Congress is calling this thing "The Banking For All" bill that will create a all digital currency system in this country. This will bring this country into line with other countries move to a cashless monetary system, and then into a one world monetary system that would be controlled by the international banking system. Some could venture a comment that we are already there through the use of debit cards and that all inter banking transfers are already digital in nature. What makes this different is that we can still collect and hold physical FRN's, although in reality worthless FRN's, but still a physical form of wealth. And, how much longer can physical possession of gold and silver continue? This could be one of those pivotal moments in history that some may remember during a time of woes. https://www.congress.gov/bill/116th-congress/senate-bill/3571/texthttps: We are not alone in the move to crypto: //news.bitcoin.com/major-chinese-bank-launches-central-bank-digital-currency-wallet/ Alarmed by Libra, EU to look into issuing public digital currency: draft A hint as to what is driving the move: Fed Partners With MIT Based Digital Currency Initiative To Explore Central Bank Digital Currency Visa Moving to Integrate With Digital Currency Platforms | Fintech Bitcoin News
The physical possession of silver and gold will likely continue forever, given the thousands of years of history of it's use. Take away paper fiat, and the use of it may actually increase. People are always going to want a private form of money, tax evasion is always going to be an issue, and so forth....so take away the govt provided method to be able to do so, and some other method(s) will flourish. My guess is the vast majority of transactions are already digital (credit or debit cards), so the transition to 'gov-coin' wouldn't be that hard. The issue of taxes MAY be the one sticking point......since many that now use cash do so to avoid paying taxes, when all transactions are taxable via 'gov-coin', either a viable alternative to electronic money will be used, OR those markets that require privacy (drugs, working off the books, etc) will go away....then the ripple effect of that will be a lot of taxes not being collected in the above ground economy. Underground cash earnings get spent on real things that generate a lot of taxes as that money spreads outward.
If we go fully digital the gov can do negative interest rates on bank accounts. Negative being that they can take money out of our savings and checking accounts maybe once a month maybe daily...maybe on each transaction... Cash right now is preventing the corrupt banks from charging us too much. Remove it and the greedy ones will be greedy. plus if the power goes out what then? how are we supposed to pay for goods if the power goes out and we don’t have cash?
yep yep .. .. no power .. .. no currency .. .. but it aint jus the power .. .. ya gots ransomware .. .. malware .. .. virsues .. .. h4x0rs .. .. c h i n a .. russia .. .. north korea .. .. other bad actors .. .. EMP .. .. natural disasters .. .. network failure .. .. plus plus plus plus .. .. any of em can prevent folks from bein able to get to their $$ stupid is as stupid does .. ..
And, forcing folks to get a RFID chip implanted ( Like Gates wants) ties you in to your "Social Credit Score", and makes you a non entity, subject to disillusion at the discretion of the PTB! Basically, you are a non person once your personal credit score drops below some threshold! Might be a good thing actually, removes you from the system, can no longer tie you into their financials, but forces you to go entirely off grid, black market! The real trick is setting up a payment system so you can function outside the wire!
With A.I. and going full digital freedom and Privacy are about dead. I read something earlier about how they are taking away any stimulus money from people who are rioting and causing problems. it sounds good until you realize they can do this to anyone. Maybe for very stupid reasons. like not doing what you are told. Refusing the vaccine?
Or if they take their que from china and your social score drop's to low and you are made a non person.
Plenty of cash flying around and being used by those in Hurricane Laura's path....The electronics are down for some reason?
its clear you dont understand the meaning of negative interest rates and how they relate to non interest bearing accts or interest bearing accts. Sigh The banking system already steals from us. Most people just aren't aware of it. Dont is right the trend is away from cash. I dont think they will get away from gold and silver or other precious metal trading. The goal is to track ALL transactions. On a personal level I dont care for this. At the level of bank to bank transactions I think its a great idea. It will elliminate alot of 'float' and 'missing' transactions that banks have used for years to increase their profits and hide money.
Agree someplace close to 100%. As soon as they can follow you around and see what you spend your money on, they have you tied to the spit and ready to roast. Trust? Should be nonexistent until proven worth it. Banks accountants will get the numbers right IF they are right in the first place.
They already have those disgusting credit companies such as equifax, experian trans union, etc... which prevented my Viet Nam Marine vet brother with bad knees and COPD from moving off the second floor in a building with no elevator, all because he had "bad credit". His two bills amounted to a few hundred bucks (he was sure those were paid after his wife died and he had to move into a small apt). So he paid them straight up and waited well over a year with zero increase in his score!!! Soon thereafter his health really took a turn for the worse. I could no longer get him up and down the stairs, after escorting him to the VA over 50 times, it really sucked. He had enough CASH to buy a little trailorhouse, but his CREDIT SCORE PREVENTED HIM FROM MOVING!!!!! Those scumbags and their chinko-commie styled rating companies got several nasty mails from me, I can tell you that. (Not that it made any difference, mind you, but it made ME feel better anyway). Ya. I have ZERO use for the slimebags and their dopey population control policies...
Get good at playing their stupid little game. I just took out my first big non realestate loan. It was for solar panels. Another friend always paid cash for everything and couldn't get any credit to potentially barrow money for a newer car to drive 100 miles round trip to work at his new job each day when he was about 30. So he just paid like 10,000 cash for his ride. Eventually at about age 33 he got a credit card with a $500 limit. He needed it for work so he could occasionally travel and rent a car. He just paid cash for everything, gas and electric company needed a credit check or a $500 deposit so he knew his credit was nonexistent so he just paid the cash/check out of pocket. His old lady has the house in her name so he never even had his name on a real estate loan, never tried to buy a new car, ect. I started building my credit when I was 24 by taking a out "home improvement loan" From my local credit union for my house. I think it was for $3,000, only needed 2,000. Deposited the remainder back, paid off the loan in about a year. 2 years later did the same thing, took out a lot more from the same credit union to fix the roof. Spent it all this time fixing the roof, roofs suck. Paid it back in less than 2 years, had pretty good credit by the time I was 27. Edit: I didn't say where I got the loan.
I've been paying cash for the last 15+ years ,,, I can't buy squat on credit. They told me having no credit, is worse than having bad credit. So I guess , if I dont have the money for it ,,, I learn to do without it.
That's exactly my position. I paid cash for EVERYTHING. I have zero credit and few assets. They told me years ago that having NO credit is worse than having BAD credit. Reckon they right, but on the plus side, if I had loans out now, I wouldn't be able to make the payments due to NOT having a sustainable means of income because of this ca-ca virus. And that's a fact! Never have a single call from any bill collector. EVER. That, to me, is a plus. And a Godsend...
