07/25/2023
From The Desk of EMPIRES OF GOLD
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MONEY METALS NEWS ALERT 🚨
WILL THE FEDNOW PAYMENT SYSTEM PAVE THE WAY FOR DIGITAL SOCIAL ENGINEERING?
Last week, the Federal Reserve launched a new payment processing system dubbed “FedNow.”
Officials say FedNow will allow individuals and businesses to initiate instant funds transfers between banks. Critics warn that FedNow could be a prelude to central bank digital currency (CBDC) that threatens financial privacy and freedom.
Fund transfers between banks made through FedNow will settle directly in accounts at the central bank. Once Fed accounts become widely adopted and used for payments, critics fear it’s only one additional step to convert the “dollars” used in transactions into “FedCoin” – a proposed DIGITAL TOKEN to be issued directly by the central bank.
Money Metals Exchange
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Money Metals News Alert
July 24, 2023 – Precious metals markets will key off the Federal Reserve's interest rate decision in this week's trading.
Fed policymakers are expected to hike interest rates by a quarter point. But it could well be the final hike of the year.
Investors will be looking for potential dovish overtones from Jerome Powell and company. Policymakers may not necessarily declare they are through with tightening. But as always, Fed watchers will be reading between the lines for unspoken clues about their true intentions.
Traders who think central bankers may soon be forced to pivot to rate cuts despite their rhetorical insistence on keeping up the inflation fight stand ready to call their bluff.
Friday's Close
(Weekly Gain/Loss)
Monday Morning
(Gain/Loss from Friday's Close)
Gold
$1,972 (+0.2%)
$1,972 (unch)
Silver
$24.88 (-1.4%)
$24.59 (-1.1%)
Platinum
$978 (-1.2%)
$972 (-0.6%)
Palladium
$1,338 (+1.6%)
$1,332 (-0.5%)
Gold : Silver Ratio (as of Friday's closing prices) – 79.3 to 1
Will the FedNow Payment System Pave the Way for Digital Social Engineering?
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Last week, the Federal Reserve launched a new payment processing system dubbed “FedNow.”
Officials say FedNow will allow individuals and businesses to initiate instant funds transfers between banks. Critics warn that FedNow could be a prelude to central bank digital currency (CBDC) that threatens financial privacy and freedom.
Fund transfers between banks made through FedNow will settle directly in accounts at the central bank. Once Fed accounts become widely adopted and used for payments, critics fear it’s only one additional step to convert the “dollars” used in transactions into “FedCoin” – a proposed digital token to be issued directly by the central bank.
To be sure, similar arguments could be used to justify a CBDC as have been made with FedNow, e.g. it will improve the speed, efficiency, and reliability of payments.
However, the FedNow system is really just a major upgrade to the highly deficient ACH payment system that has limped along for decades, with its very slow clearing time, lack of fraud prevention, and other problems.
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Concerns about FedNow appear to be overblown, and FedNow should not be conflated with totalitarian CBDC schemes. Here is what Emile Phaneuf of the American Institute for Economic Research writes on the risks of CBDCs:
Risks CBDCs present include the loss of settlement finality that comes with physical cash (as abandoning cash accompanies the push for CBDCs), loss of financial privacy, easy seizure of assets, loss of the ability to resolve problems at a local level with a commercial bank (as it would be doubtful that a central bank would come to be known for its customer service)…
…outright prohibition on spending or purchase limits with certain merchants or on certain products, and (perhaps most importantly) the paradigm shift from money as an exercise of economic freedom to one of social engineering by central banks and their respective governments.
The latter could manifest itself in various ways, including (to name just a few) negative interest rates (essentially a confiscation of one’s savings), the expiry of one’s money (with a date determined by the issuing central bank or its government) — or even discouraging the consumption of products like gasoline, plane tickets or red meat in order to enforce a climate agenda.
The weaponization of the monetary system for social engineering purposes has been in the works for decades. The abandonment of hard currency backed by physical gold and silver gave politicians and central bankers the power to manipulate the supply and value of the currency for their own ends.
Under a fiat currency regime, central planners arbitrarily try to determine how much inflation (i.e., currency depreciation) to inflict on the economy.
Under the Federal Reserve’s dual mandate, central bankers are supposed to ensure “price stability.” Instead, they openly flout that mandate, redefining “stable prices” as annual price inflation of 2%. Of course, the Fed is failing even to deliver on that objective by allowing inflation to run much hotter than 2%!
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Those who wish to preserve their purchasing power over time while protecting their financial privacy should beware of central bankers’ new campaign to promote digital Fed accounts.
Hard money (gold and silver) held outside the banking system remains the soundest alternative to fiat currency in all its manifestations.
Start saving Gold now and "BUILD GENERATIONAL WEALTH", so you can have "WEALTH PROTECTION that will insure your families economic future!"
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