While it may seem unbelievable to some, the United States is considering the creation of a new currency. The currency is called the “digital dollar.”
As AMAC has previously reported, the United States would not be the first country to begin the creation of a digital currency. At least 110 different countries have already started the process of adopting their own versions of a digital currency issued by their central banks, with each country in a different phase of development. The communist Chinese are, unsurprisingly, the country with one of the most developed digital currencies, which is combined with their social credit system to completely control the people of China.
After multiple delays, the Federal Reserve is set to release a paper in relation to the deployment of the digital dollar in the coming weeks. This is just the most recent step towards the dangerous digital dollar. In 2020, Democrats proposed using a digital currency deposited into digital wallets as part of one of their many first stimulus proposals (H.R. 6321). Also, in 2020, the U.S. Senate released a project titled “The Digital Dollar Project.” The project blueprint outlines how the digital dollar would work. According to the report, the digital dollar would be released by creating digital wallets for banks, businesses, and individuals. Digital dollars would then be directly deposited into these digital wallets, similar to how direct deposits are issued to bank accounts. Americans would be able to utilize their digital dollars by sending them to the digital wallets of others. However, unlike traditional bank accounts, every digital wallet would be issued and managed directly by the Federal Reserve. Barring the complete elimination of the traditional banking system, this would also mean that the Federal Reserve would be in direct competition with other banks.
Digital dollars would be very different from traditional dollars. Each digital dollar would exist only online and would be a programmable piece of code for which the Federal Reserve would have absolute control over. This opens the door to further financial surveillance as each digital dollar would be able to be tracked in real-time. This could allow anyone that the government decides should not have access to digital dollars to have their access to the new currency restricted, effectively shutting them out from the American economy, which will likely adopt the currency fairly quickly if the Federal Reserve officially launches it.
The new digital dollar could also be used as a means to further expand America’s already excessive welfare state. As previously mentioned, Democrats already proposed utilizing a digital currency to directly issue welfare payments to Americans back in 2020. Furthermore, this idea was actually explicitly mentioned in the 2020 “Digital Dollar Project.” To quote the project, a digital dollar would allow for the “issuance of direct payments to individuals to offset lost wage income.” If a digital dollar were adopted, the government would be able to achieve a long-term Democrat goal by instantly and directly issuing welfare payments to the digital wallets of Americans.
The adoption of a digital dollar seems more likely considering Joe Biden’s nominee for the Office of the Comptroller of the Currency (OCC). The Comptroller of the Currency is responsible for overseeing America’s national banking system. Back in September, Biden nominated Saule Omarova to head the OCC. Omarova is a communist who attended Moscow State University on a “Vladimir Lenin Personal Academic Scholarship.” Omarova has also called for the government to completely abolish private banks and instead have the Federal Reserve control all deposit accounts. To quote Omarova, “Imagine what it would be like if, instead of just a public option for deposit banking, this would be actually the full transition, in other words, there would be no more private bank deposit accounts and all of the deposit accounts would be held directly at the Fed.” Lastly, in 1995, Omarova was caught stealing over $200 worth of items from the retailer T.J. Maxx. It seems as if Omarova has since moved on from stealing from retail stores and now wants to steal financial freedom from Americans instead.
The prospects for a digital dollar are also increasing, considering the upcoming vacancies at the Federal Reserve. By the end of January 2022, there will be three vacancies at the Federal Reserve: Federal Reserve Chairman (currently held by Jerome Powell), Vice-Chair of the Federal Reserve (currently held by Richard Clarida), and Vice-Chair for Federal Reserve Supervision (currently held by Randal Quarles). It should be noted that Biden renominated Jerome Powell for the position as Federal Reserve Chairman and nominated Democrat Lael Brainard as Vice-Chair of the Federal Reserve last week. Biden has yet to announce his pick to replace Randal Quarles as Vice Chair for Federal Reserve Supervision.
A digital dollar is also being discussed as a means to mitigate the current inflation crisis. However, according to a recent report, the implementation of a digital dollar would actually “accelerate the rate of inflation.” This comes as nearly 40% of the dollars that have ever been printed by the Federal Reserve were printed in the last two years alone, with the majority of all dollars in circulation being printed in the last decade. This is an artificial devaluation of the dollar, the likes of which have never been seen before in America.
As the idea of a digital dollar continues to be discussed, it is important to resoundingly reject the proposal. The digital dollar poses a grave threat to all Americans. From hyperinflation to the monitoring of all transactions, no American would be spared from the many negative effects of the digital dollar. The only individuals that would benefit from the new currency are the elite bankers at the Federal Reserve and members of the government who would be able to further consolidate their control over America and the American economy.