Biden's new trackable money!

[bersaguy]

I would like to hear what folks are thinking about this new plan Biden has for ending paper money and issuing Trackable and taking all your money out of your bank accounts?  

[crc4]

10 minutes ago, bersaguy said:

I would like to hear what folks are thinking about this new plan Biden has for ending paper money and issuing Trackable and taking all your money out of your bank accounts?  

Somebody's got to pay for all that ice cream and Depends.

[FUJIMO]

IBTL

[Garufa]

2 hours ago, bersaguy said:

I would like to hear what folks are thinking about this new plan Biden has for ending paper money and issuing Trackable and taking all your money out of your bank accounts?  

What are you talking about and how is it a 2A legislation and politics related issue?

[Moped]

Link explaining this?

[Frog4aday]

Sounds like a way for the Feds to get in on virtual currency: https://www.khou.com/article/news/verify/economy-verify/biden-executive-order-14067-not-getting-rid-of-cash-fact-check/536-aabc0fdb-22f6-409d-9654-f8905bfd3103

It doesn't do away with cash. Gov't wants their own version of bitcoin, that they track & control.

[Darrell]

11 hours ago, Garufa said:

how is it a 2A legislation and politics related issue?

It really does relate to the 2A in a very fundamental way. If paper money goes away and is replaced with digital (and don't think that can't happen. Almost all your bank transactions and credit card purchases are digital) then Uncle Sugar will be able to monitor every purchase made by everyone. Data drives the modern world, and a fully digital economy would make it easy to see where you and I spend our money. 

The implications go far beyond the 2A, of course. I'm an old, retired guy. With the current ESG protocols it would be pretty easy to say, "Hey, that guy's retired, he sure doesn't need to fill his gas tank more than once a month", and set it up so that the gas station won't take my money card.  

I can think of some benefits, too, but those I can think of are not worth the downside.

[Alleycat72]

The whole point to it would be taxes. If I sell you something, the government will be able to add sales tax. I would be taxed on any profit. 

[Darrell]

19 minutes ago, Alleycat72 said:

The whole point to it would be taxes.

While I agree that taxes would be a major point, it surely is not the whole point.  Those kinds of proposals are insidious, and if you and I can think of ways that they could be used to benefit one political group over another, or to exert control over one group or another, then you can be sure that someone in government will see those ways as an opportunity. 

[Alleycat72]

2 minutes ago, Darrell said:

While I agree that taxes would be a major point, it surely is not the whole point.  Those kinds of proposals are insidious, and if you and I can think of ways that they could be used to benefit one political group over another, or to exert control over one group or another, then you can be sure that someone in government will see those ways as an opportunity. 

People will just resort to bartering. Of course somethings can't be handled that way.

[Grayfox54]

I've always been a cash guy. I have one credit card and its used mainly for internet purchases. I pay it off at the end of each month.  If I can't pay cash, I don't need it. 

However, much of the younger generation already deals mostly in electronic money. They're used to it.  Many use a debit or credit card daily for something as small as a soft drink at the local store. How many of you pay your monthly bills through automatic payment plans or receive direct deposits?  No doubt at some point in the future cash will go away. 

Also bear in mind that the vast majority of "money" in this world is actually nothing more than numbers in a computer somewhere. If you want to make a large cash withdrawal, many banks need a couple of days to get the cash together as they don't have it on hand. BTW: they will report a large withdrawal to the feds. 

An all electronic economy opens the doors to all kinds of nefarious possibilities. Never underestimate the criminal mind. And that includes our elected criminals as well. 

May be a moot point anyway. Biden's EO simply authorizes a study into the possibility of an all electronic economy. Ain't nothing written in stone yet. 

 

Edited February 26, 2023 by Grayfox54

[AuEagle]

California Goes Full ‘Woke’ on Gun Industry Banking Discrimination (ammoland.com)

[Daniel]

On 2/26/2023 at 6:43 AM, Darrell said:

It really does relate to the 2A in a very fundamental way. If paper money goes away and is replaced with digital (and don't think that can't happen. Almost all your bank transactions and credit card purchases are digital) then Uncle Sugar will be able to monitor every purchase made by everyone. Data drives the modern world, and a fully digital economy would make it easy to see where you and I spend our money. 

The implications go far beyond the 2A, of course. I'm an old, retired guy. With the current ESG protocols it would be pretty easy to say, "Hey, that guy's retired, he sure doesn't need to fill his gas tank more than once a month", and set it up so that the gas station won't take my money card.  

I can think of some benefits, too, but those I can think of are not worth the downside.

All my purchases are digital already.

[Daniel]

https://www.reuters.com/business/finance/biden-orders-government-study-digital-dollar-other-cryptocurrency-risks-2022-03-09/

The newest story is from March of 2022 that I saw.