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The Threat Of A “Digital Dollar”

Posted on Wednesday, December 1, 2021
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by AMAC, Parker Bono
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82 Comments
digital-dollar

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.

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Eric Faul
Eric Faul
2 years ago

I agree we should not have a digital dollar at all

PaulE
PaulE
2 years ago

The Biden administration just nominated Richard Corday, Elizabeth Warren’s choice to head the CFPB that was created under the Obama administration, to take the place of Randal Quarles as head of bank supervision. That should tell you the level of politics that will be associated with any move to a digital dollar. The creation of a U.S. version of China’s social credit system, once physical dollars are replaced by a purely digital dollar, can’t be far behind.

PaulE
PaulE
2 years ago

I see all my comments are now being automatically censored by AMAC. I guess free speech is not one of the constitutionally protected rights that AMAC respects. So bye-bye AMAC!

Don
Don
2 years ago

In like the digital dollar idea. I never use cash so it’s like using digital currency now anyway. I pay for stuff with crypto as well. The world is moving in this direction and we are falling behind. We can not afford to be late on this train.

Kathleen Keegan
Kathleen Keegan
2 years ago

No digital money. Do we want China to take us over. With Biden in office oit is very possible.

Eddie Van Halen
Eddie Van Halen
2 years ago

And in true Hitleresque style, they will TELL you this will knock out the drug trade.
Sounds more Goebell-esque though, to me.

PAUL PILGRIM
PAUL PILGRIM
2 years ago

Socialist wet dream to put it mildly.

Carol
Carol
2 years ago

Best way to eliminate those who disagree with Marxists ideology is to deny them access to their livelihood! Starve and make homeless those whom the left hate! No healthcare, food, gas, etc to all the voters who don’t kiss the backside of Democrat leftist!!! YEAH – let’s go that way! HELL NO!

Philip Hammersley
Philip Hammersley
2 years ago

We all know that there are NEVER any mistakes or shutdowns on computers, correct? Also, no hackers. So having all your money online is fantastic, correct?

Phyl
Phyl
2 years ago

All this is in the Bible. We are headed to so one World government. When or how long it takes, we don’t know, but things are moving quickly.

Larry W.
Larry W.
2 years ago

Just remember folks that what the government can easily give you, they can easily take away.
One more step towards world domination by whoever controls the computers.
Only folks who have never saved money during their lifetime or own nothing would think this is a good idea.

Tim Toroian
Tim Toroian
2 years ago

Look for a rise of the barter system and governments attempting to tax it. Sharpen the tines and liquify the beeswax.

Stephen Russell
Stephen Russell
2 years ago

Mark of the Beast system?? Track users, very 666

Morbious
Morbious
2 years ago

What could go wrong?

Granny26
Granny26
2 years ago

Get rid of Biden and his communist OCC and their asinine idea of digital currency. Too easy to hack. Gov wants MORE CONTROL of everything we have and do. NO NO NO NO.

ops
ops
2 years ago

Government central control not just with fnancials but with healthcare. An admin driven by power using the Constitutioin as a doormat!

Judith Grominger
Judith Grominger
2 years ago

I’m not surprised at this idea, but let’s not rush it, not yet. When its time.

Veteran
Veteran
2 years ago

First it was Gold and Silver, then easily flammable and biodegradable paper, now one electronic glitch and oops, “you say you had thousands, or millions? Got any proof?” Government theft, graft, and total control of their now boss, and future servants will be in their grasp. Just Say NO!!!!!!!!!!

lindylou
lindylou
2 years ago

Ditto Veteran! NO NO NO NO NO NO NO NO

Max
Max
2 years ago

Another reason why democrats are a danger to the free world today. The most dangerous corrupt places in America today are democrat controlled and half of Americans will vote for more corruption and crime as they did in 2020. How did half of the United States get this Stupid?

Bob L.
Bob L.
2 years ago

We’re closer than we realize. Look at how much of our monetary transactions we already do electronically either online or with a card. All the government has left to do is phase out “in hand” forms of money. Things have gone a long way from “The Congress shall have the power to: COIN MONEY…. ” Article One Section 8.

john
john
2 years ago

the cornell-COMMUNIST has been put out to pasture however, this ‘digital dollar’ scheme REEKS of more “PEOPLE CONTROL” by DEMON-ratz & rinos ! ! ! ! !

Donna Hatten
Donna Hatten
2 years ago

This would be one of the largest ERROR’S ever made by the USA

Gerry Tetreault
Gerry Tetreault
2 years ago

This investing more governmental control of our financial system. This is 1984 revisited. This has to be fought hard to ensure it never comes to fruition. This move has to be totally unconstitutional.

Kevin M Lynch
Kevin M Lynch
2 years ago

Back in 1969, while serving in Viet Nam, we had a morning roll call. The field was set up like it was pay day, but it wasn’t. What it turned out tp be was a “script conversion day.” You had to turn in all your “military script” (money…US dollars were not used by the military in Viet Nam) in exchange for the same amounts in NEW “military script.”

The purpose? To make all the script in the hands of non-US Military Personal, worthless, over night. The black market took a big hit.

Imagine what our government will be able to do with your “money” what they make it worthless, overnight, with digital money.

This is just another power grab. Like the government attempting to control every other aspect of our lives….from education to healthcare to transportation to utilities, etc. you name it.

Granky
Granky
2 years ago

We are almost to the point of digital money now. With electronic banking, bill pay online, paypal, wire transfers, debit and credit cards very few transactions are made with cash or even checks. It is much easier, quicker and cheaper, a roll of stamps now lasts me a year instead of a month. It would be very easy to go all digital which would be ok only if the federal government has no more access to our information than they have now, which is way more than they should have.

herblady
herblady
2 years ago

Being a Member of AMAC is donating. With inflation at the point of hyper inflation, there’s nothing left. No I’m quit disgusted, since AMAC has made the decision not to disclose where they picked up this story. Not only is that Plagiarism, but it’s also dishonest, claiming to be a Christian conservative Organization and not being Honest, Seriously. So Which Liberal, Socialist News Outlet did you plagiarize this story from, and failed to give them credit.

Steve G
Steve G
2 years ago

WAR is coming, its inevitable it can’t be stopped. The elitists & tech giants, & the CCP are all in it together to take our free America away from us all. Best thing to do is horde bullets & guns and get ready!!!

Peter J Keep
Peter J Keep
2 years ago

Gee – if the Feds control our access to our own funds, what if there was some “crisis” like, well maybe, a “pandemic” that was declared an emergency and a threat to the economy, therefore dictating they must “ration” our access to our own funds? And perhaps for the greater good our funds were “temporarily shared/loaned out”.

Nah – couldn’t happen in the leftist/Marxist nirvana the Democrats are trying to accomplish – could it?

M C
M C
2 years ago

Another major step towards a cashless society and the end times, brought to you by the NEW Democratic Socialist Party of America. This is not the Democrat Party of our parents and grandparents. This is a party that wants full government control of all citizens and residents of this country and in the end will be a step in joining a one world government society.  

Joanne 4 justice
Joanne 4 justice
2 years ago

This idea REEKS OF COMMUNISM AND SOCIALISM type CONTROL !! I cannot fathom that this type of government $$$$ control would benefit Americans in any way, shape or form (either personally or economically speaking ) .
GOD HELP US ALL ! ..

.
….

Retired Avrage American
Retired Avrage American
2 years ago

How can we stop the digital dollar from being installed? It seems the federal reserve is untouchable.

Amacer
Amacer
2 years ago

How else can the anti-Christ implement a no-mark-no-buy-and-sell policy? Only through a digital system where access to your money can simply be toggled on and off. Absolute control seems to be the ultimate goal of our government officials nowadays.

Socrates A
Socrates A
2 years ago

Part of the ‘Great Reset Agenda’! ‘You Will own Nothing & Be Happy ‘ to quote WEF & ????Klaus Schwab! Just wait for your Dem ????sponsored welfare payment while they monitor your every move!! On the ‘Road to Serfdom’ discussed by Nobel Laureate F. Hayek! Sad that we Americans have allowed these Marxist ????s to take over & implement their Make America Last! They’ve achieved it so far & a digital $$ would be the nail in coffin for our country as we know it!

Hal
Hal
2 years ago

Why is it that the Democraps continue to want changes relate to our governance and efficiency of our economy that even moreso give the Federal Government a better handle to RULE the Nation. That’s a rhetorical question …. I’m pretty sure I know the main reason. But if you can’t get at least a suspicion, then are likely a Democrap.

Hal
Hal
2 years ago

I have never understood why Americans in general do not understand that monetary inflation of our currency is the addition taxes the Government filches from the economy sub rosa. US citizenry is looking like a gang of fools to let its elected politically elected officials continue to take advantage of voter gullibility in this matter. A BALANCED BUDGMENT IS DIRELY NEEDED to make our politicos really accountable for the health of the economy and the stability of our currency.

Justin
Justin
2 years ago

WOE, WOE… you have this all wrong! The conservative people in this country, especially the younger generation, came up with this idea of “Bitcoin” and digital/crypto currency. Not this useless federal government! The government has caught on to the idea and feels they have the power and megaphone to spread their own version of crypto currency before these others catch on.

They are scared to death about crypto currency BECAUSE they have NO control over it! Unlike the fiat currency they have now and can turn the presses on and just print more. Crypto currency must be mined. Just like gold that backed OUR dollar before Nixon was forced to bring that to an end, Who do YOU think is going to pay for this debt coming off their money tree?!? Your children, grandchildren, and great grandchildren. Is that what you want?!

Does anyone know who the Central Bank is, how many this country has had, and why we need to bring down this one??? The first central bank/CB was called just that. First Bank of the United States. It lasted for a term of twenty years, by the United States Congress on February 25, 1791.

Two decades later, Congress let the bank’s charter lapse. A second bank of the United States was chartered in 1816 and it, too was allowed to expire after 20 years during the Andrew Jackson administration. A central banking system did not emerge in the U.S. until passing the Federal Reserve Act in 1913. Federal reserve sounded more official and like it was part of this federal government. IT’S NOT and never has been. It’s a private company and is no part of this country just like the rest of the alphabet agencies. The FDA, CDC, USDA, IRS, EPA, and the list goes on.

Now you know why President Trump always had a framed picture of President Andrew Jackson in his Oval Office hanging on the wall to the left of his desk. Jackson brought down the 2nd CB in this country and Donald Trump made a promise to himself to bring down the 3rd CB we have now. The Federal Reserve. Our founding fathers wanted the People to create their own currency. This is exactly what crypto currency will bring back to this country. A currency that is mined, not printed. Created by the people and resourced by the Treasury of the U.S. Not some central bank like the FED.

Why do you think we are SO in debt? Because this country buys it’s currency from a private company. Let’s use this simple example for understanding. Every time this government borrows $100 from the FED/CB, they charge us $10 in interest on that loaned amount. Just like your personal bank will do to you on a loan. So… how does the federal government pay back the loan? The FED says, “That’s easy. Just borrow another $100 from us.” Well… that was pretty easy wasn’t it? The problem is, NOW we owe this private FED $20 instead of $10 in interest. So they go around again and again. $300… we are $30 in the hole for our $300 loan. You’ll never get it paid off! The bankers knew this and it’s why they’ve been using it for over a century of more.

The Federal Reserve Act was passed in 1913 by 5 members of Congress who were in the Capitol on Christmas Eve. That’s all it took and the Bill was passed. The Federal Reserve Act was also singed into law during that same December by President Woodrow Wilson and was valid for 100 years. If that is the case then that contract/Bill should have expired on midnight of 12/24/2013. So what the hell is going on?

These communists never like real money/currency. It was President John F. Kennedy who ordered the Treasury of this Country to print $350.000 while he was in office. The bankers heard about and I’m sure they discussed it saying, “OH no. We can’t have this.” After much research it is my opinion it was this call made by JFK to the Treasury, was the reason our President in the 60s was assassinated.

Please research these topics. Bitcoin, crypto currency, digital dollars, whatever you want to call it… in my belief is our best answer to get out from this noose that has been hanging us for years. Remember… it’s not the ‘prices that are going up’. Has the quality on anything you purchase been improved? No… in fact, the quantity has gone down on the same package you use to purchase many goods like food in and the prices have skyrocketed. Why? Because we have a Resident in the White House, not a President, and the value of that paper dollar you hold onto or purchase with the plastic card in your hand is going Downnnnnnnnnnnnnn.

BAE
BAE
2 years ago

Is there anything that the democrats don’t want to control? They are greedy, stupid, out to hurt anyone that works for a leaving. Take from one and give to a taker. Of course, with many $$$’s for the government to piss away. The government has a bottomless bucket. But we miss stay the course and follow our budget. How do they sleep at night?

johnh
johnh
2 years ago

Leave US currency as it exists today. It is working out fine for ++++ years. If it aint broke, dont fix it. Plus the Bitcoin has opened up a whole new world for the criminal underworld to use……use look at where Ransome ware attacks want to be paid…….cuz no way to trace back to them?????

johnh
johnh
2 years ago

I see articles off & on about mining Bitcoins —– and the biggest issue is the HUGE amount of electricity that is required to make these things. Does not make sense to most power grids.

gin
gin
2 years ago

A digital dollar is closer to the mark of the beast. Don’t worry, the beast will require you to take his mark, so you will have a say in it. Those already having asked Christ Jesus to be their savior won’t be here to be asked. Those who haven’t will live into the tribulation period and at some point will have to choose between the beast and God. God alone is good, so I know who I want to spend eternity with. The problem is the beast will seem good for a time and people will be deceived. If they don’t know about Jesus, they will think the beast is him.

toprudder
toprudder
2 years ago

Article says, “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.” So, by putting such funds into the Fed’s “digital wallets” the funds in regular commercial banks would begin to dry up, reducing their deposits dramatically. Thus, I have a question, how will regular banks have funds to make loans to farmers and other businesses, or to the average person who wishes to finance the purchase of a new automobile? Without deposits, banks cannot have the funds to do so; does this mean that the Federal Reserve will be making loans to farmers, businessmen, and individuals (i.e. consumers)? It will be a dark day when we have to go to government bureaucrats and justify to them that we need a loan to plant wheat, expand a store, or purchase a car.

Lee S McQuillen
Lee S McQuillen
2 years ago

Digital Dollar – another way to control us, the peons!

Mario Capparuccini
Mario Capparuccini
2 years ago

Sounds like the mark of the beast to me.

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