The fastest growing conservative news aggregator in America.
There are three types of people in America today. Most are completely oblivious to the coming “Digital Dollar.” They may have heard of it but haven’t paid much attention. Chances are strong that these people think it has something to do with Bitcoin or PayPal. They couldn’t care less because they don’t realize how close we are to seeing it.
Then, there are those who eagerly await it. They see only the positives of ease (though it won’t really be easy) and security (though it definitely won’t be secure) and they are busy calling us “conspiracy theorists” for knowing that the Digital Dollar will be the ultimate control mechanism for our government, the various public private partnerships, and the globalist elite cabal.
The last group is, of course, us. Those of us who know they’re coming, know they’re dangerous, and continue to fight their implementation and adoption are the ones who have a chance of reducing the damage Digital Dollars will do to our lives. In this camp are those who still believe we can stop the Digital Dollar altogether. I tend to look at the writing on the wall and appreciate that it’s a matter of when, not if. Even though I am nearly certain we will see a Digital Dollar in our lifetimes (and quite possibly as early as next year), I am still going to fight to at least delay their implementation. The longer we have until they are fully rolled out, the better prepared we will be.
On today’s episode of The JD Rucker Show, I will be discussing measures we must take in order to prevent ourselves from being controlled by those who wield the Digital Dollar for tyranny. I will also be talking to Jonathan Rose from Genesis Gold Group to discuss how precious metals may be effective at hedging against the rise of the Digital Dollar.
The first article being discussed on today’s show comes from Ron Paul. In it, he highlights the various problems government has created that can lead to absolute turmoil in America. It’s important to know what’s happening so we can understand the circumstances that are brewing to enable the rollout of the Digital Dollar:
The Mother of all Economic Crises
Nouriel Roubini, a former advisor to the International Monetary Fund and member of President Clinton’s Council of Economic Advisors, was one of the few “mainstream” economists to predict the collapse of the housing bubble. Now Roubini is warning that the staggering amounts of debt held by individuals, businesses, and the government will soon lead to the “mother of all economic crises.”
Massive Sale on beef. Frozen for today. Freeze-dried for tomorrow. Promo code “jdr” at checkout for 15% off! WholeCows.com
Roubini properly blames the creation of a debt-based economy on the near-or-at-zero interest rate and quantitative easing policies pursued by the Federal Reserve and other central banks. The inevitable result of the zero-interest and quantitative easing policies is price inflation wreaking havoc on the American people.
The Fed has been trying to eliminate price inflation with a series of interest rate increases. So far, these rate increases have not significantly reduced price inflation. This is because rates remain at historic lows. Yet the rate increases have had negative economic effects, including a decline in the demand for new homes. Increasing interest rates make it impossible for many middle- and working-class Americans to afford a monthly mortgage payment for even a relatively inexpensive home.
The main reason the Fed cannot raise rates to anywhere near what they would be in a free market is the effect it would have on the federal government’s ability to manage its debt. According to the Congressional Budget Office (CBO), interest on the national debt is already on track to consume 40 percent of the federal budget by 2052 and will surpass defense spending by 2029! A small interest rate increase can raise yearly federal debt interest rate payments by many billions of dollars, increasing the amount of the federal budget devoted solely to servicing the debt.
The federal government’s fiscal picture is made worse by the fact that the Social Security “Trust Fund” will begin to run deficits by 2035 while the Medicare Trust Fund will run deficits by 2028. The looming bankruptcy of the two major entitlement programs, combined with the unwillingness of most in Congress to reduce either welfare or warfare spending, puts the Fed in a bind. If it raises rates to the levels needed to really combat price inflation, the increase in interest payments will impose hardships on individuals and businesses, as well as raise federal interest payments to unsustainable levels. This will cause a major economic crisis including a government default on its debt causing a rejection of the dollar’s world reserve currency status. Also, if the Fed continues to facilitate federal deficits by monetizing the debt, the result will be an economic crisis caused by a collapse in the dollar’s value and rejection of the dollar’s world reserve status.
The crisis will lead to social unrest and violence, as well as increased popularity of authoritarian movements on both the left and the right. This will lead to government crackdowns on civil liberties and increased government control of our economy. The only bright spot is this crisis will also fuel interest in the ideas of liberty and could even help bring about a return to limited, constitutional government, free markets, individual liberty, and a foreign policy of peaceful trade with all. Those of us who know the truth have two responsibilities. The first is to make the necessary plans to ensure our families can survive the forthcoming turmoil. The second is to do all we can to introduce as many people as possible to the ideas of liberty.
I’ll also be discussing this article by André Marques from Mises:
Digital Currency: The Fed Moves toward Monetary Totalitarianism
The Federal Reserve is sowing the seeds for its central bank digital currency (CBDC). It may seem that the purpose of a CBDC is to facilitate transactions and enhance economic activity, but CBDCs are mainly about more government control over individuals. If a CBDC were implemented, the central bank would have access to all transactions in addition to being capable of freezing accounts.
It may seem dystopian—something that only totalitarian governments would do—but there have been recent cases of asset freezing in Canada and Brazil. Moreover, a CBDC would give the government the power to determine how much a person can spend, establish expiration dates for deposits, and even penalize people who saved money.
The war on cash is also a reason why governments want to implement CBDCs. The end of cash would mean less privacy for individuals and would allow central banks to maintain a monetary policy of negative interest rates with greater ease (since individuals would be unable to withdraw money commercial banks to avoid losses).
Once the CBDC arrives, instead of a deposit being a commercial bank’s liability, a deposit would be the central bank’s liability.
In 2020, China launched a digital yuan pilot program. As mentioned by Seeking Alpha, China wants to implement a CBDC because “this would give [the government] a remarkable amount of information about what consumers are spending their money on.”
The government could easily track digital payments with a CBDC. Bloomberg noted in an article published when the digital yuan pilot program was launched that the digital currency “offers China’s authorities a degree of control never possible with cash.” A CBDC could allow the Chinese government to monitor mobile app purchases (which accounted for about 16 percent of the country’s gross domestic product in 2020) more closely. Bloomberg describes how much control a CBDC could give Chinese authorities:
The PBOC [People’s Bank of China] has also indicated that it could put limits on the sizes of some transactions, or even require an appointment to make large ones. Some observers wonder whether payments could be linked to the emerging social-credit system, wherein citizens with exemplary behavior are “whitelisted” for privileges, while those with criminal and other infractions find themselves left out.
(Details on China’s social credit system can be found here.)
The Chinese government is waging war on cash. And they are not alone. In 2017, the International Monetary Fund (IMF) published a document offering suggestions to governments—even in the face of strong public opposition—on how to move toward a cashless society. Governments and central bankers claim that the shift to a cashless society will help prevent crime and increase convenience for ordinary people. But the real motivation behind the war on cash is more government control over the individual.
And the US is getting ready to establish its own CBDC (or something similar). The first step was taken in August, when the Fed announced FedNow. FedNow will be an instant payment system and is scheduled to be launched between May and July 2023.
FedNow is practically identical to Brazil’s PIX. PIX was implemented by the Central Bank of Brazil (BCB) in November 2020. It is a convenient instant payment system (using mobile devices) without user fees, and a reputation as being safe to use.
A year after its launch, PIX already had 112 million people registered, or just over half of the Brazilian population. Of course, frauds and scams do occur over PIX, but most are social engineering scams (see here, here, and here) and are not system flaws; that is, they are scams that exploit the public’s lack of knowledge of PIX technology.
Bear in mind that PIX is not the Brazilian CBDC. It is just a payment system. However, the BCB has access to transactions made through PIX; therefore, PIX can be considered the seed of the Brazilian CBDC. It is already an invasion of the privacy of Brazilians. And FedNow is set to follow suit.
Additionally, the New York Fed has recently launched a twelve-week pilot program with several commercial banks to test the feasibility of a CBDC in the US. The program will use digital tokens to represent bank deposits. Institutions involved in the program will make simulated transactions to test the system. According to Reuters, “the pilot [program] will test how banks using digital dollar tokens in a common database can help speed up payments.”
Banks involved in the pilot program include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, US Bank, and Wells Fargo. The global financial messaging service provider SWIFT is also participating to “support interoperability across the international financial ecosystem.” (This video details the pilot program and how the US CBDC would work.)
The IMF is also thinking of a way to connect different CBDCs under a single system. In other words, the IMF plans to create a PIX/FedNow for CBDCs around the globe:
Things could change as money becomes tokenized; that is, accessible to anyone with the right private key and transferable to anyone with access to the same network. Examples of tokenized money include so-called stablecoins, such as USD Coin, and central bank digital currency.
The reception of Brazil’s PIX shows that FedNow will likely be widely adopted due to its convenience; however, this positive economic and technological element should not overshadow the increased control instant payment systems will give to central banks. The BCB has access to all transactions made by Brazilians through PIX, and this would only get worse should a CBDC be implemented. With a CBDC, it would be easier for the government to carry out expansionary monetary policies (which cause misallocations of resources and business cycles) and exert greater control over citizens’ finances.
A Prepper Mentality
One does not need to be a full-blown “doomsday prepper” in order to survive the Digital Dollar doomsday in our future. First of all, not everyone has the resources. Most of us do NOT have all that we would need in order to survive without using the Digital Dollar for very long, nor do we have the financial resources to get properly situated. We still need to do the best we can, and that means cutting expenses and stocking up on necessities.
To those who are in the cities: Leave. If you have the means or can somehow make the means, do whatever it takes to get out of the city and move to rural areas that will not be as rapidly affected and controlled by the “managers” of the Digital Dollar. There will be other concerns for those who are able to leave the city, but by comparison the challenges in rural America will be less than those in urban America.
Anyone who can start stocking up food, water, ammunition, meds, and a Bible should definitely start doing so now. They will make it challenging to get even the most basic necessities for those who do not embrace their Digital Dollar, so having supplies now and growing them over time will sustain you while we fight to overturn the use of the Digital Dollar altogether.
As for those who have wealth or retirement to protect, one does not need to be concerned about the Digital Dollar to realize the need to move more of your money to precious metals. A self-directed IRA is becoming increasingly popular, especially in light of the Biden-Harris regime incentivizing financial advisors to invest YOUR money into woke ESG companies EVEN IF THEY WILL LOSE YOU MONEY. It will also behoove those with wealth to store physical precious metals at your home. Quietly, of course.
I could list off a dozen actions some of us should be taking, but it really comes down to adopting a prepper mentality. If you believe that the Digital Dollar is around the corner and if you do not intend to participate in there population control initiatives, it makes sense to advance your preparedness no matter how well- or ill-prepared you are right now. Assess your current situation. Decide on changes you can make to reduce expenses while accumulating resources that will either be scarce or locked out for those who do not embrace the Digital Dollar. The better prepared you are, the more likely it is that you’ll outlast the Digital Dollar after it rolls out.
To those who want to stock up on long-term storage food, our Late Prepper store is currently offering 15% off with promo code “prep2022” which obviously expires this month. As for those who want to follow my strong advice and move retirement or wealth into a self-directed IRA, contact Jonathan and his team as soon as possible.
The most important preparedness you can do is to read your Bible daily. Everything else is secondary.
We’re LIVE and everything is on sale for a limited time! Whole Cows has launched offering both frozen beef as well as freeze-dried beef for long-term storage. Don’t wait for food shortages to get worse. Stock up today. Use promo code “nocrickets” at checkout for 15% off!
Bypass Big Tech Censors
Looking for more stories? Check out our homepage for headlines that matter from across the net, or visit the most comprehensive conservative news aggregator on the net, The Liberty Daily.
Leave a Reply