I recently came into awareness of the FedNow program, and it led me down a rabbit hole. There's something going on in the US Treasury. I can't quite put it to words, but we need more eyes on this.
some points of interest (or opinion) that led me to the good stuff:
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Recently, the federal debt clock changed it's calculation from "federal reserve dollars" to "US Treasury dollars". That's a small but significant shift in wording. Usdebtclock.org gets it's api info directly from the US Treasury.
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There have been rumours of BRICS exit from the US dollar as a reserve currency, and attempting to use yuan. Trued
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I think that the actual US dollar is changing definitions right under our noses. Trued
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The federal reserve controls paper money. Congress
controlsattempts to influence the federal reserve with policies. -
The US Treasury is rolling out FedNow, which is going to incorporate a digital dollar. This will render the federal reserve useless and greatly affect congresses ability to affect monetary policy. It is not paper money.
Good stuff:
- Secretary of treasury made announcements on March 28 and March 30 hinting at a solution to the United States financial problems.
Here's a short excerpt from the march 28 meeting.
"Over the last few years, the Treasury Department has been hard at work building key infrastructure to fortify our financial system—and those investments will soon begin to pay off.
By this time next year, it will be more difficult for corrupt and criminal actors to hide their identities and wealth behind anonymous shell companies in the United States. Starting January 1, 2024, many companies formed or operating in the United States will be required to report information about their beneficial owners—that is, the real people who own or control a company. "
And maybe this short excerpt will get you to read the march 30 announcement
"The hedge fund industry has expanded significantly over the last five years. In 2021, gross assets reached almost $10 trillion, up more than 50 percent since 2016.14 Hedge funds are also playing a more prominent role in markets that lie at the core of the financial system – like the U.S. Treasury market.
Overall use of leverage among hedge funds is fairly small on average. But leverage appears to be concentrated among a select number of large hedge funds. Twenty-five funds account for around half of all hedge fund borrowing and derivatives exposures.15 Further, funds with certain strategies are engaged in very significant use of leverage."
- On April 6th the US Treasury announced a strategic operating plan. This document might be the most important thing to read all year.
Page 80 is particularly interesting. Here's a short excerpt that explains the legacy systems will be replaced with advanced technology.
"We will modernize IT Infrastructure. We
will implement leading technology architecture,
software development, infrastructure, cloud,
network and data practices while replacing critical
legacy processing systems. This will automate
and standardize many of the manual processes
we use today and bring the rest of our technology
infrastructure into the current era"
There was also something concerning regarding page 78. I read this as they plan on researching systemic bias, and administering taxes differently based on those demographics. Race, gender, geography, etc.
"1. Develop procedures to regularly evaluate
the fairness of systems, selection tools
and programs, compliance strategies
and treatments. We will conduct research and
partner with others to understand any potential
systemic bias and identify disparities across
dimensions including age, gender, geography,
race and ethnicity.
2. Improve enforcement practices
to help ensure fairness in compliance
and enforcement. We will continually refine
our approaches to compliance and enforcement
to improve fairness in tax administration and
maintain accountability to taxpayers as
informed by our research"
Executive branch also issued funds to the IRS for new hires.
Us Treasury strategic plan, read objective 4 on page 80:
https://www.irs.gov/pub/irs-pdf/p3744.pdf
- so,
I think Fednow is that proposed solution, and the IRS will run Fednow and roll out the United States digital dollar through the US Treasury. They will be able to view all of our finances on the digital dollars ledger, and halt purchases in an instant. For any reason.
Edit:
I also found an interesting document from the US Treasury titled "Description of extraordinary measures". I think line item 1.B. is important
One time measure available last day of June. It looks like the Treasury can pull 143 billion from federal reserve pensions and reinvest it. I may not understand that correctly, but it lines up with Fednow launching in july. Link below
Us Treasury "extraordinary measures"
https://home.treasury.gov/system/files/136/Description_Extraordinary_Measures-2023_01_19.pdf
1.B
b. One-time measure available in June.
The same statute that authorizes Treasury to redeem existing investments during a debt
issuance suspension period also authorizes Treasury to suspend new investments by the CSRDF.
On June 30, 2023, approximately $131 billion in CSRDF investments will mature. In addition, an
interest payment of an estimated $12 billion is scheduled to be made to the fund on that date.
Ordinarily, the proceeds of the maturing investments would be reinvested and the interest payment
would be invested. If, however, a debt issuance suspension period is in place at that time, Treasury
may suspend these investments.
4
Suspending these investments would free up and conserve a
combined total of approximately $143 billion in headroom. In addition, the Postal Accountability
and Enhancement Act of 2006 provides that investments in the PSRHBF shall be made in the same
manner as investments for the CSRDF.5
Investing the PSRHBF in the same manner as the CSRDFwould free up approximately $2.5 billion in headroom.6
It should be understood that this
suspension of investment is a one-time measure: it is only available at the end of June.
Edit3:
Here's is a link to fednows resource page. It's pretty extensive, at 90+ separate resource articles. Through it you can find a link to a proposal from ripple/XRP
Described as:
"Ripple: Leverages distributed financial technology to enable real-time cross-border payments for financial institutions that join their network.
Scope: Uses Interledger to enable real-time cross-border payments and interoperability between systems.
Approach: Allows for originators to see total cost of payment and real-time tracking for low- and high-value payments"
https://explore.fednow.org/resources?role=all&fileType=all&building=all
A link to the faster payments task force report mentioning a Ripple proposal.
Edit 4:
Read the final conclusions under QAIT (Quality Assurance and Improvement Team) section in the above link. They didn't reject or pick a single proposal. They wrote improvements for each proposal, and they passed on to the final report (16 of 25 proposals made it to finals, including ripple). A guide note of QAIT was not to recommend a single proposal, but recommend a collaboration between all payment processors who made it to the final report.
As ripple is concerned currently, Volante is a part of fednow. Volante runs SWIFT payment system and ripple in parallel to fulfill transactions.
https://www.volantetech.com/volante-joins-federal-reserve-s-pilot-program-for-instant-payments/
https://www.volantetech.com/payments/cross-border-payments/
Edit:
formatting and additions
- This post cites that there is currently a senate bill in every state to change the definition of money
This is a link to a infographic map regarding all of those bills. There are 23 states with the bill introduced, and New Mexico and North Dakota have already enacted the legislation
- This DD mentions a shift in currency, and how it relates to GME
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There is also a possible correlation between what the Treasury is doing and LIBOR/SOFR. On quick research, Libor and SOFR are global interest rate benchmarks. There has been a transition from Libor, which is USD based calculations, to SOFR. Transition of libor loans to sofr loans is supposed to be completed mid 2023
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this is a video of the secretary of Treasury essentially saying that money in large banks (chase/Wells Fargo) would be insured indefinitely, while small and local banks are set at the 250,000$ fdic maximum. This would funnel money towards a more centrally regulated source. Look up the Obama Administrations "Operation Choke Point"
https://m.youtube.com/watch?v=Bcvl104tyRY&feature=youtu.be
— warning: tinfoil area.
I experienced a random search phenomenon on Brave browser where the brave AI said something along the lines of "the us Treasury dollar is a newly released rainbow currency by the US Treasury". I have screenshots of that search result. And I have been unable to duplicate it.
Searching for rainbow currency as it relates to the US Treasury pulls up some… Very. Very. Psychotic results.
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