Timothy Birdnow

Looks like Congress is about to foist off a cashless society on America and using Covid to justify it.

Here is S.3571

From the bill:

To require member banks to maintain pass-through digital dollar wallets for certain persons, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

(1) IN GENERAL.—Member banks shall open and maintain pass-through digital dollar wallets for all persons, including persons eligible to receive payments from the United States pursuant to a Federal law relating to the coronavirus disease 2019 (COVID–19), who elect to deposit funds into pass-through digital dollar wallets.

(2) MAINTENANCE OF ASSETS.—

(A) IN GENERAL.—Each member bank shall establish and maintain a separate legal entity for the exclusive purpose of holding all assets and maintaining all liabilities associated with pass-through digital wallets.

(B) CONTENTS.—The assets of any entity described in subparagraph (A) shall consist exclusively of a balance maintained in a master account at a Federal reserve bank, and the liabilities or obligations of the entity shall consist exclusively of an equal quantity of balances maintained by holders of pass-through digital wallets.

(C) CAPITAL OR LIQUIDITY REGULATION.—The assets and liabilities of any legal entity described in subparagraph (A) shall not be deemed assets or liabilities of the member bank or its affiliates for purposes of any capital or liquidity regulation promulgated by Federal or State banking authorities.

[...]

(2) REGULATIONS.—The Board of Governors of the Federal Reserve System shall promulgate such regulations as necessary to carry out this subsection.

(d) Authority of the board.—Member banks shall be subject to such regulations and obligations as may be imposed by the Board of Governors of the Federal Reserve System in connection with maintaining pass-through digital dollar wallets.

Ev Nelson made the following observations about this bill:

Once this Bill is passed, Everyone gets a digital wallet. The government advantage being that "it" can add or remove currency to your account at will as well as enable or block your currency transactions. Another magnificent government advantage is that the gi-normous debts now on and off The Books can be inflated away instead of being outright defaulted.

Among the advantages of convenience and free monetary gifts to you, there's also disadvantages; one being, that inflation means you have to work harder and longer, because the purchasing power of your labor decreases. What a penny used to buy now costs a dollar, etc. Your salary goes up, but it buys less than the old, lower salary; for example, you buy a box of Cheerios for the same old price; yet, you find that though the box is the same size as the old box, the present box is only packed 1/2 full.

I bought a box of waffles the other day, got home, and there were no waffles in it. I read the Instructions and they told me how to warm the box and apply syrup and butter to it. . .

Posted by: Timothy Birdnow at 10:54 AM | Comments (7) | Add Comment
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