| jpdell33 | -- 05-16-2023 @ 11:49 AM |
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The Federal Reserve Bank of Boston and MIT completed a study on the implementation of a central bank digital currency (CBDC). This was known as Project Hamilton and the initial report was completed back in December. The ostensible reasoning behind the CBDC was to facilitate interbank transfers and other financial transactions. It may be initiated this summer. However, I strongly suspect it is the precursor to a cashless economy/society. Once the CBDC is implemented and exercising to get the bugs out of it, I suspect that a cashless economy will be implemented. All forms of currency will be surrendered within a short time before they are declared void. Large segments of our "underground" economy will have to convert to make certain all transactions are accounted for and taxed as required. Criminal activity will be curtailed until the crooks find work arounds as the always do. Next will come imbedded personal identification - RFID chips like our pets carry. These will be necessary to validate transactions. It will also mean big brother will be watching our every move. Property crime will take a drastic reduction. But so will privacy. When the federal government finally learns about your wealth and taxes it, they will go after gold and silver holdings. Confiscating them as FDR did. Once that is complete - just like with FDR that will be followed by a major upward price reset. Wealth accumulation for heirs will come to an end. While it may still be possible to acquire luxury properties -a mansion, jewelry and artwork, these too will come under attack. This is the sort of stuff that causes revolutions. If they try to implement a cashless society, things will get ugly pretty quick. Liberals think folks will just accept it as a way to make life better and fairer for everyone. Their vision of a utopia. This is the same crowd that is pushing the lies of "wokeness". Where white supremacy is the root of all evil. They don't want to remember that it cost our country lives of nearly 1 million (on both sides of the civil war) to end slavery in the United States. They misrepresent history by stating that America was built on the backs of slave labor. While that may have been true for some parts of the South, most of our industrial revolution and associated infrastructure was built on cheap immigrant labor - particularly white Irishmen. Personally, I believe President Biden is too beholden to our liberal elites to come to his senses and put a stop to it. I sincerely hope this posting does not become prophetic. But a major economic crisis may push it that way.
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| bmurphy | -- 05-16-2023 @ 11:52 AM |
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Thanks for all Bill
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