• Presidential hopefuls and Robert F. Kennedy Jr. oppose the FedNow program, believing it is a stepping stone to a central bank digital currency (CBDC).
• They are concerned about citizens’ right to privacy and increased social surveillance and control if CBDCs are introduced in the U.S. monetary landscape.
• Kennedy also accused the White House of colluding with banksters to keep citizens trapped in a bubble of profit and loss, thereby controlling the masses.
Opposition to FedNow Program
Both presidential hopefuls and Democratic politician Robert F. Kennedy Jr. are drawing ire for the Federal Reserve’s upcoming payments system, FedNow. They believe that it is a stepping stone to a central bank digital currency (CBDC), which could undermine citizens’ right to privacy and lead to increased social surveillance and control. For example, Florida Governor Ron DeSantis has proposed a bill to block CBDC while Kennedy believes that cryptocurrencies like Bitcoin offer an alternative solution in case of an inevitable bubble burst.
Accusations Against White House
Kennedy further accused the White House of colluding with major banking institutions from 2008-2022 to print $10 trillion as “bonanza” for Banksters, trapping U.S citizens in a bubble of profit and loss in order to control them through social surveillance mechanisms such as CBDCs. He also pointed out how President Biden had weaponized FDIC, OCC, and DoJ by forcing crypto-friendly banks away from crypto since December 2022 in 15 separate incidents.
Kennedy suggested that cryptocurrencies like Bitcoin provide an alternative solution for people after inevitable bubble bursts due to their decentralized nature which gives users more control over their finances without government interference or oversight from financial institutions or banks as well as providing them access to new opportunities such as smart contracts or other features that aren’t available on traditional banking systems or payment services like FedNow system offered by Federal Reserve Bank .
Quote From Balaji Srinivasan
Kennedy quoted entrepreneur Balaji Srinivasan who stated that distinction between FedNow and CBDC is important technically but not civilly speaking because it’s still “a virus” which can evolve over time into something that threatens civil liberties even more than what we have today especially when it comes down controlling financial and political systems through social surveillance mechanisms enabled by CBDCs .
In conclusion, both Kennedy Jr., DeSantis & other politicians have voiced their concerns about introducing central bank digital currencies into US monetary landscape because of its potential implications for user privacy & civil liberties as well as its ability for governments & financial institutions alike to use it for increased social surveillance & control over people’s lives financially & politically which would be detrimental long term especially when done without proper oversight or regulation .