Republican Rep. Marjorie Taylor Greene (R-GA) has raised the alarm about Democrat President Joe Biden’s plans to replace physical cash with a “digital dollar.”
As Slay News has previously reported, Biden recently ordered the Federal Reserve to push forward with plans for a Central Bank Digital Currency (CBDC).
The move to digital cash raises major concerns about the lack of privacy and increased government control and surveillance over public spending.
In Biden’s vision, the digital currency will “advance democracies to lift people up, not to hold them down.”
However, a digital currency that’s controlled by the government is a tyrannical nightmare that is fresh out of George Orwell’s dystopian novel “1984.”
The Biden administration will soon begin rolling out an upcoming CBDC payment system called FedNow.
The federal government-controlled payment system will effectively control how people spend their money.
Congresswoman Greene fired back at the plan and called for a return to the gold standard.
“We should go back to the gold standard, not digital currency payment systems. Hard pass,” she tweeted.
The Fed has been planning some form of a CBDC over the last several years.
However, the privately held banking consortium announced Wednesday it would release its digital currency in July in response to the ongoing banking crisis.
The move comes as numerous nations pull away from the U.S. Dollar.
From CNBC:
“With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service,” said Ken Montgomery, the program executive and first vice president at the Boston Fed, which helped spearhead the project under former Boston Fed President Eric Rosengren.
Institutions that participate in the program will have seven-day, 24-hour access, as opposed to a system currently in place that closes on weekends.
CNBC then touted the utility of the Fed’s CBDCs, claiming it will be much easier in the future to infuse newly-printed dollars into the bank accounts of Americans similar to how they received helicopter money during the COVID pandemic.
“Program advocates say it will get money out to people much more quickly,” CNBC reported.
“For instance, they said, government payments like those issued in the early days of the Covid pandemic would have been credited to accounts immediately rather than the days it took to reach most people.”
That Fed program saw $7 trillion new dollars injected into America’s money supply.
The money-printing has resulted in historic and sustained inflation since 2021.
In other words, the Fed is presenting a “solution” to a problem that it originally started.
Biden’s 2024 Democrat challenger Robert F. Kennedy, Jr. has also issued a warning about shifting to a “digital dollar.”
“A CBDC tied to digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you fail to comply with arbitrary diktats, i.e. vaccine mandates,” Kennedy tweeted in response to the Fed’s announcement.
Former President Richard Nixon took America off the gold standard in 1971, which brought an end to the Bretton Woods System and transformed the international monetary system into a fiat one.
