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China Rolling Out Beta Test of Yuan Cryptocurrency; U.S. Dollar Soon to Follow
By: David Deschesne
Fort Fairfield Journal
November 4, 2020
The corporate media-generated fear and hysteria around the COVID-19 cold virus has caused the necessary distraction of the public to allow the central banks of the world to quietly begin the rollout of a cashless society, “mark of the beast” style, control grid that will place central banks and their respective puppet governments in charge of who gets to buy and sell in the local, national and global economies of the future.
Last year, the South American country of Ecuador became the first in the world to issue its own digital cryptocurrency. This year, China has begun a soft rollout/beta test of its own cryptocurrency for the Yuan. The U.S. Federal Reserve has been planning a cryptocurrency for several years and most believe they will be rolling out their version - the FedCoin sometime next year.
Cryptocurrencies are essentially video game money, like BitCoin, and do not have any physical existence like cash currently does. They exclusively rely on the user to have an internet connection via hard-line or cell phone in order to access their money. No internet, no money.
Cryptocurrencies are also highly monitored, and controlled by governments who plan to use the new currency system as a form of population control, for example to enforce compliance with a COVID-19 vaccine, after cash is outlawed and withdrawn from circulation.
Some parts of China right now are completely cashless. China has adopted a “social credit score” system that essentially monitors your popularity on social media networks and within government bureaucracies. The lower your score, the less of your cash you will be allowed to spend, if any at all. The U.S. Fed is building a cryptocurrency that follows the Chinese model by controlling who can buy or sell and when they can do so.
As a cryptocurrency, the FedCoin will loosely resemble the privately issued “BitCoin” which has grown in popularity over the years due to its decentralized nature in not being controlled by any one entity. However, the problem with all digital currencies such as these is they come into existence via fancy computer algorithms by computers parsing mathematical models amongst themselves. The money then is akin to video game credits, so whether it's FedCoin, BitCoin or any other digital cryptocurrency “coin,” it's all essentially video game credit money that only exists in the ether of the internet. Since there is no physical version of this money in existence, those who wish to spend it must have access to a functioning internet connection. If a natural or man-made disaster takes out even a fiber optic line, much less an entire internet hub, then those who have their money stored in online cryptocurrencies will be stuck, unable to access it - if it even exists after an internet crash.
But, people have become accustomed to using digital forms of currency over the past few years. Most people pay for their food and other necessities with credit or debit cards. Nearly the entire welfare and food stamp system in the U.S. has been digitized with so-called EBT (Electronic Balance Transfer) cards. So, society has been slowly acclimated to using digital currencies and moved away from cash over the past ten years.
Facebook has even issued its own digital currency, called “Libra” - the Latin word for balance, and name of an ancient Roman monetary unit. But if the censorship of information on their social media site is any indication of how they'll behave when handling money, users of Facebook's Libra can expect to be stalled and road blocked at every turn whenever they try to spend their Facebook cryptocurrency on a product or service Facebook does not approve of. Google is also working on its own cryptocurrency with controls and censorship of purchases similar to Facebook's.
In China, the popular social media version of Facebook is WeChat. In some Chinese cities, like Shenzhen, there is absolutely no cash in circulation. The only way you can pay for anything at any store is with the WeChat app on you Smartphone. This currency system is highly regulated by the Chinese government which dictates what you can and cannot buy down to the smallest detail. This is the model the U.S. Federal Reserve - which is a private, for profit banking system that is not a branch of, or controlled by the U.S. government - is seeking to implement against the U.S. people in the upcoming year.
Sheila Bair, Former FDIC Chair, told CNBC the new cryptocurrency FedCoin “would democratize monetary policy” but the reality is, it would further constrain the freedom and ability of a person to use his or her money on products or services they want.
The FedCoin would also put an end to the small, local banking system. Since you would now have a FedCoin digital wallet directly with the Federal Reserve, and there is no more cash in existence, there would be no need for your local bank or credit union to exist. “Banks have reserve accounts with the Fed, the technology exists, I think, to make those reserve accounts broadly available to households,” said Bair. “It would give people a very safe way to make payments - you don't have to worry about the Fed defaulting, they can print their own money.”
But the safety that comes from that system of centralized power and control comes at the price of a devalued currency and the freedom to spend your money on what you choose to spend it on, or even if you are allowed to spend it at all.
For example, here in Maine, systems are already in place to integrate the health care providers of the state with the Bureau of Motor Vehicles at the Maine Secretary of State's office. If you are a diabetic and miss a doctor's appointment, the Secretary of State automatically suspends your driver's license until you go see a doctor and get a clean bill of health - this isn't just for commercial drivers, it's for everyone. This system is also in place in other states as well. As a cryptocurrency evolves and cash is abolished from circulation, the control mechanism that suspends your driver's license can, with just a few computer keystrokes, be expanded to your FedCoin digital wallet. Now, if you have high blood pressure or cholesterol, the government will be dictating what foods you can buy by declining payment whenever you try to purchase foods it deems “unhealthy” for you. Your driver’s license would then be suspended of you missed a doctor’s visit. Miss a property tax payment? The town can simply deduct your property taxes from your FedCoin wallet. Got a speeding ticket? It gets deducted from your account at the time of the offense and you have to go to court to “prove” you weren't guilty to get your money back. In China, facial recognition is used to ticket jaywalkers (crossing the road not in a crosswalk) in real time. As soon as you cross the street “illegally” your face is captured and identified by cameras using facial recognition software; by the time you've reached the other side of the street, the fine has been deducted from your WeChat account. This is the model the U.S. government and Federal Reserve system are about to implement against the U.S. citizenry where some people will not even be able to get through their day without having their FedCoin wallet completely emptied via automatic fines and fees.
“I think it's got tremendous potential for monetary policy,” said Bair. “We've tried to drive the recovery since the great crisis with monetary policy, it's been very uneven. But actually paying that interest directly to households when monetary policy dictates it would make it more effective.”
This then brings to mind the idea of “negative interest rates”. For example, if the Fed is attempting to dictate a monetary policy by issuing money directly to households via the FedCoin digital wallet, then they may fine people a certain interest rate for not spending the money back into circulation within a given amount of time. This effect would discourage savings and, since there would be no cash in existence anymore, people would be stuck with digital money they don't control, can't spend on the things the government doesn't approve and loses value on a daily basis if they save it for too long.
Bair also said the FedCoin cryptocurrency would reduce risk that a private entity could create an unregulated shadow system that could weaken the Fed's control over the money supply. An “unregulated shadow system” is government banker bureaucrat code-talk for the barter system where people get together and agree to trade products or services with each other outside of the Federal Reserve banking system. The mechanism to abolish private barter and trade systems in the U.S. was established by the USA PATRIOT Act in the aftermath of the government-staged 911 attacks. In that legislation, conceived and signed into law by Republicans, the Financial Crimes Enforcement Network was established and empowered to investigate and shut down any system of barter or trade that is being privately developed by the citizenry under the guise of “fighting terrorism.” What the real intent of that system is, is to shut down any competition to the Federal Reserve's digital money system once it's rolled out and take away from the people any opportunity they might have for private, “off the books” transactions outside of the Federal Reserve's oversight or control.
But, that's the beauty of “off the books” transactions - government regulators would have a very hard time knowing they exist unless an army of investigators is employed to make purchases in undercover sting operations the way the so-called “War on Drugs” is being done today. In the future the government has planned for us, the new felons populating the prisons of the U.S. will be those who simply chose to trade products or services with their neighbors via a free, un-coerced contract or agreement. This, the government cannot have if it wants to maintain a stranglehold on the money and dictate who may buy or sell.
“The big tool in this war on cash is the coming digital-only dollar, a/k/a 'FedCoin',” said financial researcher and investment analyst, Mark Moss. “This FedCoin is the new currency and at some point is going to replace the dollar bills in your wallet. The only way you'll be able so spend or earn this new E-cash FedCoin is via the digital wallet app on your Smartphone. This is going to be a disaster for your privacy. The government will be able to monitor and track every single transaction you make. Not just track, but approve what you spend your own money on.”
This then brings in the religious connotations of the Biblical “Mark of the Beast.” That system mentioned in the Book of Revelation is described as one where no one will be allowed to buy or sell unless they had that mark - i.e. government permission. This is the system the government is quietly working toward establishing and, with its propaganda partners in the mainstream media is attempting to integrate and establish in society under the cover of a contrived COVID-19 pandemic event while nobody is looking.