Dear Fellow Patriot,

Did you see my weekly column regarding the
scheme to give the Federal Reserve the authority to create a
digital dollar?

You may be wondering why with all the current
threats to your liberty you should care about this.

The reality is, there will be disastrous
consequences if Congress authorizes the Fed to create a digital
dollar.

It would result in massive inflation and a
loss of what little financial privacy we have left.

Be sure to read my important article below
and stay tuned for future updates on actions you can take to stop
this dangerous scheme.

For Liberty,

Dr. Ron Paul, M.D.
Chairman




___________________________________

Fedcoin: A New Scheme for Tyranny and Poverty

POSTED BY Ron Paul July 27, 2020

If some Congress members get their way, the
Federal Reserve may soon be able to track many of your purchases
in real time and share that information with government agencies.
This is just one of the problems with the proposed "digital
dollar" or "fedcoin."

Fedcoin was initially included in the first
coronavirus spending bill. While the proposal was dropped from
the final version of the bill, there is still great interest in
fedcoin on Capitol Hill. Some progressives have embraced fedcoin
as a way to provide Americans with a "universal basic income."

Both the Senate Banking Committee and the
House Financial Services Committee held hearings on fedcoin in
June. This is the first step toward making fedcoin a reality.

Fedcoin would not be an actual coin. Instead,
it would be a special account created and maintained for each
American by the Federal Reserve. Each month, Fed employees could
tap a few keys on a computer and - voila - each American would
have dollars added to his Federal Reserve account. This is the
21st century equivalent of throwing money from helicopters.

Fedcoin could "crowd out" private
cryptocurrencies. Also, it would limit the ability of private
citizens to protect themselves from the Federal Reserve-caused
decline in the dollar's value.

Fedcoin would not magically increase the
number of available goods and services. What it would do is drive
up prices. The damage this would do to middle- and lower-income
Americans would dwarf any benefit they receive from their monthly
"gift" from the Fed. The rise in prices could lead to Congress
regularly increasing fedcoin payments to Americans. These
increases would cause prices to keep rising even more until we
face hyperinflation and a dollar crisis. Of course, we are
already on the path to an economic crisis thanks to the Fed.
Fedcoin will hasten and worsen the crisis.

Fedcoin poses a great threat to privacy. The
Federal Reserve could know when fedcoin is used, who is using it,
and what they use it for. This information could be shared with
government agencies, such as the FBI or IRS.

The government could use the ability to know
how Americans are spending fedcoin to limit our ability to
purchase goods and services disfavored by politicians and
bureaucrats. Anyone who doubts this should recall the Obama
administration's Operation Choke Point. Operation Choke Point
involved financial regulators "alerting" banks that dealing with
certain businesses, such as gun stores, would put the banks at
"reputational risk" and could subject them to greater regulation.

Is it so hard to believe that the ability to
track purchases would be used in the future to "discourage"
individuals from buying guns, fatty foods, or tobacco, or from
being customers of corporations whose CEOs are not considered
"woke" by the thought police? Fedcoin could also be used to
"encourage" individuals to patronize "green" business, thus
fulfilling Fed Chair Jerome Powell's goal of involving the Fed in
the fight against climate change.

Fedcoin will threaten private
cryptocurrencies, increase inflation, and give government new
powers over our financial transactions. Fedcoin will also speed
up destruction of the fiat money system. Whatever gain fedcoin
may bring to average Americans will come at terrible cost to
liberty and prosperity.

# # #
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