Rehash of an old topic.

[pkveazey]

This "Digital Currency" thing is really starting to be hyped. The great unwashed are just accepting it and have no idea how it is going to be the ruin of our society. Well, there is nothing I can do to stop it but I sure am preparing myself for a secondary monetary system of Barter and use of Precious metals. I hope my fellow Unchained Preppers are getting ready for it. This is what I think of the new monetary system.

[JohnyMac]

Notice all of the commercials about digital currency now?

[pkveazey]

DIGITAL CURRENCY (CASHLESS): We haven't discussed this since October so I thought I'd remind everyone to keep an eye open for anything that nudges us towards it. I have noticed more and more slight nudges everywhere. All of the Bills that I pay are pushing the hell out of me to pay them without Cash or Check. The Phone Company/Internet, the Satelite TV company, the Home/Auto Insurance company. I've told them all to go screw themselves and I'll keep mailing them a check. OK, a check is pretty close to being cashless. Also, every Tom, Dick, and Harry, on the planet is trying to get me to borrow money. Hell, I saw that one coming from a mile away so I paid off all my debt and I'm doing everything that I can to not use credit except for small credit card purchases that I pay off each month.

[JohnyMac]

If the US dollar crashes we will move to digital 100% over night.

The World Economic Forum's central banks are planning on all moving to digital sooner than later. It is easier to control your spending.

I wonder how they will take the cash out of circulation? After all, your paper money says, THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE so, it has to be honored.

[pkveazey]

Taking cash out of circulation is easy but it will take a short period of time. When Paper bills get old and they come into a bank, the bank turns them over to the Federal Reserve to be burned and the bank get fresh new bills as a replacement. What they'll do is turn the bills in to the Federal Reserve and the Federal Reserve will issue the bank Digital Credit(Digital Currency) for that amount. Slowly the currency will dry up until its all gone. The only way to beat them is to not take any currency to a bank. Just keep it out in circulation.

I personally don't give a damn about Digital Currency except for TWO THINGS. ONE: Every transaction will be recorded. No matter what you buy, there will be a permanent record of what you bought, where you bought it, how much of it you bought, how much you paid for it, and right down to the minute when you bought it. TWO: How in the Hell do you buy your neighbors used lawn mower? I guess you don't. Maybe you'll be stuck with only buying new items from very large corporations.

Actually there is a THIRD thing: At any moment, your money can be frozen and you cannot get access to it. Hmmmmmm....... That's a pretty strong incentive to get people to do whatever they're told and also say, "Yasuh Boss".

[Nemo]

I wonder how they will take the cash out of circulation? After all, your paper money says, THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE so, it has to be honored.

Simple.  Pass a law that says it is not longer legal tender, not to be honored, accepted or possessed.  If you have any you could become a criminal and sent to camp.

Nemo

[Jackalope]

   I may be missing something, but what provision is there if a prolonged power outage occurs?  As in no power, no internet, for months or years.  It doesn't matter if the outage is caused by nature, EMP, or other causes.  Seems like everyone would revert back to hard cash, especially if the electric grid is no longer reliable.  Speaking from experience in other countries, daily intermittent power outages are very frustrating, and it forces retail transactions to be cash or barter only.  Normalcy bias strikes again when considering digitalized currency.

[Nemo]

None.  The govt won't let that happen.  And if it does I submit fears about the govt being upset that you have dollar bills or silver coins would not be near the top of any list.

Nemo

[grizz]

GrizzCoin is still available to all who are interested 

[JohnyMac]

I forgot ALL about that Jackalope. Good point.

[DMCakhunter]

Yep, grocery stores with no power in Texas were only accepting cash during the cold freeze.

[pkveazey]

None.  The govt won't let that happen.  And if it does I submit fears about the govt being upset that you have dollar bills or silver coins would not be near the top of any list.

Nemo

Nemo, I think you're right. If what has happened in the past is any indicator of what will happen in the future, The destruction of our money will occur in small baby steps. If you go back to 1913 and follow the history of our money, you'll see that things were done in small steps to keep the DUMB MASSES from catching on. Any concern by the Government will come later when a secondary monetary system starts to interfere with the government's primary monetary system. When Barter, Gold and Silver, and other Black Market systems will eventually really piss them off. Think of the Government as if it were a Narcissist. If you totally ignore it, then it will blow its stack and have a hissy fit. The government can't stand to not be in control of everything.

[grizz]

None.  The govt won't let that happen.  And if it does I submit fears about the govt being upset that you have dollar bills or silver coins would not be near the top of any list.

Nemo

I used to think the govt wouldn't let the destroy the economy just to get rid of Trump, I was wrong on that one

[Jackalope]

Kunstler's latest missive discusses Bitcoin, and how it is vulnerable to power and internet outages, like any digital currency. https://kunstler.com/clusterfuck-nation/tomorrow-and-tomorrow-and-kaboom/    He makes a good point about the recent Texas power outages, and how it may have effected Bitcoin trading.  Kunstler also astutely points out the lack of production within America, and how Congress is contributing to the lack of production.  All indications are pointing to the U.S. economy swirling down the drain.  Good-bye Arab Spring, hello American Spring!

[pkveazey]

Jackalope, those are all valid points. I agree with them and I'll add that I have come to the conclusion that everything is planned and exercised and the public is handed a bag of BS as to the why and how about everything. It is totally clear to me that our economy has been swirling down the toilet for some time now, and the Man Made Covid 19 virus was unleashed so it could be blamed for the total and absolute collapse of everything. I have a catch phrase that I have used many times. "If its BIG and its BAD, then its was PLANNED." I considered getting into BITCOIN when it first came out and it was dirt cheap but the ONE THING that stopped me was exactly what you mentioned. How do I access it when the lights go out and the internet is unavailable. Hell, the lights could stay on and the Government could still shut down the internet to everyone but themselves. That's the moment I decided that if I couldn't hold it in my hand then it didn't exist. I'll end on this note....... The economic experts say that when the Public Debt passes 70% of the Gross Domestic Product then a Country is about to become bankrupt. The Gross Domestic Product is 21.6 Trillion dollars and the US National Debt is 28.02 trillion. We have gone well beyond the 100% mark and are Doomed and the Virus will be blamed.

[JohnyMac]

PKv wrote, We have gone well beyond the 100% mark and are Doomed and the Virus will be blamed. Yes, along with Constitutional Conservatives. "They" are laying the foundation now for the coming pogrom.

The canary in the coal mine will be inflation. I am seeing it already in fuel prices here - Both vehicle and home fuel prices. Petrol has gone up 26% since mid-December. That cost will be passed onto you through higher consumer goods prices.

Good article Jackalope. Thx for sharing.