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Presidential hopeful Robert F. Kennedy Jr. has issued a warning concerning the Federal Reserve’s new Fednow system and the potential dangers of central financial institution digital currencies resulting in monetary slavery and political tyranny. He moreover warned: “We shouldn’t be blind to the apparent hazard that this is step one in banning and seizing bitcoin because the Treasury did with gold 90 years in the past.”
Robert F. Kennedy Jr. Warns about Fednow and CBDCs
Lawyer and vaccine skeptic Robert F. Kennedy Jr. criticized the Federal Reserve’s Fednow system and central financial institution digital currencies in a tweet on Wednesday — the identical day he filed paperwork to run for president in 2024. He’s President John F. Kennedy’s nephew and U.S. Senator Robert F. Kennedy’s son.
“The Fed simply introduced it would introduce its ‘Fednow’ Central Financial institution Digital Forex (CBDC) in July,” he wrote, elaborating:
CBDCs grease the slippery slope to monetary slavery and political tyranny.
Fednow is the Federal Reserve’s real-time gross settlement (RTGS) system for fast funds. Nevertheless, the Fed’s CBDC growth is separate from Fednow, and Fed Chair Jerome Powell stated final month that the central financial institution’s CBDC work continues to be within the early phases of experimentation.
“Whereas money transactions are nameless, a CBDC will enable the federal government to surveil all our non-public monetary affairs. The central financial institution can have the facility to implement greenback limits on our transactions proscribing the place you possibly can ship cash, the place you possibly can spend it, and when cash expires,” Kennedy’s tweet continues. “A CBDC tied to digital ID and social credit score rating will enable the federal government to freeze your belongings or restrict your spending to authorized distributors in the event you fail to adjust to arbitrary diktats, i.e. vaccine mandates.”
“The Fed will initially restrict its CBDC to interbank transactions,” Kennedy famous, warning:
We shouldn’t be blind to the apparent hazard that this is step one in banning and seizing bitcoin because the Treasury did with gold 90 years in the past as we speak in 1933.
“Watch as governments, which by no means let an excellent disaster go to waste, use Covid-19 and the banking disaster to usher in a brand new wave of CBDCs as a protected haven from germ-laden paper currencies or as safety in opposition to financial institution runs,” the presidential hopeful concluded.
Quite a few voices have cautioned in opposition to the federal authorities launching a CBDC, together with U.S. Consultant Tom Emmer, who launched the CBDC Anti-Surveillance Act in February. U.S. Senator Ted Cruz lately submitted a invoice to ban the Federal Reserve from creating a direct-to-consumer CBDC, and Florida Governor Ron Desantis put forth a proposal in March to outlaw the usage of CBDCs as cash in his state.
Do you agree with Robert F. Kennedy Jr. about Fednow and the dangers of the federal government launching a CBDC? Tell us within the feedback part under.
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