The host of this channel amp. I would like to introduce you to the channel that knows these jail escapes are only the beginning.you know our Shawshank redemption. Its time for Chico Crypto. Well, I think, its time to dig down into the rabbit hole as many viewers have been asking for it, and things have been playing out exactly as I predicted.. What did I predict The coming Digital Dollar.. Last week on March 20th, I made this video … Cash Stimulus to Americans How By Checks, No.Its crypto. Well, things really started to get interesting. During the night on March 23rd, … news started to be released that the Stimulus bills for economic relief here in America contained language about creating a digital dollar. Coindesk brought the news.House Stimulus Bills, Envision Digital Dollar, to Ease Coronavirus Recession.and. According to the article.Under, the draft bills shared last week dubbed the Take Responsibility for Workers and Families Act and the Financial Protections and Assistance for Americas Consumers, States, Businesses and Vulnerable Populations Act. The Federal Reserve, the nation's central bank, could use a digital dollar and digital wallets to send payments to qualified individuals consisting of 1000 for minors and 2000 to legal adults.. Well, this news cycle went quick because by yesterday the 24th one of the bills removed the digital dollar language. Just 10 hours later, Coindesk posted this article … Digital Dollar, Stripped From Latest US Coronavirus, Relief, Bill.House, Democrats', latest version of the quotTake Responsibility for Workers and Families.
Actquot revealed late Monday does not contain any language around a quotdigital dollarquot in its section on direct stimulus, payments. HMMMMM …, wonder why it was removed so quick. Why was it there in the first place? Well, the newest draft of the bill is much more vague …. How people will be paid, which starts on page 1090, is non specific. Just amounts are named, not how the payments will be coming through a check, debit card or digitally., But there is another bill: the Financial Protections amp Assistance for Americas, Consumers, States, Business and Vulnerable populations. Act. Here is this bill amp, as we can see, it will require member banks to maintain pass through digital dollar wallets for certain persons and for other purposes., And if we search by the term digital, it is found 35 times throughout the bill.. Now this Bill isnt proposing creating a digital crypto dollar, but a digitized version of the existing dollar.According to the draft. The digital dollar will be dollar balances, consisting of digital ledger entries recorded as liabilities in the accounts of any Federal Reserve bank … …. So it would be on a digital ledger, as the bill says, consisting of digital ledger entries, which means that they would be using a blockchain most likely a private consortium chain, fully controlled by the FED and its member organizations.. But here is what is interesting. Going back to that Coindesk article about the first bill being stripped of its digital dollar language.
they mention this bill at the end and say it still mentions the digital dollar. Although The language is expected to be removed from that bill as well according to a source familiar with the matter., So again.why was it introduced to only be strippep in the blink of an eye. We cant just blink and let fact that they were planning on doing it slip right by as Im sure. That is exactly why they did it..the elite accidently revealed their ultimate plans. Amp things are going to get hairy, So the FDIC, the Federal Deposit Insurance Corporation. They are the agency that insures your deposits in the bank will be there. And the FDIC isnt the FED its a completely independent agency …. The FDIC is the primary federal regulator of banks that are chartered by the states that do not join the Federal Reserve System.aka. They regulate the private banks. And you know what they were created in response too. Bank Failures and the bank runs during the great depression, as there was a desperate scramble for cash liquidity crunch and a failing stock market. Sound similar to what is going on right about now. Well, that ole FDIC tweeted this yesterday … Forget the mattress. Keeping large sums of cash at home is risky.. The best place to protect your money is in an FDIC, insured bank, where its safe and sound. Learn how the FDIC safeguards your money.well lets, learn from FDIC chairman Jelena McWilliams., So to me, .
.., that reeks of desperation, basically begging you to keep your dollars with the Banks …, why would they do this Because they knowwww a bank run is coming amp? The banks across america, dont have amp, never had the deposits to fulfill an American population withdrawal., And that is why, personally, I think we should not count out the digital dollar..you got. Ta realize something..the, head of the Treasury Department, Steve Mnuchin Snoochie Boochies, Just brought on somebody to the Office of the Comptroller of the Currency., This branch It serves to charter, regulate and supervise all national banks. The federally licensed branches and agencies of foreign banks in the United States … basically regulates what the FDIC doesnt. So back. In 2017, when Steve Mnuchin was brought in as Treasury secretary …, he was bringing some friends with him who worked at Onewest bank … ya. That bank, formerly IndyMac, who Steve bought after the financial crisis, changes its name and then was accused of highly unethical foreclosures, including on the elderly, on many of the banks, predatory loan victimes.. So, who did he bring on according to this CNBC article back when he was nominated..people familiar with the discussions? The Trump administration is considering two of his deputies to head key regulatory agencies: former OneWest general counsel, Brian Brooks for the Consumer Financial Protection Bureau and former OneWest chief executive, Joseph Otting, for the Office of the Comptroller of the Currency.. Well Joseph Otting from OneWest made it. He was sworn in shortly after and he is currently the most powerful person in the banking industry as the comptroller of the currency.
, But Brian Brooks ya. We remember him. We talked about him a few days ago. He didnt get the position for the Consumer Financial Protection. Bureau..So, what Did Brian go? Do He went to Coinbase became their Chief Legal Officer and created the roadmap for USDC coinbases digital dollar.. So when I made that video last week about Brian leaving Coinbase and joining the office of the comptroller as their chief operating officer.I didnt realize Brian was best friends with Steve and Joseph at Onewest. These guys have worked together, really freaking closely.going back to the group. Onewest photo, there is Brian and there is Joseph.. So what is going on? Why was Brian suddenly brought on after his short stint at Coinbase? What was he even doing there Well here is where things start to not make full sense, but I will try to wrap it up towards the end. Steve Mnuchins words in December on a FEDcoin like a digital dollar. Lets, listen in., So Steve says no way to A FEDcoin …, but his buddy is working in the private sector being a strong advocate for crypto and stablecoins. Per example. Just a month before steves public words in November of 2019 Brian authored this Fortune Magazine piece …, A Digital Dollar for a Strong, United States, Financial System.lets, just read some of his own words.. The time has come for a tokenized version of the dollarand it's, not just those of us in the cryptocurrency world who think so.
. In recent months senior U.S. officials have been exploring the idea of minting greenbacks on the distributed ledger software known as blockchain.. The idea appears inevitable., The only question is who should create the digital dollar, the government or the private sector? In it he explains top FED officials and congress pushing for it. Chris Giancarlo, former CFTC head is a strong advocate.and. I like what he says here. The timing of these considerations is not coincidentaland reflects new challenges to Americas role as the lynchpin of the global financial system.the US needs to adopt one, and he highlights the pressures it is facing.. Brian, then, explains the path forward.. The true question facing our policymakers is whether our government needs to create the digital dollar or whether the private sector can do so effectively.. The best path forward is one that harnesses our countrys remarkable capacity for innovation and also reflects governments historical practice of setting broad guide rails for private innovation within the financial system.. That means letting innovators invent and letting the government regulate.. In short, the private sector should build the technology, and the public sector should set monetary policy.. Well, lets get back to Steve because he has had more recent words about cryptocurrency in February during the house hearing on the 2021 budget.just a month before he brought Brian onto his new position.. Doesnt. It seem like Mnuchie, …, Snoochie, boochies … might just be warming up to crypto and he specifically brought up stablecoins like USDC, of which Brian has worked on.
. So, my friends, if the government gets backed into a Stimulus funding bill corner which day by day, seems more likely.are, they going to rely on private sector technology like USDC and Coinbase to issue the payments. Steves good buddy Brian says it's the way to go … and lets just replay what he said about stablecoins … ..yup. They could be used to reduce processing times for small dollar payments.and lets here what Steve said recently about getting money to americans. Ya in just 2 weeks, and that was a week ago. You got 7 days left. The traditional system will be impossible if they want speed. Next week, in 2 weeks hell, if even in a month, … and partnering with the private sector may be the only way.