On a recent flight I sat next to a gentleman from Venezuela. We spoke about the economic conditions within the country. The people are restricted in their ability to purchase goods outside the country. The current political system has strongly endorsed the use of credit cards by its people. Why? They are using the infrastructure of the credit card companies to track the purchases of the people. They require transactional reporting from the credit card companies. More and more, businesses are requiring credit card use over cash. If you can control the monetary system of people, you will gain control of their activities. This is another aspect of fiat currency creation. Since fiat currencies are not tied to gold, their medium can be coins, paper, or digital, virtual valuations. Digital currency eliminates a lot of headaches for those in control. That is the ultimate control mechanism. By moving all currency to a digital environment, you can easily monitor all activities of the population.
In the 1970’s, I was involved in setting up a “clearinghouse” association among banks. The intent of the clearinghouse was to eliminate paper and to establish a transaction standard to be used by the banks of the association. Our intent was noble. It was all about efficiency and cost savings. This coincidentally happened just after the U.S. went off the Gold Standard. As you can see, this evolution of “digital” money did not just start recently.
Digital money has fundamental flaws associated with it. The Western view of financial institutions is that the people administering the financial systems are sufficiently regulated to insure stability without loss to the customer. These financial systems are only as good as the weakest link. Fraud and theft occur continuously in the system. Most instances are not publicized. One of my credit cards was recently canceled and replaced sine there was a major theft of credit card information of one of the retailers’ computer files. The proliferation of digital use of money causes an exponential exposure to financial loss.
A visionary could easily chart a course for control of the population. There are certain steps those in power must take to assure their continued position over the people. There is no need to control the people if your focus is to serve the people. We are called to be “fruit” inspectors. If we see policies established to control currency, ultimately this will result in controlling the population. Many reasons will be given to justify the policy. In the end, those with the power over the currency will force servitude on the population.