Was pointed to this video not long ago; it from a YouTube channel by a gal named Lynette Zang. I'd never heard of her before watching this video. I
think she represents herself as financial guru/investment pundit. I don't know how much acumen she has after just this one video, but she is
entertaining and this segment was fairly interesting.
The subject of this video "The Attempt at New Laws for Your Money", which was essentially a talk around international /and/ domestic efforts to
digitize money. The first part of the discussion was relevant to some material produced I believe from think tanks and the IMF; it was IIRC a 20
bullet point plan to introducing worldwide digital currency. Her contention was that we are at point #8. The second part was describing US
congressional legislation that in her opinion was paving the way for digital dollar. The main concern, aside from efforts to remove paper tender,
was that a person's digital dollar 'wallet' would essentially be an account directly tied to the Federal Reserve (if I understood her point
correctly. This would mean intermediary commercial banks are NOT really your banker, but just acting as an agent of the Fed. More or less, now end
consumers would be under the thumb of the Federal Reserve system, whereas now really just banks are. The legislation she reviews appeared to me to be
some type of digital 'banking fairness' initiative sponsored by Sherrod Brown (Ohio congressman?), and the main language I saw was more about
eliminating bank service fees and providing monetary accounts, digitally, for formally financially underserved folks. On its surface doesn't really
sound sinister to me, but I'm thinking her position is that it'd open the flood gates to going 'all digital' for US currency and banking.
The number 1 reason any government is pushing digital currency is as follows:
Person A wishes to exchange money for something person B has.
With physical currency:
Person A hands Person B money, person B hands Person A the thing, transaction complete. Nobody else is involved.
With digital currency:
Person A pays Person B using their government issued federal reserve wallet to transfer digital dollars to person B. Person B receives the money but a
record of said transaction now exists. Perhaps in such a system, such things as sales taxes may be automatically applied. Even if not, the system
ensures every single transaction between two people even down to the smallest cent is tracked and accounted for.
This can then lead to such scenarios as blocking transactions for entities deemed unacceptable to the government, think the way youtube demonitizes
channels, except, it's the government and all your money and ability to make money period.
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