Just days after the collapse of Silicon Bank and Signature Bank the Federal Reserve announced plans to introduce FedNow, a Central Bank Digital Currency (CBDC). They plan to pilot the system in July and have recruited over 100 banks to work with them on launching this new “service,” a payment system that will enable 24/7/365 instantaneous payment transactions.
The informational materials produced to explain FedNow tell us, “It uses ISO20022, a global standard for payment message specifications. It was a strategic decision in building FedNow and a foundation for broad interoperability across the domestic ecosystem and across borders in the future.” We already know globalist liberals want to subrogate our sovereignty to international authorities on matters of climate change regulation and pandemic response. This is yet another threat to our freedom and autonomy.
Bank Digital Currency is not new. More than 90% of financial transactions are already handled digitally, not as cash transactions. Central Bank Digital Currency would be new. There have been real time payment (RTP) systems in the United States for a long time, such as PayPal and Venmo. They are operated in the private sector by a consortium of banks. FedNow, as proposed, would be operated by the government through the Federal Reserve Bank. Therein lies the problem.
Digital currency requires digital identity verification. Digital ID will be required to access FedNow accounts. The digital identity of American citizens will be accessible to the Federal Reserve, ending financial privacy and paving the way for government control, censorship, and surveillance. It doesn’t require much imagination to consider how a central authority might use its ability to monitor every transaction at the individual level to manipulate behavior. A social credit system might reward or punish; allow or disallow specific purchases. It’s up to us, as free people, to contemplate the most sinister motives a central authority might employ if given power over our finances and personal information. We all experienced extreme government overreach during the COVID pandemic. Our distrust has been earned. Despots throughout history have achieved control when people weren’t paying attention.
The government in a free society does not compete with the private sector. The Federal Reserve is the regulator in our banking system and, as one critic put it, “the umpires shouldn’t join in the game.” They have a real conflict of interest when they start competing with those they are regulating, and their agenda becomes suspect.
The banking system of the United States is complex and highly technical and most of us have limited knowledge about how it works. We might be tempted to leave it to the experts. They’re counting on it. Our economic freedom depends on our being informed and making this a topic of general conversation. It is not certain that CBDC will be implemented as envisioned and now is a good time to make our opposition known to our legislators.
Minnesota Congressman Tom Emmer has introduced a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. He explained his rationale:
“Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack, but it could also be used as a surveillance tool that Americans should never tolerate from their own government.”
Texas Senator Ted Cruz has introduced similar legislation in the Senate.
The federal government is not alone in pursuing changes that disrupt and threaten the tenets of a free society. Last week, California Governor Gavin Newsom announced that California will start manufacturing generic insulin under the state label CalRx. It will sell insulin that normally costs $300 a vial directly to consumers for $30. California is competing directly with the private sector and has plans to move next to manufacturing naloxone, the medication used to reverse opioid overdoses.
The propaganda justifying these aggressive government intrusions into private sector activity touts how beneficial they will be to the citizens. Instant financial transactions. Cheaper drugs. The liberal agenda has people primed to expect the government to solve their problems and take care of them. Many won’t give these plans a second thought. Our hypervigilance is essential to preserving liberty. We can critically evaluate whether changes proposed by government officials strengthen or threaten our freedom using a few basic concepts:
- Production of goods and services is primarily a private sector function.
- Individual rights to privacy from the government must be vigorously protected.
- Government functions must be limited to those authorized by the Constitution.
- Efforts to centralize, expand, or globalize government functions must be rejected.
There are many warning signs along the road to totalitarianism. We’ll miss them if we’re not paying attention.
VOTE DANIEL KELLY ON APRIL 4
In Wisconsin, the April 4 Supreme Court election is high stakes. It is a battle between an activist judge, Janet Protasiewicz, who will legislate from the bench and Daniel Kelly, a constitutionalist who will protect our freedom. The conservative majority is on the line. Millions of dollars are pouring into our state from outsiders who want to dictate how we live. Do not delay. In-person absentee voting started on March 21. Engage with your family, friends, neighbors, colleagues, and co-workers. Lock in your vote now. Our outrage at the abuses of this government must fuel our unwavering resolve.
