While the Treasury Department and the President are providing guaranteed backstops for bank deposit holders above the insured $250K threshold, according to Reuters, the Fed is expected to further raise interest rates 25 basis points next week, and again in May, in an attempt to curb inflation. An article two days ago in the Washington Times headlines,
“Biden’s ‘bailout’ a step toward government control of banking system, economists say.”
Digital Currency Plan of March 2022
One year ago an article came out in The Hill entitled, “Biden is planning a new digital currency. Here’s why you should be very worried”. Quoting from that article,
“President Biden has instructed the federal government and Federal Reserve to lay the groundwork for a potential new U.S. currency, a digital dollar. If the United States were to adopt a digital currency like the one discussed in Biden’s executive order, it would be one of the most dramatic expansions of federal power ever made, one that could put individuals and businesses in grave danger of losing their social and economic freedoms… A digital dollar would not merely be a digital version of the existing U.S. dollar, but rather an entirely new currency that would, at least at first, exist alongside today’s currency. Similar to cash, the CBDC [Central Bank Digital Currency] would be used to pay for goods and services and would likely be managed by the Federal Reserve, the central bank of the United States. Unlike the current dollar, though, a central bank digital currency would not exist in physical form, meaning you wouldn’t be able to go to a bank or ATM and withdraw it.”
Digital Currency Plan Today
More recently, Fox News made the point on air last night that our ability to weaponize the US Dollar is causing the formation of other forms of trade currency. In particular, according to Barrons, China has been pushing for the yuan to become an international monetary exchange and Russia has been trading using the yuan in order to circumvent US sanctions for some time. Other countries beginning to trade in yuan as payment for their goods and services include Saudi Arabia and India.
I could go on, but the point is that the US Dollar is under attack on multiple fronts. Banks are having trouble dealing with rising interest rates. Inflation remains a threat the solution of which is risking a recession later this year and the dollar itself has lost value as the Treasury has had to print more and more to keep up with both Trump’s and Biden’s spending sprees. Behind all that are the Chinese pushing their currency to countries that are becoming more aligned with their rising power. Finally, there are multiple external issues surrounding countries such as North Korea, Taiwan, Ukraine, and Mexico, along with internal issues including the border, inflation, recession, homelessness, lawlessness, and general divisiveness.
Limiting this article to our monetary policy alone, the pressure to offer a digital currency is mounting quickly. It is true that cybercash has gotten a black eye with the significant drop in the value of Bitcoin and the recent demise of FTX. This trend is further aggravated by the banking failures mentioned earlier. Today’s headlines include, “Digital Currency Group Searches For A Lifeline As SVB And Crypto-Friendly Banks Collapse”, which represents another cryptocurrency seeking new banking relationships, both US and international, in an effort to stave off defaults. Interestingly, they are also meeting with Senate Banking Committee staff in an effort to enlist their help.
Digital Currency Policy Tomorrow
What if the expected solution to these unstable crypto companies is to take them out of the hands of independent exchanges run by individuals such as Sam Bankman Fried and put them under the protection of government oversight? Wouldn’t that solve many problems already discussed? And, over time, as we felt more confident in the functioning of the digital system, we could then switch to all electronic transactions for the efficiency and safety of us all. Benefits would include:
- The ability to monitor potentially illegal transactions
- Expedited central bank transaction processing and control
- Savings from the printing of paper and coin cash
- Efficient third-party (the government) adjudication of unfair trade practices
- Reduced crime currently related to cash (ATM robberies, cash drawers, etc.)
Digital Currency and a Biblical Christian worldview
The Bible does not clearly state that there will be a one-world currency in the End-Times. It is, however, alluded to in the following verse:
Revelation 13:16-17 Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name.
Many believe that in order for total control of buying and selling there needs to be a single method of universal currency management and control. This includes a trusted form of personal ID, referred to by Christians, as the “Mark of the Beast”.
Governmental control of Digital currency (currently in its infancy), coupled with a dependable form of personal ID, would offer a universal method of transacting business. Of course, very few today would welcome the injection of an RFID chip in their hand, even though it has actually been in use in humans since 1998 and in animals before that.
Mark 13:37 And what I say to you I say to all: Stay awake.”
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