Fedcoin: pie in the sky

During the Obama administration, Marxists came up with the idea of creating Fedcoin to replace physical money altogether. The idea was to create a new cyber currency like Bitcoin but controlled by the Fed. In 2016, there was an article in Moneywise titled, U.S. Government Awards $7 Billion to Develop New Fedcoin, and it stated: "At this year’s 'World Economic Forum' in Davos, Switzerland, Nobel Prize-winning economist Joseph Stiglitz declared that the U.S. “could and should move to a digital currency and get rid of (paper) currency.”* Ironically, no honest reason has ever been given to justify the move to cyber currency. Moreover, the article went on to say, "Last year, former U.S. Treasury Secretary Larry Summers declared it was “time to kill the $100 bill”… arguing that, by making large bills illegal, it would reduce crime. So far the Fed’s heavily funded research is paying off… The FBI already knows how to seize digital currencies. The Marshal’s Service know how to sell it. The IRS know how to tax it. And now, the Federal Reserve could copy it to rid the U.S. of cash."

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