Apparently the Federal Reserve has been developing a new digital payment system for years now. The program, called FedNow, is set to launch in just a few months, and the Fed’s handy-dandy explainer video shows exactly how this new system will slowly begin to steal financial control from YOU. This is just laying the groundwork, Glenn explains, for an eventual Central Bank Digital Currency (CBDC) which is why, he says, we MUST stop this IN ITS TRACKS.
Below is a rush transcript that may contain errors
GLENN: I found something yesterday, interesting. It's called Fed Now.
Here's how it works, cut one.
VOICE: Today, people in businesses, expect to make and receive payments at the click of a button, any time of the day, every day of the year.
And most expect their financial and institutions to offer or support payment services, that meet the speed and convenience, they seek.
In fact, three in four businesses, and 23rd of consumers surveyed, think it's important that their bank or credit union, offer faster payments.
VOICE: Financial institutions interested in meeting these demands can use the Federal Reserve's upcoming Fed Now service to build innovative payment offerings to help retain and attract customers, and avoid losing out to the competition.
GLENN: Holy. Wow.
VOICE: With the Fed Now service launching in 2023, the time to start preparing is now.
VOICE: What can financial institutions do to get ready?
A bank or credit union should first get a sense of the demands and trends in the market. Let's take a look at how one financial institution might do this.
Meet Jill, the CEO of Community Bank.
VOICE: Jill keeps a close eye on community bank's customer retention rates.
VOICE: She was surprised to see new research showing that nearly two-thirds of businesses and one-third of consumers indicated they would factor access to faster payments, into future decisions on whether to switch financial institutions.
Jill and her team looked at their own customer transactions and discovered an increasing number of customers, moving funds to alternative payment services, such as digital wallets and mobile payment apps.
VOICE: This corresponded with a noticeable decline in customer's deposits and accounts at a community bank.
VOICE: They knew they had to take action.
Jill and team reviewed Fed Now education pools and resources to understand how the service will work and how to prepare for it.
They also learned about instant payment use cases, including an account to account transfers, bill pay, and person to person transactions.
GLENN: Stop just a second.
So these -- the fed now -- the fed now system is taking applicants beginning next month and they're launching this July for your independence, for your freedom. For your security. For your benefit.
And so now, you can -- you can go to one of these banks. You might meet Jill. Did I introduce you to Jill, from Community Bank?
Jill's done a survey, and she found people want, you know, access to their money, quickly.
STU: Two-thirds of consumers believe their money should be available at the bank, that they go. Good poll!
GLENN: Okay. So what is Jill doing?
Jill is going to the fed, and saying, can we have your non-block chain system? And have it so we can give everybody a credit card or a bank card, and it -- it won't say fed now on it, but it will be the engine of fed now. Where they just swipe their card. And instantaneously, they can buy something.
STU: What? What kind of futuristic world is this?
GLENN: It's a crazy futuristic world, flying cars. What's next!
But it will be faster.
Because see, right now, like if you go to a bank and you need to transfer funds, you have to go to the bank and say, hey, I need to transfer these from one account to another.
And then they're like, oh, okay. Account number? And they write it down. Okay. And you want to transfer it, where? All right. Sign this. Okay. Then they do this really old archaic thing. They go, okay. Done.
Hello! It's the year 2023. We can't wait that long. No. We need something faster. And we want it to go through the fed every time we make a purchase of something.
STU: What could possibly go wrong with this system?
GLENN: Well, they want you to know, this is an alternative for a fed coin. Yeah.
GLENN: Yeah. They're saying. No. We want you to know, clearly, this is not to introduce center bank digital currency, a CBDC. No, no, no. This is an alternative to that.
When are you --
STU: That doesn't sound like much of an alternative. That sounds like much of the same thing.
GLENN: Well, no. You will have a bank card instead. You will have your local bank doing it.
STU: It looks like one thing. But it is another. Also, Jill is a man. That's how the video ends.
We didn't get to that part. That's how it ends. You find out Jill, the CEO of Community Bank is a dude.
GLENN: Wow. So did anybody hear about the quote, much anticipated, and -- and heralded new Fed Now system?
Have you been waiting? Because I didn't even know about it. In fact, I thought all of this was a conspiracy.
STU: No. The video was from 2021.
It's almost like there was something behind this the whole time.
Isn't it weird that it's like, hey, everybody. We're going to do this in April.
And banks, if you're having a liquidity problem, your answer is just over the horizon.
With fed now.
What a coincidence.
But remember, this is nothing to do with the fed coin.
Because that would track every dime that you spend. Oh, and some other things, that you should probably be aware of.
I'll tell you about that, in 60 seconds. How do people have faith in socialism?
It's failed over and over and over again.
You know why? You know why it's failed?
Wrong people. No. It's not that it's a horrible idea. And goes against human nature itself. And so it always ends in bloodshed. No. It always ends in bloodshed. Because they didn't do it right. But this time, it will be different.
Now, how do you get people to do that? Take over education. Yeah. And they've done that.
What are your kids learning? I would like to ask you to turn to the Tuttle Twins to help fight back, and teach your kids about personal responsibility. Free markets. Entrepreneurship. Limited government.
By the way, do you know who we have on today? You want to talk about personal responsibility and entrepreneurship? The guy who started Home Depot is on with us today.
He is fantastic. Anyway, the Tuttle Twins will teach your kids all of these things. The left despises these. Because, I mean, they would be good.
But it was just the wrong people writing it this time.
Maybe they can rewrite it, like Charlie and the Chocolate Factory.
The Tuttle Twins would like to offer you a free DVD with some of the episodes of their cartoons. They now have really great cartoons.
And their books. All you have to do is order a set of their kids books at TuttleTwinsBeck.com. This week only, TuttleTwinsBeck.com. You get a free DVD with the episodes of their cartoons when you order the books. That's this week only.
TuttleTwinsBeck.com. Ten-second station ID.
Okay. Next hour, we're going to get into this, and show you will exactly what needs to be done. And what is really happening. But we've been telling you about the uniform commercial code. Kids are running -- wait, Dad, is he talking about the UCC again? Turn it up.
I know. It's so exciting.
But the uniform commercial code is the UCC, is something that we used to just make everything compliant with each other. Easy to do.
Business with each other. And they changed it from time to time.
But they've just made a major change, regarding CBDC. It's changing the definition of money to include the fed coin, which definitely is not happening. It's just Fed Now. Which is an alternative. Anyway, it's really important that you stop this dead in its tracks.
However, we have been talking to some attorneys and everything else.
And there's -- there's more to this, than met the eye. When you put money into a bank, you're taking real physical cash that you possess. Or can possess.
And you're giving that over to the bank as a deposit.
When you do that, you give the bank control of that money.
So as soon as you give the money to the bank, you're really no longer the owner of that money.
The bank has that money. You become a liability. Somebody they have to pay back. That's the way the law is written.
The bank owns the money. And you're still entitled to get the money back of course. And to use the deposit account to cover expenses.
But you're no longer the owner of the money. This is why the bank has the right to lend the money to somebody else, without checking with you first. If you want to take the money out of the bank account, you take ownership again. You're like, I don't like you, Mr. Banker. I will go see, Jill, at community -- was it Jill? The guy at community.
STU: Jill. Jill at Community Bank.
GLENN: Community Bank. You take your deposit out. You take it in cash. You walk away and go over to see Jill. Hey, Jill.
STU: Formerly Jim.
GLENN: You want to open up an account with us?
Okay. Here's the problem. With central bank digital currency, there is no physical cash.
There's -- even with Bitcoin, you can take it on a thumb drive, and you stick it in your pocket.
Or you can move it from one ramp to the other.
STU: Just memorize your seat phrase. That's all -- you can do a bunch of different things.
GLENN: Good. But it's yours.
But CBDC is electronic, and it's only in Fed Now. It's only in the Federal Reserve System.
So let's see --
STU: Is that a Fed Now in your pocket, Jill, or are you just happy to see me?
GLENN: Theoretically, a digital currency could be designed, so you could download it on a hard drive, store it on a private digital wallet or something. But that's what Fed Now is getting rid of.
So there's no chance that CBDC is going to be designed this way. That means your deposits. Once you deposit them in the bank with the fed, that makes the deposits not money. Therefore, you don't own it. The institution controlling the platform. Either the private banks or the fed would own it. You would own no money. It would be the people who control the platforms. Oh, you mean like you'll own nothing, you'll have no privacy, and you'll love it?
Well, yes. Two of those three things are true.