Rep. Marjorie Taylor Greene has called for America to return to a gold standard and reject the Federal Reserve’s Central Bank Digital Currency that is set to be unveiled this summer.
The Georgia congresswoman said she’d take a “hard pass” on the Biden administration’s upcoming CBDC payment system called FedNow, which would effectively control how people spend their money.
“We should go back to the gold standard, not digital currency payment systems. Hard pass,” she tweeted on Wednesday.
Infowars.com reports: Though the Fed had been planning some form of a CBDC over the last several years, the privately held banking consortium announced Wednesday it would release its digital currency in July in response to the ongoing banking crisis and numerous nations pulling away from the U.S. Dollar.
From CNBC:
“With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service,” said Ken Montgomery, the program executive and first vice president at the Boston Fed, which helped spearhead the project under former Boston Fed President Eric Rosengren.
Institutions that participate in the program will have seven-day, 24-hour access, as opposed to a system currently in place that closes on weekends.
CNBC then touted the utility of the Fed’s CBDCs, claiming it will be much easier in the future to infuse newly-printed dollars into the bank accounts of Americans similar to how they received helicopter money during the COVID pandemic.
“Program advocates say it will get money out to people much more quickly. For instance, they said, government payments like those issued in the early days of the Covid pandemic would have been credited to accounts immediately rather than the days it took to reach most people,” CNBC reported.
That Fed program saw $7 trillion new dollars injected into America’s money supply, which resulted in historic and sustained inflation since 2021.
In other words, the Fed is presenting a “solution” to a problem that it originally started.
“A CBDC tied to digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you fail to comply with arbitrary diktats, i.e. vaccine mandates,” Robert F. Kennedy, Jr. tweeted in response to the Fed’s announcement.
Former President Richard Nixon took America off the gold standard in 1971, which brought an end to the Bretton Woods System and transformed the international monetary system into a fiat one.