The Federal Reserve has been busy during the manufactured chaos. Inching ever closer to the implementation phase is the Federal Reserve’s most recent invention, FedNow, a proposed program/system of instant payments and digital dollars.
“This paper from the Cleveland Fed describes the system: FedNow paper from clevelandfed.org (PDF) (via Cheryl A.)” – Charles Hugh Smith
“The rationale for the system is two-fold: The Fed sees the current ACH (automatic clearing house) payment system used by banks as too slow and limited. Payments need to be instantaneous and there must be a way to reach unbanked households, the roughly 9 million U.S. households without a bank account. In the current system, stimulus payments couldn’t reach these households quickly.
The solution is a new payment system in which every household and business in the nation would have an account at FedNow, so the Fed can transfer funds directly and instantaneously into every household account (and presumably every business that the Fed has chosen to fund).
The second part of FedNow is the creation of a digital dollar which is just like the existing dollar with one tiny little difference: unlike cash (for example, a $20 bill), the digital dollars won’t be anonymous. Each newly created digital dollar will be trackable.” – Id.
How’s that for casting a wide net? Avoid the current (too slow) ACH payment system, and simultaneously force everyone into a trackable, digital dollar system that eliminates anonymity.
Everyone and everything (denominated in trackable dollars) loses anonymity — for you and me and everything in the natural world in one fell swoop. Evil genius! Many thanks to Charles for bringing us all the “good news.”