By Rita Cook
Correspondent
Texas Metro News
President Trump signed the Genius Act last week, but it should not take a genius to understand this is likely not a good idea for the American people in the long run.
The Genius Act is about digital currency. It is a regulatory framework for stablecoins (i.e. cryptocurrency) that is part of the U.S. dollar.
It is touted as protecting consumers and ensuring the stability of assets.
Stablecoin issuers are now to be required to maintain full reserve backing.
Does this mean the Federal Reserve – a non-governmental agency got their feelings hurt because people are tired of being tied in to big brother who cares not for its subjects?
Indeed, the American people found a way for the government and its cronies on both sides of the aisle not to have their hands all over their money and their autonomy when it comes to making choices about finances and now poof, that idea got busted.
Does anyone see the danger in this?
You do know, money is what keeps people in their cageless prison; working, paying bills, etc…and that is when you have access to it.
First digital money, then no longer holding money in your hands at all, then no longer having the right to decide when you can access your digital cash.
Think China’s digital currency/ID, do some research on that. In that society money can be taken from you, your bank account and your life without your having any say in it, you are simple an ID number and your life depends on it.
Currently convenient this digital craze, yes, for the lazy. But for those paying attention you will understand why it means so much more.
Because then it is just a matter of who owns you. This is a blue and red issue and is no laughing matter. And for those still not paying attention it was going to happen no matter who sat in the president’s seat.
The path to the means to the end was really the only real difference. Have you ever noticed that everything that is touted as a good thing for the people turns out to be one more way you have lost control.
As an example, I will mention the Patriot Act, do your research. Back to the Genius Act, President Trump said during the signing ceremony on July 18 “Today cements the American dominance in digital assets. It’s good for the dollar and it’s good for the country.”
Gray areas have been mentioned when referring to stablecoins. The government does not like gray areas because gray areas are where government cannot control your every move.
Rita Cook is a world traveler and writer/editor who specializes in writing on travel, auto, crime and politics. A correspondent for Texas Metro News, she has published 11 books and has also produced low-budget films.
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