Media Being Spammed with Fedcoin Shilling

The media is totally spammed with fedcoin shilling.

Yahoo! News did one of their “perspectives” pieces on it, collecting various news bits about a potential American CBDC:

Supporters

The U.S. can’t let other nations set the standards for digital currencies

“We may soon be living in a CBDC world. And if America stays on the sidelines, it could miss its chance to influence what that world looks like.” — Emily Parker, CNN

America’s global economic position will suffer if it stays out of the CBDC market

“With private companies pushing deeper into the digital currency space, rival countries seeking to seize leadership and a public that is moving further away from physical currency, the U.S. is facing a world in which it may not control or even lead the world’s payment systems.” — Dion Rabouin, Time

Americans would benefit from taking banks out of financial transactions

“Banks control the deposit dollars they generate. Their focus on profits means they provide grossly unequal access to financial services essential for earning, spending, saving and surviving. … Instead of private bankers, public officials would decide how much of the digital money to generate and how to lend or spend it into circulation.” — Jeffrey Sklansky, Washington Post

Digital dollars would have all the benefits of cryptocurrencies with none of the risk

“CBDCs benefit from some of the features of other crypto assets, including the ability to achieve instantaneous transfers. … At the same time, the element of central bank control over CBDC issuances gives them stability and predictability that is often absent from crypto products.” — Barnabas Reynolds and Donna Parisi, Reuters

Digital dollars would help poor Americans the most

“It is hard to get a credit card if you don’t have much money, and banks charge fees for low-balance accounts that can make them prohibitively expensive. But a digital dollar would give everyone, including the poor, access to a digital payment system and a portal for basic banking services.” — Eswar Prasad, New York Times

It would be hard to use digital dollars for illegal activities

“In a CBDC world in which digital bank codes are visible to the clearing institution, it becomes much easier for the authorities to identify the parties to a transaction, which greatly simplifies the detection of criminal activity and eliminates the black markets characteristic of countries that deal largely in physical money.” — Ajay S. Mookerjee, Harvard Business Review

Opponents

Digital dollars would inject unnecessary risk into the U.S. financial system

“During high economic stress, digital runs — panic conversions of other forms of money into CBDCs — would further destabilize the system. Even in prosperous times, CBDCs would provide a huge target for hackers and terrorists seeking fortune or havoc.” — Paul H. Jossey, National Review

This system would give far too much power to the government

“If central bank digital currencies were to become our payment system, government control of all purchases would become a viable option. … I don’t know about you, but I sure wouldn’t want politicians and bureaucrats wrestling with the temptation to enact laws and regulations controlling each and every transaction in America.” — James Miller, Connecticut Mirror

Digital dollars would be a privacy nightmare

“These currencies come with serious risks. Without additional privacy measures, central bankers shouldn’t establish them.” — Alexander William Salter, Wall Street Journal

The rapid evolution of cryptocurrencies makes CBDCs unnecessary

“A FedCoin is not an absolute necessity. Many of the benefits of future innovation should be equally attainable with private blockchain-based tokens.” — Andy Mukherjee, Bloomberg

Digital currencies aren’t a threat to America’s economic dominance

“CBDCs are coming. But they won’t change the face of international payments. And they won’t dethrone the dollar.” — Barry Eichengreen, MarketWatch

Yes.

It’s not really very simple.

China has spent years building theirs.

And that is why there will not be a move by the US government to destroy Bitcoin any time soon (in my opinion). They might do things to try to lower the value, and try to make it harder for normal people to buy it through various reporting regulations, but they’re not going to try to completely remove it from existence.

They need Bitcoin, a fully established alternative currency that actually works, as a fallback plan in case they end up with the dollar fully collapsing into a hyperinflation mess before they can put out a fedcoin.

From talking to a few normies recently, I don’t think people even understand the basic concept of inflation. Like if you say “more dollars in circulation means that the dollar is worth less, which makes it easier for the rich to pay down debt while taking wealth from normal people,” their eyes glaze over.

To be clear, this is what hyperinflation looks like:

Speaking on the ongoing issue of inflation in America, which is rising much faster than anyone in the media or government is willing to admit (as they also refuse to keep track of it in any serious way), Jen Psaki equated inflation to “having more money.”

NOW – Psaki: Backlog at US ports because more goods are being ordered. "People have more money and the wages are up."pic.twitter.com/OzosiGnmRz

— Disclose.tv (@disclosetv) October 19, 2021

You can compare that statement to the above photo of the value of a dollar in Venezuelan bolívar, and see if you agree with Ms. Psaki. I suppose that you can’t really disagree that inflation definitely and absolutely means that people “have more money.” But no, she is definitely not correct that this means they are able to buy more things. (And saying that the reason the ports have stopped working is because Americans have so much money they are just buying everything up is actually “trans children” level lunacy.)

Frankly, I don’t think there is ever going to be a legit fedcoin. I think instead, they are going to opt for a very simple system of tokenized credits in the form of UBI. That will be an app that they will just fill up with a certain value amount, which peasants can spend on food, pornography, and so on. Meanwhile, those who are not total peasants will be transacting in Bitcoin, or some other nation’s CBDC.

The plan is for basically no one to have a job. The entire economy is being shrunk down by orders of magnitude, first in the name of the impending inflation default, which will be blamed on the coronavirus (and on the unvaxed), and then excused with nonsense about global heating.

Jobless peasants will be given free rooms in government tenement buildings, on the condition that they are vaxed up. Then they will get these credits on an app on their phone. That will just be people’s lives until the system completely collapses, at which point most of these urbanites will just die pretty quickly.

The reason that they are shilling fedcoin is that they are going to conflate the UBI credit system with a CBDC.