A Digital Dollar Will Not Fix the Fed’s Failure

Andy Snyder|July 21, 2021

Money and religion have something big in common…

In both, the powers that be want to censor the truth and change the rules as they go.

When the old narrative doesn’t work, they figure, just sneak in and rewrite it.

We laughed at Fed Chairman Jay Powell’s words to Congress last week. He’s lost control of his flock… and now wants to force it back into line by tweaking our monetary doctrine.

It’s an old trick straight out of the Prohibition playbook.

Back then, the temperance crowd had itself a pretty simple argument. Alcohol leads to moral trouble and cultural decline.

The idea was easy to understand, and the evidence was often quite clear.

But there was a problem…

Jesus.

As we all know, the fella had quite a few tricks up his sleeve, especially when it came to alcohol. Rumor has it he could turn water into wine.

And nearly every time he sat down for dinner, he had a glass of the stuff.

For the teetotalers, this was trouble – it left them with a mixed message of the most dangerous kind.

So what did they do?

The same stuff we’re seeing all over the place today. They censored, they mandated and they twisted the truth.

Namely, they changed the Bible.

The prohibitionists paid their own researchers to verify just what it was Jesus was drinking.

Their conclusion, of course, was that the Bible got it wrong. He wasn’t drinking wine. It was just an innocent glass of grape juice.

Problem solved.

Ah… but the history books beg to differ.

And so, that’s where we are today. There’s the truth… the new, “official” version of it… and, soon enough, we’ll have history’s tale of it all.

Changing History

This idea also holds true with disease, politics… and, of course, money.

The White House just got busted censoring Facebook posts… and now the Fed has gotten busted twisting the truth about digital money.

“You wouldn’t need cryptocurrencies if you had a digital U.S. currency,” Powell told Congress last week. “I think that’s one of the stronger arguments in its favor.”

In what’s favor?

Like millions of others who have seen not just the demise of the dollar’s value but also the booms and busts its lustful management has created… we say Powell can’t keep his lies straight.

He’s got it backward…

The rise of a digital dollar is the strongest argument in favor of digital alternatives.

Again, Powell proves his hypocrisy through his interpretation of our monetary doctrine…

We have a tradition in this country where the public’s money is held in what is supposed to be a very safe asset. We have a pretty strong regulatory framework around bank deposits, for example, or money market funds. That doesn’t exist really for stablecoins.

Ha.

We offer Exhibit A…

We’re not sure what book Powell is reading from… but it’s surely not a good one.

The dollar he’s in charge of has been anything but “very safe.” As we write, it’s on life support… being kept alive with one injection after another.

That leads to Exhibit B… which is related to those money market funds Powell trumps up.

Remember, it was hardly a year ago when the whole money market system melted down. On March 18, 2020, the Fed was forced to launch its Money Market Mutual Fund Liquidity Facility.

It printed hundreds of millions of dollars of fresh money to keep this “well regulated” and oh-so-safe sector afloat.

Bank deposits are no different. The nation’s economy now hinges on the interest rate the Fed cooks up to keep those bank deposits flowing where it wants them to go.

It’s all a lark, really.

The Federal Reserve has twisted and squeezed the nation’s monetary system into something that’s entirely artificial and managed. Now that it’s showing serious signs of failure, the free market is cooking up an alternative.

And since the Fed can’t poke, prod and rewrite this new system… it doesn’t like it.

So it hides the truth. It twists the translations. And it rewrites history… all in hopes the faithful won’t notice.

But the truth is the truth. And history shows laws do little good when the people are looking for a savior.

Jesus could turn water into wine. But Jay Powell can’t turn fake money into a real economy.

The system demands an alternative.

The more the Fed lies… the quicker one will come.

P.S. Crypto fans must circle August 10 on their calendars. That’s when a huge announcement is expected from Washington that could send prices soaring. All the details – plus info on the coins to buy NOW – are in our brand-new special broadcast.