Just two posts back I told you about CBDC, Central Bank Digital Currency, the plan of the U.S. Federal Government to force everyone to use eDollars, government issued crypto dollars, instead of the continually less valuable paper fiat money that we can at least hold in our hands even though it’s not backed up by anything whatever. With crypto dollars we not only won’t even have that anymore, we will have utterly lost control of our lives and be owned like slaves by our government.
In a major step toward this goal, our government has announced the completion of FedNow, an electronic, online instant payment system that is the first of it’s kind. It allows anyone to transfer money to anyone else, instantly. This is ALREADY going global, as the IMF has ensured that all banks worldwide are on an IMF-created platform that joins them all together.
If you’ve transferred cash via the Internet from one bank to another, or from your bank to a person or business, you know that it can often take several days for the transaction to complete. With FedNow, it happens in a few seconds.
This spells the death of PayPal and other fund transfer apps because they all charge a fee and take time to complete. While I have no word on this right now, I’m betting that if there is a FedNow fee, that it will be less than 1%. PayPal charges a 3.49% processing plus 49 cents on every transaction, which in my opinion is hugely excessive and I’m not alone in that. PayPal is doomed, along with Square, Sumup, Shopify and the others that all charge nearly 3% of the transaction amount.
FedNow will become the only online payment system if it charges no or a very low transaction fee, especially since it completes transactions in seconds. When this happens, the use of physical cash money, already hugely reduced from when there was no Internet, will become a rare event. Everyone will use Digital Currency, crypto money. Paper money will disappear and eventually the government will simply stop printing it. By then the government will have total control over our lives and can dictate who gets to buy food and who can’t. If you speak out against government, government can make your crypto money account show Zero, you will be unable to buy food, travel, do anything except starve to death. Your very existence can be erased from all records.
Don’t say you were never warned.
Add a footnote here… FedNow is undoubtedly patented. Looking ahead, I see all competitors, no matter how innovative and different, being either shut down as infringing or simply bought out by the government. There can be only one system like this and it will be owned by the Fed. One other thought is that the IMF will probably incorporate FedNow into their international CBDC platform, thus uniting all currencies into one.