• FedNow, the Federal Reserve’s upcoming payments system, is drawing the ire of both presidential hopefuls.
• Robert F. Kennedy Jr. believes that FedNow will pave the way for a central bank digital currency (CBDC).
• Kennedy has accused the White House of colluding with banking institutions to print $10 trillion and control citizens through CBDCs.
Criticism of FedNow Program
The FedNow program is drawing the ire of both presidential hopefuls, who believe that it is the stepping stone to a central bank digital currency (CBDC). Democratic politician Robert F. Kennedy Jr. dismissed claims from the Federal Reserve that FedNow would not be used as a jumping-off point for a CBDC via a tweet. Florida Governor DeSantis had previously proposed a bill to block CBDC, believing it would undermine citizens’ right to privacy and lead to increased social surveillance and control.
White House Accused Of Collusion
Kennedy pointed fingers at the White House for colluding with banking institutions to print $10 trillion in order to keep U.S. citizens trapped in profit and loss cycles while controlling them through CBDCs. The entrepreneur and investor Balaji Srinivasan stated that “The distinction between FedNow and a CBDC is important from a technical standpoint, but not from a civil liberties standpoint…[FedNow is] a virus that has evolved to evade recognition by changing its name” Kennedy also noted how President Biden had weaponized government departments like FDIC, OCC, and DoJ in 15 separate incidents since December 2022 with an intent to force crypto-friendly banks away from cryptocurrencies like Bitcoin by cutting off exit ramps and alternative rails for financial freedom itself..
Alternative Solution For Bubble Burst
Kennedy argued that cryptocurrencies like Bitcoin give people an alternative solution in case of an inevitable bubble burst caused by printing money without restraint or regulation from the Federal Reserve or White House administration respectively . He further warned against allowing CBDCs which would increase surveillance on civilians more than ever before thereby giving governments total control over their financial systems as well as political decisions .
Concern Over Social Surveillance & Control
Both Kennedy and DeSantis have expressed their displeasure against the Federal Reserve’s upcoming payments system, FedNow due to concerns over social surveillance & control with introduction of digital dollar in U.S monetary landscape . They fear that once adopted , this new form of currency could be used by government agencies or other regulators ,to access private information & monitor consumer activities on an unprecedented level .
Conclusion
In conclusion , while there are proponents who argue that introducing FedNow into U.S monetary landscape will bring about numerous benefits such as faster transaction times , improved security & accuracy etc , critics still remain adamant about their stance against it’s implementation due to potential threats posed towards privacy rights & personal freedoms if government authorities gain access over consumer data using this new payment system .