The Federal Reserve has announced a new instant payment service called FedNow. The service is being touted as a way to make payments faster and more convenient for consumers and businesses. However, it is actually just a cover for the process of officially rolling out a central bank digital currency (CBDC).

A CBDC is a digital form of currency that is issued by a central bank. CBDCs have been gaining popularity in recent years, as central banks around the world look for ways to compete with decentralized cryptocurrencies like Bitcoin.

Governments desperately trying to compete say there are benefits but the different is just increased government surveillance and control.

The FedNow program is actually a way for the Federal Reserve to test the waters for a CBDC. The Fed is using FedNow to build the infrastructure and support that it will need to eventually launch a centralized digital currency.

If the Federal Reserve does launch a CBDC, it could have a number of implications for the US economy. It will give the government absolute control over your money, to track and monitor your spending, or even to cut you off. It will ultimately replace cash and erode personal rights.

It is important to note that the Federal Reserve has not yet announced any plans to launch a CBDC. However, the fact that the Fed is developing a new instant payment service is an obvious signal of their preparations to roll out a centralized government controlled currency.

The Federal Reserve should be democratized or abolished but it should not continue as the private piggie bank of the billionaire oligarchs who rule over us.

Here are some additional concerns about FedNow:

FedNow will give the government more control over the money supply.

FedNow will make it easier for the government to track and monitor people’s spending.

FedNow will make it more difficult for people to use cash.

FedNow will lead to the erosion of privacy rights.

Photo by Pepi Stojanovski on Unsplash