FedNow: The CBDC Killer?

The Fed’s bait and switch… [Altucher Confidential] September 06, 2022 [WEBSITE]( | [UNSUBSCRIBE]( Once everyone is required to have a FedNow account, what’s the difference between FedNow and a CBDC? Not much. [Hero_Image] FedNow: The CBDC Killer? By Chris Campbell Urgent From James Altucher! Hey, it’s James Altucher. I just announced a massive new change to Altucher’s Investment Network, and as one of my readers I wanted to make sure you know what’s going on. [Click here now to see my urgent announcement.]( [Chris Campbell] CHRIS CAMPBELL The Federal Reserve has made it official: their “FedNow” payment system will be ready by July 2023. In some circles, it’s being touted as an alternative to a CBDC. Federal Reserve Governor Michelle Bowman said that FedNow “addresses the issues that some have raised about the need for a CBDC.” If you haven’t noticed, CBDCs have been drawing ire from both sides of the aisle. Lynne Marek, lead editor of Payments Dive, points out that “strange bedfellows” have expressed similar concerns: “Letters from a group of House Republicans, seemingly carrying water for the banking industry, and from the nonprofit National Consumer Law Center, which advocates on behalf of low-income and disadvantaged people, had more in common than not.” The Republicans maintained that CBDCs were more of the same, but worse. They won’t bring with them much by way of improvement.. They’ll strip citizens of their privacy. They ended with urging the Fed to let the private sector lead the way. The National Consumer Law Center (NCLC) echoed those concerns. It’s unclear, they said, how a CBDC will make the financial system more inclusive. Nor is it clear how it will improve cross-border payments. Rather, it will threaten the rights of those who receive public benefits, who have the right to do so without government surveillance, restriction, and discrimination. Both point to the Fed’s plan to launch the FedNow Service next year as sufficient. No need for a CBDC… Right? [IMG 1] Make Windfall Profits With Penny Cryptos [Click here for more...]( Because of the recent crash, you finally have your chance to scoop up cryptos for pennies on the dollar. Literally. There’s a cryptocurrency quietly preparing to conquer the marketplace… and it’s trading for 96% below its all-time high. In fact… … it’s trading for the number of pennies you see above. Get your hands on this bargain crypto while you can. [Click here to find out how to make up to an 8,788% return with crypto by 2025.]( But not so fast… Although FedNow isn’t a CBDC per se, it’s definitely laying the infrastructure for a future CBDC. The clearing house CHIPS (Clearing House Interbank Payment System) clears about $1.8 trillion in payments per day, working exclusively with dollar transactions. Then, we have those companies that work with net settlements: Paypal, Visa, ACH, and others. FedNow effectively replaces those services. Consider that Yahoo! Finance recently said that the “FedNow system would help the government transmit emergency relief payments to Americans faster, avoiding making citizens wait for checks as during the pandemic.” The implications of this are vast. Rather than taking a blanket approach to monetary policy, the Fed can now manipulate the economy with surgical precision. It’s the difference between carpet bombs and targeted drone strikes. The Fed, for example, could provide “stimulus” directly to specific groups of people, such as by age, occupation, geography, or other demographic. Financial systems create the most amount of prosperity for everyone when they’re credibly neutral. This approach would be anything but. Credit will always have a political agenda attached to it. Just like what’s happening in Australia: [IMG 2] And, as George Gammon has pointed out, this will also result in a “wild misallocation of resources and malinvestment.” (Which, he says, will lead to the Californication of America.) And, here’s the thing… Once everyone is required to have a FedNow account, what’s the difference between FedNow and a CBDC? Not much. (If it quacks like a duck…) Erik Voorhees, founder of open-source crypto exchange ShapeShift, said this about CBDCs: “It will have all the rules that each bank and each central government wants to impose, just like the banking system today, and yet it’s even worse because it will have greater surveillance capabilities over all the people using it. It’s like all the worst aspects of fiat today in your bank — plus Orwellian spy surveillance nightmare.” That’s not at all unlike what our colleague Jim Rickards had to say about CBDCs. And what he’s predicting will happen in the coming months and years might shock you… [Click here to see why it’s coming… why you won’t like it… and what to do about it.]( Tomorrow, we’ll talk about alternatives on the decentralized side of things. Until then, [Chris Campbell] Chris Campbell For Altucher Confidential Military Experts preparing for a “Pearl Harbor Style Attack” on Guam? [Click here for more...]( Putin invades Ukraine… China launches rockets over the straits of Taiwan… And as we speak, military experts are warning the US to “Prepare for a Pearl Harbor Style Attack” on Guam. [Is the beginning of World War III?]( But more importantly, there is an [exact playbook]( on what is playing out in the world and what you need to do to prepare. [Simply click here now I’ll show you how to claim your copy.]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( Altucher Confidential is committed to protecting and respecting your privacy. We do not rent or share your email address. 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