Bank-based digital money is happening. Right now. Like it or not. It claims to offer convenience, instant transactions, safety, and simplicity. The Federal Reserve’s FedNow payments service goes live in July 2023. Is this digital money? How does it work? What happens next? Should we be concerned? Maybe, maybe not. Like so much else these days, it depends …
Aldous Huxley wrote in his dystopian novel Brave New World (1932) about a new world being created by people with extremely evil natures. While this description might apply to almost any period in history, it seems especially relevant to our world today. Changes that are occurring seem indeed to be ushering in our very own brave new world. But why “brave”?
You may remember a while back when money was valuable and you could put it in a bank for safekeeping. Well, no longer. Money value is getting trashed right now, along with the formerly safe banks. The value decline started in 1913, with the dollar today worth around 4 cents in equivalent purchasing power. And now banks are suddenly collapsing. Where is this mess headed next?
Cryptocurrencies are not money but just a transaction mechanism. They have no proven safe store of value. They are collapsing, for reasons. Luckily, central banks just so happen to be ready to rollout out their CBDCs, which are not money either. CBDCs are only a payment mechanism linked to wonderful fiat currencies, like the US dollar, but they will save the monetary system. Or maybe not.
The increasingly powerful Klaus Schwab, his WEF, and his fast-growing army of supporters and implementers seem to have focused on an approach to a one- world-order that is working. Government-issued digital ID’s plus government-created digital money. And rapidly becoming non-optional. Global leaders are quite open about their objectives. Is this 1984’s obey-or-else time? Or just maybe – something good?
