First, the rapid expansion of government spending and give-a-ways by Congress, may force devaluation resulting in rapid inflation. Second, the spiraling national debt (27 trillion dollars) may support inflation to service that debt or forfeiture on government loans ( China owns most of the U.S. government’s bonds). Third, the move by the Feds into a new currency leaving the demand for the dollar hanging in the currency market (making it volatile). And Forth, the dumping of dollars as a reserve currency by nations adding to the fall of the dollar. But there are other indications as well. The Feds have never been audited. Roughly thirty trillion dollars are unaccounted for. Now, a small group (BlackRock) oversees Federal Reserve assets. This gives them power over monetary policies resulting in hijacking the U.S. economy. Especially as the economy is going through severe adjustments due to pandemic shutdown. The Fed Chairman and U.S. Treasury Secretary no longer have control over monetary policies.
There is talk that the Feds will eliminate middleman on all funds issued by the U.S. Treasury. This means that consumers receiving government checks will have an account at the Federal Reserve itself. Private banks will no longer handle treasury payments to citizens. Right now, all banking exchanges go through the Fed networks. This amounts to $3.7 trillion a day before the shutdown. In any event, a new currency placed in our economy will mean new ways of dealing with cashless transactions that are controlled by a new power source. There is a big push for consumers to use digital wallets, smart phone transactions, and direct deposits, all of which eliminate the need for cash.
It is bothersome that economists are not talking about the impact of the changes in the Federal Reserve or the impact of cashless society. I believe that this is due to the separations between modeling the economy and controlling the economy. Large corporations (Google) can combine social media with, financial data along with artificial intelligence to turn economic models into economic controls. It is not only Google but BlackRock as well. .
This paper exposes some of what is happening to the U.S. economy and the public’s purchasing power. It is believed that as the dollar is retired, prices will become volatile due to its instability. This will result in a massive flee from the dollar. It is important that society has a way to escape chaos. Consumers need a means of conducting commerce outside the control of new forces. This is the purpose of Peoples’ Payment System (PPS).
PPS is a non-profit transaction system that operates outside financial networks offering non-fee mobile transactions to all users. PPS is a membership driven service offering e-commerce functions to members using mobile cashless transactions for both merchants and consumers.
PPS technology does not use financial networks or exchanges yet complies with Reg “E”. PPS mobile app provides credit, debit, and awards in a single ubiquitous app. The credit and awards programs operate within corporate partnerships as fee services with credit in the form of low-interest loans (nearly half of credit card rates) tied to blockchain technology.
Whether or not one believes in the upcoming collapse of the dollar, moves into the cashless society by the Feds or major corporations signal changes ahead. With change comes uncertainty. When uncertainty is combined with today’s chaos and political climate, concerns become very real. PPS is looking to provide a unique safe haven for consumers. PPS technology is not in place yet (fifty percent complete). Plans are being made to offer mobile transactions through a non-profit exchange with partnership for low interest micro loan credits. PPS will handle merchant awards and advertising for a fraction of the cost of conventional third-party customer relationship management systems. It should not cost merchants or consumers to participate in an economy controlled by government and major corporations. This is the purpose of PPS.
R. Ellington Smith founded Network Data Security, Inc. after starting his tech career with General Electric Company and Texas Instruments. Responsibilities included operational management, R&D, Sales, and Customer Service. He later specialized in e-commerce and cyber security and consulted to the Federal Reserve contractors. He specialized in secure funds transfers, e-commerce, and blockchain (for energy transfers and supply chains). He recently developed techniques for validating original content for blockchain contracts certification and blockchain for logistics ( life-cycle management). His email is res@york-atlantic.org.
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