
“What’s interesting about this is that Congress has no power to stop the Fed from printing endless trillions and distributing the money however the Fed chooses. As an independent quasi-public agency, intended to be apolitical and outside the reach of corrupt politicos, the Fed is free to create and distribute as much new digital currency as it sees fit.”
“With FedNow, Congress has lost the government’s monopoly power to distribute funds. Congress can still borrow and spend money, of course, but the citizenry's elected officials no longer have the monopoly granted by the Constitution.”
“2. The anonymity of the nation’s money will be lost to the Fed's digital dollars. Perhaps the Fed will declare that only those who wear their underwear outside their clothing will avoid penalties. (Referencing the 1970s film Bananas.) Who’s to say what the Fed will track, and for what purposes? The Fed, that’s who.”
“There’s a whiff of desperation in these FedNow power grabs. It’s possible that the Fed has concluded that the elected legislative branch of government is now so thoroughly corrupt and dysfunctional that the Fed is forced to save the day, so to speak, by grabbing the power to create and distribute endless trillions to keep the increasingly impoverished and powerless citizenry from rebelling against the status quo.”
“The irony of course is that the primary source of the impoverishment of soaring inequality is the Fed itself, as the Fed’s ‘permanent emergency powers’ of sluicing trillions in free money for financiers has goosed the wealth of the top 0.1% while leaving 95% of the citizenry worse off as wage stagnation and rising inflation has eroded the standard of living /purchasing power of labor.”
“It’s a nice trick, isn’t it? First the Fed creates the inequality that makes rebellion inevitable and then it rides to the rescue with a power grab that nullifies the monopoly over governmental allocation of money the Constitution grants to Congress, and it destroys the anonymity of the ‘free money’ it plans to distribute in the ultimate bread and circuses.”
“Clearly, the Fed reckons the public is foolish enough to believe the Fed’s money will actually be ‘free.’ Check out what you've lost before declaring anything ‘free.’”
Although not the final CBDC product, FedNow is clearly a step towards it.
Whether it be FedNow or CBDC, there is no need for either. The so-called problems the Fed claims it is solving with either already have solutions in the market place.
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, noted this last year. Kashkari is the only member of the Fed who appears to be pushing back against this trend, and he said:
“I’m pretty skeptical. I keep asking anybody, anybody at the Fed or outside of the Fed, to explain to me what problem this is solving? I can send anybody in this room $5 with Venmo right now.”
“So, what is it that a CBDC could do that Venmo can’t do? And all I get is a bunch of hand waving. I get, ‘Well, maybe it’s better for financial inclusion. Maybe it’s better for cross border remittances, maybe.’ Is there any evidence that it is?”
“And then they say, ‘What about China? China’s doing it.’ Well, I can see why China’s doing it. If they want to monitor every one of your transactions, you could do that with a central bank digital currency. You can’t do that with Venmo. If you want to impose negative interest rates, you can do that with a central bank digital currency. You can’t do that with Venmo. And if you want to directly tax customer accounts, you can do that with a central bank digital currency. You can’t do that with Venmo. So, I get why China would be interested. Why would the American people be for that?”
A CBDC and digital “money” ultimately sets the stage for a one world government. It should be noted, over 100 governments around the world are in the planning or implementation stages for CBDC. The World Health Organization is issuing guidance to governments, and the Trilateral Commission has called 2023 the first year of the new world order.
CBDCs will eliminate our ability to save. They will eliminate our privacy. They will eliminate our freedom to choose. They will obliterate our liberty. I’ve written several pieces on CBDCs:
“A CBDC would usher in a complete and total inescapable slave state. The good news is that it’s taking a long time for the rulers to roll it out, so more and more people have time to figure out that this will be a form of slavery that will be almost impossible to escape from. The bad news is that they aren’t giving up and the goal is to control as many as possible through complete control over every single cent they manufacture out of thin air….”
“The Federal Reserve has emphasized that it would only issue a CBDC with the support of the executive branch and Congress, and more broadly the public…. Right. Because the masters always care about what the slaves want. If anything, they will attempt a massive propaganda campaign to try to convince the public they need to be owned more completely. They already did a pretty good job convincing people that democracy is freedom and that they aren’t slaves already, so who knows how successful this could be.”
Every push by the political class is to destroy liberty. The Biden regime is calling for a “public-private” partnership, otherwise known as fascism, to create a Digital ID. Then there’s the surveillance system being implemented on Americans by the CIA, which is supposed to have no authority within U.S. borders, and Mossad, a foreign (Israel) “intelligence” agency. Whitney Webb wrote:
“Under the guise of stopping mass shootings, a surveillance system backed by top Mossad, CIA and FBI officials is being installed in schools, houses of worship, and other civilian locations throughout the country, much of it thanks to the recent donation of an ‘anonymous philanthropist.’”
What’s not being told about the bank failures
Everyone’s heard about Silicon Valley Bank (SVB) by now, but a lot is not being said about that bank and the widescale nature of the failures and bank runs going on.
Vaccine Impact was warning about the bank runs that were quietly taking place on March 5 as well as bank failures and a big tech crashes on March 7. On March 9, Vaccine Impact had a series of stories detailing the $52 billion lost from just four large banks in one day and the impending doom for SVB as the collapse of the banking sector began.
The mainstream narrative media largely ignored those stories or toned them down, but by March 10 SVB became the second Federal Deposit Insurance Corporation (FDIC) insured bank to collapse in three days, SVB being the second largest bank in American history to collapse. By March 12, the third largest bank to collapse occurred with Signature Bank.
While the media has been unable to ignore SVB and Signature, it’s interesting that a lot has not been said about Silvergate bank which the FDIC took over a few days before SVB.
The thing is, Silvergate did not have a whole lot in common with the likes of SVB and Signature. Silvergate was financially strong. The thing all three have in common is that they were all invested in cryptocurrency, which needs to be killed or taken over prior to CBDC implementation. Brian Shilhavy wrote for Vaccine Impact that “it would make sense that the U.S. Government would try to eliminate competition if they are planning on a wide-scale roll out of CBDCs to replace the monetary system.”
This appears to be the renewal of Operation Chokepoint, an Obama-era action to use the banking sector to take down the Second Amendment. Instead of guns, the target this time is cryptos.
“In Just the last few days, we’ve had the second and third largest bank failures in history. Everybody’s talking about them, but nobody’s talking about the other bank that was just shutdown, Silvergate. Silvergate didn’t fail, it was shut down by the regulators. They fell below the arbitrary and subjective debt ratio permitted by the FDIC because they were dealing with crypto. It’s not because they were bankrupt, Silvergate has the money to pay back their customers, not a single penny is going to come out of FDIC. Silvergate didn’t fail, it was shut down because of crypto. This is Operation Chokepoint 2.0….”
“Here’s a synopsis of Biden’s push for CBDC. In March 2022, Biden told all federal agencies to create a road map of how they’re going to implement, sell, and enforce CBDC. They all got back to him 6 months later with some recommending changing ‘safe practices’ for crypto. November 2022, you conveniently had the FTX failure, which I believe was a setup. January 2023, they say that even though banks are legally permitted to deal with crypto, it’s not ‘safe and sound’ banking practices. And now, they’ve shutdown a financially sound bank….”
“Signature bank, SVB, and Silvergate were all heavily involved in crypto. A lot of people in the crypto sector are scrambling to figure out where they can go from here. Marco Lim, a crypto hedge fund manager, said that Signature and Silvergate were the 2 largest ‘crypto friendly’ banks. Lim claims ‘many crypto firms are now combing for banks outside of the US.’ Because they know, just like these senators know, that the Biden administration is going to shut down crypto by hook or by crook. They’ll do it gradually, iteratively, from the inside, using disruption.”
The banks are really shaky right now, and the powers that be don’t want us to know about it. Sen. Mark Kelly (D-Arizona) wants social media to censor any information that could cause a bank run, regardless if it is true or not. Then there was the FDIC meeting in January where officials were discussing why pertinent information should not be disseminated because the public might take their money out of the system. One member literally said the “public has more full faith and confidence in the banking system” then the FDIC has, and they want to keep it that way.
This feels like a controlled demolition of the banking sector to pave the way for a CBDC. The bank failures will continue, and this isn’t a partisan issue. This is over a century of Democrats and Republicans propping up the funny money created by an unconstitutional Federal Resrve system.
“In the past, when a bank created too much currency out of nothing, people eventually would notice, and a ‘bank run’ would materialize. But when a central bank authorizes all banks to do the same thing, that’s less likely—unless it becomes known that an individual bank has made some really foolish loans.”
“Central banks were originally justified—especially the creation of the Federal Reserve in the US—as a device for economic stability. The occasional chastisement of imprudent bankers and their foolish customers was an excuse to get government into the banking business. As has happened in so many cases, an occasional and local problem was ‘solved’ by making it systemic and housing it in a national institution. It’s loosely analogous to the way the government handles the problem of forest fires: extinguishing them quickly provides an immediate and visible benefit. But the delayed and forgotten consequence of doing so is that it allows decades of deadwood to accumulate. Now when a fire starts, it can be a once-in-a-century conflagration….”
“As we get closer to a widespread banking collapse, choosing where to put your money is crucial to ensuring it doesn’t get caught in the crosshairs.”
“Owning gold is essential. Gold has held its value for thousands of years. It has preserved wealth through every kind of crisis imaginable. Gold will preserve wealth during the next crisis, too.”
“While this is quickly turning into a partisan issue with each side blaming the other, open up your wallet and look at the color of your federal reserve notes (known as U.S. dollars). They are GREEN, not blue, and not red.”
“You ‘reap what you sow’ is a fact of life, not only in agriculture (you can’t plant corn and expect to harvest watermelons), but also in the financial world, and after years of corruption in the business world and financial markets, the time to reap the consequences seems to be upon us.”
“America has prospered for too long off the backs of cheap labor outside the U.S. while investments and start up firms have become just as risky and worthless as gambling in Las Vegas, throwing money around as entertainment without producing anything of real value.”
“This is a MORAL issue, not a political issue. The time to pay off our debts that we have immorally been ignoring for decades, no matter which political office has been in power, is now upon us it would seem.”
“This crisis is far from over.”
“As I have been arguing for years, our deeply flawed system simply cannot survive without artificial support.”
“What has transpired over the past several days is clear evidence of this fact.”
“The Federal Reserve has decided to ride to the rescue once again, and the financial community is cheering.”
“But will it be enough to stop the wave of panic that has now been unleashed?”
“We shall see.”