I don’t normally pay a lot of attention to political matters much any more, but some recent reports have caught my attention and I feel that the subject deserves your attention and prayer. In a press release on March 15, 2023, the U.S. Federal Reserve announced the July launch for the “FedNow Service.” But what is it? According to the press release, “With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible,” said Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor.”
A payment system they say? Hmmmm. Sounds harmless, right? Who could see a problem in that? Apparently a lot of folks are concerned because the Fed felt it necessary to produce another press release three days ago, to slow disinformation about FedNow and restate that it was not related to a form of future central bank digital currency (CBDC). They wrote in the release, “The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.” I wholeheartedly trust the Fed, don’t you (tongue firmly inserted in cheek)?
The Fed insists that FedNow is solely an instant payments service and that individuals will not have direct access to the network. At least not initially. But in spite of their stated intentions and legal boundaries this sure sounds like it lays the framework for the Government’s first step to control private citizens and their finances.
On a recent EpochTimes Crossroads podcast, “Countries Begin Dropping the Dollar; Fed Launches First Stage of Digital Currency” by Joshua Philipp, Mr. Philipp quoted a recent tweet by Robert F. Kennedy Jr. who called FedNow, “CBDC’s grease the slippery slope to financial slavery and political tyranny.” The tweet by Mr. Kennedy Jr. went on to say that, “The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it. and when money expires.”
Perhaps this is a bit of an overreaction, but is it really? The constitutionally-minded Cato Institute in a story on April 11, 2023, “Is Fednow a CBDC?”, certainly recommends vigilance. They said, “While FedNow is not a CBDC, that doesn’t mean those concerned about CBDCs should let their guard down.” Good advice indeed and that is why it is time to watch and pray.