A Federal Reserve issued digital currency that eliminates cash greases the skids for unprecedented totalitarianism. From Dennis Miller at theburningplatform.com:
At the local convenience store, my wife Jo handed the clerk a $5 bill and waited for her change; finally asking for it. The clerk said, “We have a coin shortage. We have to round things to the nearest dollar.” Screw that! She dug in her purse, cobbled together the correct change and demanded the clerk give her a dollar back – while the line of “social distanced” customers behind her grew long.
The next day she bought a fountain Coke, normally $1.00 plus tax. The clerk said, “$1.00 please.” The merchant absorbed the tax. There are signs in the local stores saying they have a shortage and will buy rolled coins.
My BS meter went into full alert. A government capable of putting a man on the moon could solve a coin shortage in a matter of a few weeks. If there is a shortage, it’s because some politicos, or bankers want to create one.
Sure enough, Ron Paul’s article, Fedcoin: A New Scheme for Tyranny and Poverty, appeared.
“If some Congress members get their way, the Federal Reserve may soon be able to track many of your purchases in real time and share that information with government agencies. This is just one of the problems with the proposed “digital dollar” or “fedcoin.”
…. Some progressives have embraced fedcoin as a way to provide Americans with a “universal basic income.”
Both the Senate Banking Committee and the House Financial Services Committee held hearings on fedcoin in June.
…. Fedcoin would not be an actual coin. Instead, it would be a special account created and maintained for each American by the Federal Reserve. Each month, Fed employees could tap a few keys on a computer and – bingo – each American would have dollars added to his Federal Reserve account.”