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Coinsequences of the Digital Dollar Part I

Bill Gates stated, “Transforming the underlying economics  of financial systems through digital currency  will help those in poverty directly and it will also support a host of other development activities, including health and agriculture… Cryptocurrency is capable of combating poverty.”  To the extent of Bill Gates quote, I would have to agree with it.  It will help those in poverty directly.  That is based on the assumption that the impoverished do not currently have access to financial systems or have any form of management structure with their income.  The problem is that digital currency will not help them get out of poverty.  As a matter of fact, digital currency upon its initial implementation will probably bury them further into poverty; particularly if those in poverty are not aware that digital currency is coming.  Awareness is critical for everyone.  So what is the “coinsequences” of the digital dollar?  Yes, I borrowed this term from the rap group, Public Enemy and one of their hit songs entitled as such. The term is a combination of the coincidences of the digital dollar, particularly when it comes to COVID-19, and the consequences that will may have to face because of it.  First, let’s look at the coincidences.

  1. Bill Gates initially champions the concept of digital currency in October, 2019 which is right at the same time that 45 called for a disband of the White House National Security Council Directorate for Global Health Security and Biodefense.  He merged it with two other directorates that dealt with arms control and nonproliferation and weapons of mass destruction terrorism.    Ron Klain, the Ebola “czar” appointed by President Obama and a Biden campaign adviser, described the merger as being akin to terminating the fire department chief and putting the firefighters in the police department. “The next time you have a fire, they will send a police car with a couple of firefighters in the back,” he said. I will also add that October 2019 was right around the time that the first cases of COVID-19 were taking place although it had not yet been identified as such.
  2. The 60 minutes episode that aired on Sunday, 13 September, makes claims that 45 knew that COVID-19 was an aerial contagious disease that was potentially very deadly back in January, but chose not to inform the public of the seriousness of the virus “to avoid a panic of the American people.”  The opportunity was there to get a handle of the virus before 190,000 American citizens paid the ultimate price of the administration’s failure to buckle down and get the disease contained in a timely manner.
  3. After the debacle of administering the emergency “stimulus check” signed by 45 himself, Bill Gates continues to champion with Nancy Pelosi and the House of Representatives about the advantages of a Federal Reserves Digital Dollar.  The case was if the Federal Reserve Digital Dollar had been available at the time when the stimulus check was being distributed to all eligible American citizens, they would have been able to distribute the stimulus to everyone efficiently and in a very timely manner.  The effect of the economy due to COVID-19 now becomes justification for passing the Digital Dollar “Bill” through the House.  Now it is being reviewed by the Senate and it is anticipated that the Federal Reserve Digital Dollar will be passed and activated into law as soon as January 2021.
  4. COVID-19’s  decimated our health, our economy, our work situation, and our lifestyles into a new normal.  What better opportunity to introduce a biggest shift of our financial system  since the disassociation of the dollar from gold in 1971 than when the economy is in such a disarray.

Those are some of the coincidences that I have observed.  So what are the consequences of a new Digital Dollar?  Coinsequences of the Digital Dollar, Part II…