Will Your State Reject the Fed’s Digital Dollar?

Personal and political freedoms are inseparable from economic freedom.  To this end, economic freedom is contingent upon an economy that transacts using honest money that’s free from coercion.

Volumes have been written on America’s experience with money of varying veracity.  Here we’ll touch on a few key events.

Article I, Section 8, of the U.S. Constitution empowers Congress to coin money and regulate its value thereof.  Article I, Section 10, specifies that no state shall make anything but gold and silver coin a tender in payments of debts.

The Federal Reserve Act of 1913, passed by the 63rd Congress and signed into law by President Woodrow Wilson on December 23, 1913, established the Federal Reserve System, the central bank of the United States.  The Federal Reserve Act also delegated the right to issue money from Congress to the Federal Reserve.

In this regard, the current U.S. dollar, a Federal Reserve Note, is illegal money.  It is issued by the Federal Reserve – not Congress – in direct violation of the U.S. Constitution.  Moreover, when states collect tax dollars that are devoid of gold or silver coin, they violate the Constitution.

Economic freedom has been greatly undermined by Washington over the years.  Executive Order 6102 of 1933, for example, forced all American citizens to turn in gold coins and bars.  Gold ownership in the United States, with some small limitations, was illegal for the next 40 years.

Economic freedom was again undermined when President Nixon “temporarily” suspended the convertibility of the dollar into gold in 1971.  This action removed any remaining protection workers and savers had against their hard-earned dollars being inflated away.

But now, as the year 2022 nears its close, another extremely destructive event approaches…

Proof of Concept Project

Over the last 110 years economic freedom in the United States, as in the world, has been in decline.  Through a continuing process of debasement, the Fed has inflated away 96 percent of the dollar’s value.

In other words, today it takes $1 to buy the equivalent of what $0.04 could buy in 1913.  This is a downright disgrace.

Yet over this time, the paper dollar did preserve some modicum of economic freedom.  Payments in cash provide some level of privacy in what you’re buying and selling.  Specifically, the government is unable to readily trace and monitor transactions conducted using cash.

This soon may change…

Have you ever heard of something called the New York Innovation Center?  On November 15, the Federal Reserve Bank of New York published a very important press release.  Here’s a key excerpt:

“The Federal Reserve Bank of New York today announced that its New York Innovation Center (NYIC) will participate in a proof-of-concept project to explore the feasibility of an interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger.

“This U.S. proof-of-concept project is experimenting with the concept of a regulated liability network.  It will test the technical feasibility, legal viability, and business applicability of distributed ledger technology to settle the liabilities of regulated financial institutions through the transfer of central bank liabilities.”

This, without question, marks a significant step in the Fed’s efforts to rollout a Central Bank Digital Currency (CBDC).  The project, as we understand it, will inform how the Fed intends to work with actual banks to introduce a digital dollar.  This digital dollar would ultimately replace the paper dollar and would eliminate the privacy of cash payments.

Traceable and Programmable

David Haggith, publisher and editor-in-chief of The Great Recession Blog, has been closely covering the rapidly approaching advent of CBDCs and digital dollars for several years.  Haggith recently offered the following perspective as to the significance of what’s at stake:

“We’re on the brink of a dramatic change where we’re about to — and I’ll say this boldly — we’re about to abandon the traditional system of money, and accounting, and introduce a new one….  The new accounting is what we call ‘blockchain.’  It means digital.  It means having an almost perfect record of every single transaction that happens in the economy, which will give us far greater clarity over what’s going on…. It also raises huge dangers in terms of the balance of power between states and citizens.”

What you must understand is the adoption of a digital dollar by the U.S. government would be one of the greatest expansions of federal power ever made.  You also must understand that a digital dollar would be much different than a cryptocurrency like bitcoin, which is decentralized and has limitations on its ultimate quantity.

The key distinction is that Fed issued digital dollars would be traceable and programmable and would be integrated with the Fed and private banking.  Specifically, digital dollars would be programmed to have various rules and restrictions governing how and when they are spent.

We know from the executive order released by the Biden administration on March 9, which required several federal agencies to study digital currencies and to identify ways to regulate them, that CBDCs and other policies governing digital assets must mitigate “climate change and pollution” and promote “financial inclusion and equity.”

What does this mean, exactly?

At the World Economic Forum (WEF) earlier this year, one zealous central planner clearly stated that the intent of traceable and programmable CBDCs is to monitor, “where you are traveling, how you are traveling, what you are eating, what you are consuming – individual carbon footprint tracker.”

Will Your State Reject the Fed’s Digital Dollar?

U.S. government debt is now over $31 trillion.  Tack on unfunded liabilities like social security, Medicare, federal debt held by the public, and federal employee and veterans’ benefits, and the government debt number jumps to over $172 trillion.

What’s more, trillion-dollar deficits year after year imply that the government is borrowing money to pay the interest on the debt.  At this point, there really is no honest way for Washington to ever repay all this debt.

The tracking features of CBDCs are very appealing to central planners and government control freaks.  But we believe what’s compelling the urgency of a Fed issued digital dollar is the elaborate cover its rollout will provide.  The introduction of a digital dollar can and will be used as a means to obscure an outright default.

Your account may get credited with digital dollars at rollout.  However, these new digital dollars will come at a price.  We’re not entirely clear on what that is.  But we think it’ll involve a loss of value that’s proportional to the insane levels of debt that Washington’s on the hook for.

In short, this is a last-ditch effort by Washington to mask a government default.  If you don’t own any physical gold and silver yet…, what are you waiting for?  Don’t overcomplicate things.  Go to your local coin shop and pick up a few coins today.

Meanwhile, as the NYIC figures out just how to go about introducing the digital dollar, some states are figuring things out too.  In fact, certain states may not be too keen on a Fed issued – traceable and programmable – digital dollar.

Utah, Nevada, Wyoming, and New Hampshire are already issuing “gold-backs.”  These are privately issued notes that contain actual gold.  They are accepted in these states under their respective legal tender laws, which provides for the adoption of gold and silver as legal tender by the state.

Here in the Volunteer State, Tennessee State Senator Frank Niceley has some ideas too.  He recently chatted with former U.S. Assistant Secretary of Housing and Urban Development, Catherine Ausin Fitts, about the strengths and benefits of a Sovereign State Bank modeled on North Dakota.

Niceley’s intent for a Tennessee Sovereign State Bank is to also include a state bullion depository and provide local banks and credit unions support to counter the threat of a Fed issued digital dollar.

There’s a lot to be worked out, of course.  Nonetheless, it’s about time state and local jurisdictions stood up to Washington and the Fed.  Developing gold-based local alternatives to the Fed’s digital dollar is a start.

Your economic, personal, and political freedoms depend on it.

[Editor’s note: The window to protect your wealth and financial privacy is closing.  And it’s closing quick.  I don’t like it one bit.  But I’m not going to stand around powerless as Washington’s control freak sociopaths destroy everything I’ve worked so hard for.  For this reason, I’ve dedicated the past 6-months to researching and identifying simple, practical steps everyday Americans can take to protect their wealth and financial privacy.  The findings of my work are documented in the Financial First Aid Kit.  If you’d like to find out more about this important and unique publication, and how to acquire a copy, stop by here today!]


MN Gordon
for Economic Prism

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34 Responses to Will Your State Reject the Fed’s Digital Dollar?

  1. ghost says:

    When the citizens refuse to resist such mega corruption? Nothing can save the country.

  2. Ronald Harvey says:

    Will the CBDC be the final crack in the wall and force the Secession of the South again?

  3. Carl Chadwick says:

    “In 1787 the writers of our Constitution put in this clause in Article 1, Section 10; it says “No state shall make anything but gold or silver coin a tender in payment of debt.” That clause follows the Biblical injunction on just weights and balances that we see in Leviticus 19:35-36.

    “Private business is carried on in gold and silver coin, but public business is conducted in commercial paper – commercial paper like stocks, bonds, Federal Reserve notes, credit cards, debt, and usury.

    “In 1965 Congress said that there is no difference between the gold and silver coin and the clad coin or currency which is in circulation. Now that is true when you are dealing with banks, government, and commercial industries.

    “But out here in the real market place, there is a seven to one difference in the purchasing power of gold and silver over paper, and there is a seven to one difference in the taxes that are due on that paper over gold.

    “Now God and our Founding Fathers did not give us gold and silver coin for no good purpose. They knew that, as a matter of law, gold and silver coin is absolutely necessary for us to deal in, in order for us to establish our property rights.

    “Well, neither did our Congress and our politicians take our gold and silver coin away from us for no good reason either. They knew, and they knew full well, back in 1933 that in order to subjugate a free people, they would first have to take away the peoples’ property rights. They would have to take away their gold and silver coin to extinguish the peoples’ right to property and to destroy those property rights.

    “Now if you and I intend to regain our rights, our duties, our capacities, then we must first regain our property and property rights. That’s because property is the legal foundation of all of our liberties.”

    – Comments by the late George Gordon
    Formerly a teacher of Common Law & Biblical Law
    (From his on-line Library of recorded audio tapes.)

  4. Rob says:

    The states will all eventually conform to this harlot who is presently riding the UN beast for this has all been prophesied for thousands of years and will be fulfilled!:

  5. It’s really hard to understand that when I was a youngster at 16 and learned to drive I could fill my twenty-gallon gas tank for about $5.00. I just went on a vacation and drove about 2,500 miles, I think. I get 15.5 MPG in my truck. most of the time I filled up at about 3/4 of the tank I was paying almost $75.00 and a few times a little more.
    when I was a young soldier gas went up to $.75 cents a gallon, I was about 25+_ several years. Now I am 75 and seeing what looks like highway robbery. Of course, the government hides it by raising my checks enough to keep up with inflation. but they do that to keep us, veterans, from raising up armies to resist their theft. Well I was told when it was 35 that when I was this age the civil war will start, because we’re too old to fight. That’s BS, I shoot better today that back then, and I know how to operate all their equipment. So lets get the job done and resist this tyranny.

  6. Daniel H Benson says:

    So when over half the states embrace the digital dollar, how will the people of the states who don’t, buy and sell with a different money system from other states and foreign nations? This new digital dollar will be gold-backed and staying with worthless paper to compete will not work. What do you do when you travel out of state or to a foreign country? Plus where will you bank, where will your paycheck go? This is insane, it won’t work. There is not one state in the union that could now stay above water in the life we live today w/o the US govt. assistance.

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