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“In every revolution, there are winners and losers. Every dystopia is a utopia for somebody else. It just depends where you are. Are you in the class that benefits, or are you in the class that's not?” – Ken Liu
I’ve been thinking a lot about the Federal Reserve lately. After publishing Jerome Powell is Finished on Sunday morning, I went for a long walk and got caught up on some of my favorite podcasts. I happened to catch George Gammon’s most recent appearance on Quoth the Raven, during which he made a very interesting observation. He too believes Powell is finished, but he went a little further to hypothesize why.
Gammon thinks this is a play by the progressive wing to accelerate the implementation of central bank digital currency (CBDC) – aka, Fed Coin. It was a fascinating insight for me, and I can’t stop thinking about what it could mean. Sure enough, here’s a headline from yesterday’s Wall Street Journal:
Gammon’s view is compelling. Fed Coin would provide a fresh and transformative influx of dovishness at a time when the Fed is experiencing diminished returns on quantitative easing, tepid bank lending inhibits the velocity of money, and Congress is still a major barrier to full implementation of Modern Monetary Theory (MMT).
In essence, Fed Coin creates money from nothing (as opposed to bank reserves) and directs it to where it is “most needed” in the economy. The recipients can be induced to spend it or save it at the whim of the issuer. It circumvents the banks and even Congress itself. In short, it is the forest of free money trees progressives have dreamed about planting for decades. Gammon believes (and I tend to agree) that it will lead to massive inflation in short order, and not the transitory type.
It would also be the end of freedom in America as we know it.
And let’s be honest, “as we know it” has changed an awful lot already. You literally can’t say the word Covid on YouTube without risking demonetization. Entire opinions on global warming, vaccine policy, or even the existence of a certain laptop in need of repair are already off limits, lest you risk becoming an unperson. You might not agree with the people currently being muzzled but the path from them to you is much shorter than you can fathom.
Below are some simple questions to ponder. At which question do you personally flip from no to yes? Who gets to decide on where the line is drawn? Not you.
Will you be able to buy marijuana with Fed Coin?
Will you be able to buy alcohol with Fed Coin?
Will you be able to buy cigarettes with Fed Coin?
Will you be able to buy bullets with Fed Coin?
Will you be able to buy 32-ounce sugared sodas with Fed Coin?
Will you be able to buy high-fat foods with Fed Coin?
Will you be able to buy a MyPillow with Fed Coin?
Will you be able to buy controversial books with Fed Coin?
Will you be able to buy subversive art with Fed Coin?
Will you be able to buy from businesses whose owners voted incorrectly in the last election with Fed Coin?
And, most importantly…
Will you be able to buy a subscription to Doomberg with Fed Coin?
Somehow, I doubt it.
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