One of the scariest ideas ever presented is the idea of the government sending a representative to help in a situation. These officials or their representatives always claim they are there for our protection and with our best interests in mind. Yet, it never proves to be the case. Instead, we are left with their claims of excellence and delusions of grandeur as we deal with their inadequacies.
First announced on July 20th, the Federal Reserve has dubbed the program FedNow (how appropriate). First announced back in 2019, the program will allow banks to transfer money from one to another in real time. No more waiting days for funds to clear. While a list of banks and credit unions that have signed up for the service has been released, JPMorgan Chase and Wells Fargo customers are the first in line.
Much like PayPal or Venmo, this is an instant payment service. Money is gone from one account and into the other immediately. Both financial institutions need to participate, and it will be available 24/7. The service will also be introduced on apps and websites once the service rolls out.
This is also something that has been in existence in places like England, China, Sweden, and India. The idea of transactions posting instantly and not having to wait for things to process sounds like a beautiful idea. Especially for those who are pinching pennies to get by. It will make it a lot harder for a late processing payment to throw someone’s balance off and, thus, subject them to overdraft or other fees.
Speaking directly to them, FedNow preached about how employers can pay employees in minutes after the pay period ends, not days. When it comes to rent, people would be able to clear payments to their landlord in seconds. This means no more missed or late rent penalties.
Another feature they are toting for FedNow is the suddenly enhanced security and tools to identify and combat fraud. They will be able to flag accounts and limit how much they spend, as well as how frequently they can make those transactions.
This is where the biggest concerns come in.
For years now, conservatives have warned against the idea of centralized banking and a digital currency. The idea of the government manipulating your every dollar, being able to make or destroy money with the click of a key. Blocking out or taking accounts at a bank’s discretion is a dangerous idea. As we saw in the Canadian trucker protests, Trudeau froze those people out of their money. We all know Biden wouldn’t hesitate to do that, either.
FedNow is a backdoor way of introducing global currency. All digital funding. It would eliminate cash and track your spending habits. Full control of you and your financial picture. A complete violation of trust and giving up our rights as we know them.
Yet, they are prepared for this accusation. In a series of tweets, the Fed vehemently denied these allegations and, instead, pushed the agenda of this being an unrelated and positive idea. “The Federal Reserve has made no decision on issuing a central bank digital currency (CBDC) & would not do so without clear support from Congress and executive branch, ideally in the form of a specific authorizing law…A CBDC would not replace cash or other payment options.”
FedNow is not a tool for the American people. It is a virus for us. It is a tool for the left to wiggle their way even deeper into our lives and to try and keep the American people under their thumb. Staying with banks who use this service will only let these CEOs know how little we worry about the security of our money and how much we are willing to hand over in the name of “security” and “convenience.”
