Wednesday, February 28, 2018

Trump's nomination for the Fed Board of Governors wants to RFID cash to allow for negative interest rates while also taxing people who hold and use it

Contrary to popular belief, the agenda to ban or eliminate cash has not fully gone away.  And instead it is now being replaced with an idea from a potential new Fed Governor who wants to put RFID chips on every bill so those who want to deal in physical currency can be taxed just for holding it.

Marvin Goodfriend is a Keynesian economist who has ironically been nominated for the Fed Board of Governors by President Donald Trump, and who is a strong advocate of the central bank being able to control individuals through their use of money.

In the state’s relentless pursuit to scrutinize and control every citizen, including monitoring, tracking, and especially taxing their income, untraceable physical cash has long been a shield against such tyranny. However, thanks to Donald Trump’s nomination to the Federal Reserve Board of Governors, anonymous purchases, deposits, and savings with cash could soon be a thing of the past. 
Goodfriend is a central banking insider who’s spent decades moving in and out of government and central banks and his ideas are nothing short of Orwellian. 
Goodfriend’s idea was to insert magnetic strips into the bills. Each time the cash was returned to a bank, the money would be taxed at a pre-determined rate. That would discourage individuals from hoarding cash and remove one obstacle for central bankers in setting negative rates. 
Goodfriend is an advocate for both negative interest rates and tracking your cash—and this person is about to have a leadership position inside America’s central bank. 
Under the ostensible idea of reducing quantitative easing, Goodfriend would apply a tax directly to cash—stealing money from already taxed dollars—by tracking who is using it. According to Goodfriend, US currency should include tracking devices that let the government tax private possession of dollar bills—for your own good, of course. 
“The magnetic strip could visibly record when a bill was last withdrawn from the banking system. A carry tax could be deducted from each bill upon deposit according to how long the bill was in circulation,” Goodfriend wrote in his proposal. – The Daily Sheeple
As we here at The Daily Economist have been saying since 2008, the only way to win against the dollar, central banks, and the system is simply not to play. 


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