Fed using digital currency
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Started by wglassfo - Oct. 23, 2020, 5:27 p.m.

For some time now I have been reading about the Fed depositing digital currency in every american bank account. I am not sure how the Fed would reach those who have no bank account, but the Fed is telling us this would reach every american citizen much more efficiently and quicker than the present stimulus plans. The citizen would use their debit card to spend their digital currency. I am also reading the BOJ and the ECB are also on board with the idea of digital currency. What I don't know is if this digital currency is different from ordinary fiat, once it hits the bank account or is some thing different. Regardless it can be used to buy stuff. Sounds like a plan other than what is the plan for  those with no bank account

Critics say this by passes congress, and is also the beginning of universal income. Critics say this could also be the beginning of a new social monetary policy, and the Fed could be tempted to increase the amounts slowly, thus causing inflation. Would the Fed have the discipline to control the amounts of digital currency and would future administrations push for student debt to be paid off, using digital currency and other small biz operations being saved, using digital currency to pay debts, RE mortgages using digital currency to pay mortgage debts, the list could easily expand, with no congressional over sight, as the Fed would by-pas the banks and deposit directly

I would imagine this may be new to some of you, thus I have tried to explain what might or might not happen. However, I can assure you the Fed is thinking seriously about digital currency, but have not implemented anything, as of now

Do you think digital currency is a good idea. If not, you need to act now with your representative as this could happen, at which time it will be too late and you have lost control over the Fed, if you ever really did have any control

My fear is the Fed will start to use digital currency to pay debts other than their original thought about direct deposit. Evidence the fact the Fed told us QE was just temporary. How did that work out, once the Fed has the power to create money to pay debts, the Fed just creates more and more. This digital scheme has all the promise of inflation.  IMHO this is the camel with it's nose under the tent

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