There Will Be No FEDcoin. The Fed Already Controls Cryptocurrencies
Several articles have begun to re-circulate, predicting the inevitable creation of a digital currency by the Federal Reserve that will replace the dollar and be forced upon the American population: the FEDcoin.
This theory has recently regained traction from Doug Casey who just published his latest book: Surviving FEDcoin: How to Protect Yourself (and Profit) from America’s Coming Currency Change.
This is a man who has accurately predicted several market cycles in the past, including the Dot Com and housing crashes, as well as the election of President Trump.
In an interview with Bob Irish, Doug Casey explains how the crash we experienced in 2008 “was the early, leading edge of this gigantic financial hurricane … for the last six years, we’ve been in the eye of the storm. I believe at this point we are entering the trailing edge of the hurricane and this is going to be much different, much worse, and much longer lasting than the turbulence we experienced back in ’08 and ‘09.”
I could not agree more with this statement. The notion that our economy has been improving, job growth has been steady with unemployment dropping since 2008 is not at all accurate. Keith Hall, former head of the Bureau of Labor Statistics explains further.
Doug Casey goes on to explain the instability of the U.S. Dollar from an economic standpoint, and how its collapse is imminent. Both points are concrete and shared by many.
The solution to the dollar will definitely be a digital currency. From the viewpoint of the Federal Reserve a digitized cashless society is ideal. “Without cash, you have no privacy. If you have to put everything through a bank account, the government knows exactly what you’re buying, what you’re selling, how much you are earning. They’re in complete control; able to take what they want out of it including your entire account if you become politically undesirable…”
Again, I could not agree more.
It is how they will create their own currency and perform a transition from paper to digital where Doug Casey and I see differently.
He predicts the Federal Reserve will create their own digital currency that he dubs the FEDcoin: a blockchain based currency similar to Bitcoin. He is not the only one making this prediction, there are several experts and authors all agreeing to this eventually happening.
If there Federal Reserve were to create a FEDcoin, in order for it to gain mass acceptance there would have to be a complete cryptocurrency crash that sends everyone running into the loving arms of governmental regulators, who then each turn to their national ‘Federal Reserve’. We then could see a FEDcoin, or at that point the IMF, who is the umbrella of all national “Federal Reserves” could step forward and the 1988 prediction of “The Phoenix” currency becomes reality. One digital currency to rule them all — not just the United States.
This absolutely could happen.
Without a crash, the Federal Reserve would have to mirror China and Russia’s actions. Shutdown exchanges and either completely ban all other cryptocurrencies or heavily tax them to incentivize use of their created coin. Their net of control could obviously only extend over the United States, and even then these are digital currencies. American investors will find a way around it. Bitcoin and Ethereum will continue their reign of dominance while the FEDcoin treads above water and eventually fails.
Unless the FEDcoin was Bitcoin or Ethereum.
This is why I do not believe there will be an economic crash and why the Federal Reserve will not issue a FEDcoin. They are much more deceptive than that.
The Federal Reserve already is the primary investor of basically every cryptocurrency and blockchain project in existence. While in a previous article I dug into their investment arm the Digital Currency Group and how they heavily funded operations like Coinbase, Coindesk, Kraken, Ripple, I’ve since discovered the Depository Trust & Clearing Corp. (DTCC): an open member of the Federal Reserve. They are responsible for the remaining spectrum of the blockchain, including Ethereum.
Through the DCG and DTCC, as well as through other smaller central bank investment vehicles, the Federal Reserve (IMF) has funded and built the cryptocurrency market. They have been using cryptocurrencies to avoid hyperinflation from the Dollar, Euro, and Yen, with algorithms keeping the DOW growing at a steady pace. One example of this is with Venezuela.
The only difficult connection to prove is Bitcoin. It certainly seems as if central banks hate Bitcoin and they are trying to stop it, but again we could be getting played- with Bitcoin being a trojan darkhorse that eventually becomes the central bank currency we all adhere to. This is how the concept of a “FEDcoin” would play out — disguising itself through an existing cryptocurrency.
There will be no FEDcoin, however there will be an attempted global central bank currency that no one realizes is centralized until it is too late.
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