Trump’s nomination for the Federal Reserve Board of Governors is an outspoken proponent for putting magnetic strips in physical cash so the government can track its movement and tax it.
Source: Trump’s Federal Reserve Pick Wants to Put Metal Chips in Cash to Track Every Dollar and Tax It
In the stateās relentless pursuit to scrutinize and control every citizen, including monitoring, tracking, and especially taxing their income, untraceable physical cash has long been a shield against such tyranny. However, thanks to Donald Trumpās nomination to the Federal Reserve Board of Governors, anonymous purchases, deposits, and savings with cash could soon be a thing of the past.
In November 2017, central banking proponent and Keynesian economist Marvin Goodfriend was nominated by President Donald Trump to fill one of the vacancies on the Federal Reserve Board of Governors. He was then confirmed by theĀ U.S. Senate Banking Committee to advance.
Goodfriend is a central banking insider whoās spent decades moving in and out of government and central banks and his ideas are nothing short of Orwellian.
While his resume may make him seem like a qualified member of the corrupt and insidious Federal Reserve System, heās proposed and openly advocated for one of the most horrific plans a free society (somewhat) has ever seenātracking cash.
ReutersĀ reports:
Goodfriendās idea was to insert magnetic strips into the bills. Each time the cash was returned to a bank, the money would be taxed at a pre-determined rate. That would discourage individuals from hoarding cash and remove one obstacle for central bankers in setting negative rates.
Negative interest rates are employed to incentivize banks to lend money more freely and businesses and individuals to invest, lend, and spend money rather than pay a fee to keep it safe.
However, it is little more than theft. Instead of paying you interest on the money you give them to store and subsequently use as reserves to make these loans, when banks are strapped for cash, they call the theft of your money ānegative interest.ā
Goodfriend is an advocate for both negative interest rates and tracking your cashāand this person is about to have a leadership position inside Americaās central bank.
Under the ostensible idea of reducing quantitative easing, Goodfriend would apply a tax directly to cashāstealing money from already taxed dollarsāby tracking who is using it. According to Goodfriend,Ā US currency should include tracking devices that let the government tax private possession of dollar billsāfor your own good, of course.
āThe magnetic strip could visibly record when a bill was last withdrawn from the banking system. A carry tax could be deducted from each bill upon deposit according to how long the bill was in circulation,ā Goodfriend wrote in his proposal.
What could possibly go wrong?
The idea of tracking cash with magnetic strips or RFID chips is such a horrific idea that two unlikely senators from opposite sides of the aisle have come forward to vehemently oppose the Goodfriend appointment.
As Reuters notes again,Ā the idea of a tax on cash is politically toxic. Senators Rand Paul and Elizabeth Warren ā two lawmakers often on opposite ends of the ideological spectrum ā have denounced Goodfriendās idea, and may now put his nomination in jeopardy.
We think that is a good idea.
Rand Paulās father, the esteemed Dr. Ron Paul has been a long-time advocate against such Orwellian moves to track cash and has been fighting them for decades.
āThe whole idea is preposterous. The notion that weāre going to tax somebody because they decide to be frugal and hold a couple of dollars is economic planning at its worst,ā then-Congressman Ron PaulĀ said.Ā āThis idea that you can correct some of the evil theyāve (the Federal Reserve) already created with another tax is just ridiculous.ā
