A decade ago, many Third World countries joined China’s move to a “cashless” society. The reason for the move was the lack of a banking infrastructure and technology advancement is allowing value to be transferred point-to-point. The U.S. Federal Reserve’s hold on our banking infrastructure has inhibited moves in the same direction.
Today’s advancements in digital currency, transaction technology, and currency volatility has forced the Federal Reserve to reconsider its position on a cashless society. In addition, major corporations have created cashless transactions pressure through consumer digital wallets and point-to-point exchanges.
Adding to this are financial experts’ belief that the U.S. dollar will collapse soon leading the way for a new national digital currency and devaluation of the dollar. Hyperinflation may set in. Conspiracy theorist believe Coronavirus was purposely structured to bring down capitalism. Whatever one believes, the results are the same. The fact is the U.S. Center for Disease Control shut down most of the U.S. economy. This shutdown supports globalist objectives against capitalism. It is not only the CDC’s action but also the coordinated efforts of other groups to replace the dollar. The old Rothchild’s saying, “If you control the money, you control the people.” The U.S. economy is being highjacked by those ushering in cashless society.
Digital currency is free from central bank controls and is becoming the backbone of the consumer cashless society. There is a proliferation of digital currencies worldwide. In the U.S., the Federal Reserve is planning to release digital currency (bank-to-bank) January 1, 2021. But the Feds have plans exceeding controlling the currency.
The Feds have taken on a more sinister role in the U.S. economy by allowing itself to be control by the world’s largest asset management company, BlackRock. BlackRock now controls (manages) all Fed assets including Fanny Mae and Freddie Mac. In May of 2020, the Fed began to buy corporate bonds on Wall Street. In 2019 the Federal Reserve partnered with MIT to develop a bank-to-bank digital currency. Now there is talk that the Feds will take over all transaction settlements account-to-account where federal funds are involved. This includes providing user accounts to ordinary citizens. This eliminates Automated Clearing Houses and allows point-to-point (account-to-account) settlement of all transactions. This is the Fed’s move to preserve its position against the onslaught of the BRICS.
So, what does a move to digital currency do for the U.S. consumer? It moves the economy to a cashless society. More importantly, it allows digital currency to be backed by any global currency, which may be BRICSs and not dollars. Or, at least, an option may exist through exchanges. BitCoin was the first and most accepted digital currency where the value is placed by the demand (fiat currency).
There has been an explosion in cashless transactions. The trend has shifted from cards to digital wallets, to smart phone payments. Facebook announced their Facebook Financial Services. Google has Google Pay, Apple has Apple Pay, and Goldman Sachs just purchased GM’s card business. As of this writing, Google has signed up six banks to use its Google Direct Deposit Account (DDA) services.
DDA eliminates the Automated Clearing Houses and allows direct access to bank accounts, a result of Open Banking rules (any financial institution can have total access to a user’s bank account data on spending habits, history, etc.). Open Banking allows personal banking data to be combined by social media to analyze individual behaviors and risk. More concerning, Google has partnered with Visa to control individual user spending using Visa cards/network. They have denied several users from transactions altogether. BlackRock recently purchased Ancestry dot com’s DNA business that holds a DNA database on 160 million users. This will allow them to, not only merge social media with financial data on users, but combine it with DNA identity. Microsoft patent (International Publication Number WO 2020/060606 AI) for a human embedded chip to handle a person’s medical information as well as transactions (real ID).
Consumers have already been forced into cashless transactions by the coin shortages. Right now, consumers see “card only” transactions with small stores and fast food services. The next step is to remove currency altogether.