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And it will be Trump's fault. Make him look bad just before the 2024 elections so they keep the Commander in Cheat in office.
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Been thinking about this a long time now. Wonder what form that would take. Monetary crisis? Health crisis? Political unrest? A combination of all three? Mayhaps something not of this world? Really interesting when you sit down and think about it.
As for a political crisis...............we may be heading for one shortly.
Well, obviously. The plan is to do to physical cash what fdr did to gold in '33. Ie: make it to where you can't have any, and have to "redeem" any that you might still have on hand.Wonder what form that would take. Monetary crisis?
If we're being honest, we've been in a political crisis since March 9th 1933. That's the first case of the gov starting to operate outside the bounds of the Constitution, and never completely go back to operating within its limitations. The gov admits as much. The problem is that it's become normalized and people accept it as normal due to pure ignorance of anything other way. Ie: it"s all they've ever known. Similar to how a child that has never experienced anything other than abuse, can come to see it as just being a normal part of life.As for a political crisis...............we may be heading for one shortly.
They been tryin' to do that since before he beat their hag. LolAnd it will be Trump's fault. Make him look bad
It will be the foundation for their cbdc.AFAIK, FedNow is not a CBDC. It's an alternative to the ACH system.
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While the U.S. already has a real-time payment option that’s run by the Clearing House, a bank-owned association, FedNow will serve as another choice for businesses and consumers.
Bernstein analyst Harshita Rawat recently relayed highlights from her conversation with Peter Tapling, a board advisory member at the U.S. Faster Payments Council, who said that a government-associated option could appeal to smaller banks that may worry about facing disadvantages in the rival system run by the big banks that own the Clearing House.
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Still, FedNow isn’t expected to take off overnight. Rawat and Tapling discussed that it could take a decade before 90% or so of U.S. financial institutions are equipped to both send and receive money through the platform.
Though the Fed separately has engaged in discussions about a digital dollar, FedNow is a payment rail that enables the movement of money between accounts. It’s not a central bank digital currency (CBDC), which the Fed describes as “a digital form of central bank money that is widely available to the general public.”
“While Americans have long held money predominantly in digital form — for example in bank accounts, payment apps or through online transactions — a CBDC would differ from existing digital money available to the general public because a CBDC would be a liability of the Federal Reserve, not of a commercial bank,” the Fed says on its website.
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What does it say? Can't read, requires subscription.What is FedNow, the real-time payments service soon to be launched by the Federal Reserve?
The Federal Reserve plans to roll out its FedNow offering, a real-time payments service that will provide another option for instant payments in the U.S.www.marketwatch.com
I posted from my phone last night. I couldn't read it either. I posted it so I wouldn't lose the link. Now that I'm on my computer, I can read the article and I've added a pertinent snippet from the article to my previous post now.What does it say? Can't read, requires subscription.
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... An instant payment facilitated by the FedNow Service begins when a sender (that is, an individual or business) initiates a payment using a service provided by their bank, such as a banking application accessed on a computer, tablet, or mobile device.[13] After the sender's bank receives this request, it will send a message through the FedNow Service to the receiver's bank, with information about the payment.[14] Upon receipt of this message, the receiver's bank will indicate whether it intends to accept the payment. If it intends to accept the payment, the receiver's bank will send a positive confirmation back, and upon receipt the FedNow Service will transfer the funds between the Federal Reserve accounts associated with the banks. Each bank will debit and credit their customer's account accordingly. The entire process is intended to take place in a matter of seconds, so the receiver will have funds available to use in near real time. Completed payments will be final, meaning they are irrevocable.[15]
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Because instant payment services such as the FedNow Service process and settle each payment separately and continuously on a 24x7x365 basis, participants will need adequate funds or available credit (liquidity) in their accounts at all times in order to settle each payment. In some circumstances, banks with account balances beyond their current needs may supply liquidity to those facing a shortfall. Typically, banks can use a service like the Fedwire® Funds Service to conduct such liquidity transfers. However, when those services are closed, participants in the FedNow Service or the existing private-sector service may need an alternative method to transfer liquidity.
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- In step 1, a sender (that is, an individual or business) initiates a payment by sending a payment message to its bank through an end-user interface outside the FedNow Service.[39] The sender's bank is responsible for screening the payment according to its internal processes and requirements.[40]
- In step 2, the sender's bank submits a payment message to the FedNow Service.
- In step 3, the FedNow Service validates the payment message, for example, by verifying that the message meets message format specifications.
- In step 4, the FedNow Service sends the contents of the payment message to the receiver's bank to seek confirmation that the receiver's bank intends to accept the payment message. At this point, the receiver's bank will have the opportunity to confirm or deny that it maintains the specified account.
- In step 5, the receiver's bank sends a positive response to the FedNow Service, confirming that it intends to accept the payment message.[41] Steps 4 and 5 are intended to reduce the number of misdirected payments and resulting exception cases that can occur in high-volume systems.
- In step 6, the FedNow Service debits and credits the designated master accounts of the sender's and receiver's banks (or their correspondent banks), respectively.
- In step 7, the FedNow Service sends a payment message forward to the receiver's bank with an advice of credit and in parallel sends an acknowledgement to the sender's bank notifying it that settlement is complete.[42]
- In step 8, the receiver's bank credits the receiver's account.[43] As a condition of the FedNow Service, the receiver's bank must agree to make funds available to the receiver almost immediately after step 7. This crediting to the receiver's account as well as the debiting of the sender's account by their respective banks happens outside the FedNow Service.[44]
What exactly precludes its eventual use as a platform for a digital currency? Both what you posted and what I posted above, reads as though it would be perfect for the use of a digital currency.It's not even a foundation for a CBDC
What makes you think a cbdc would be a complete replacement of it?A CBDC could be implemented in the future to replace FedNow and the current financial system, but it would be a complete replacement.
Imho, it"s far too early to say it can't be used with a cbdc. If can facilitate digital payments of current forms of money, what specifically would prevent it from being able to in the future, also process cbdc payments?I meant that a CBDC could be employed to replace FedNow, but it would be a complete replacement of the FedNow system that is currently being created. FedNow is not a foundation that can be expanded into a CBDC any more than a boat can be expanded into a jumbo jet.
A digital currency, and the control it would bring, is a central bankers wet dream. They've been wanting something like that for Decades now.
Perhaps you trust them to not take steps in the attempt to corral society into that wet dream of theirs, but I sure don't.
You've examined the code for it?There is no new tech in FedNow that in any way facilitates blockchain ledgers or cryptographic tokens
The system is described in the quote/link which I shared in post #50.You've examined the code for it? ...
I understand that. It's also their description, and like I said, the gov has a very poor track record of keeping things limited to what the original stated purpose was.The system is described in the quote/link which I shared in post #50.
It will be the foundation for their cbdc.
The FedNow system is a direct replacement for the ACH (electronic checking) system. You or your bank will use only in situations that you might use the ACH/electronic check (paying bills online etc.).... What happens when ...
Concerns have been spreading widely that the Federal Reserve’s new payments system, FedNow, was a covert plan to launch a central bank digital currency, or CBDC. While it’s important to remain vigilant, it’s equally important to get the facts right: FedNow is not a CBDC.
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The FedNow Service went live on July 20, 2023. ...
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The first release of the FedNow Service also includes optional features: fraud prevention tools, the ability to join initially as a receive-only participant, request for payment capability, and tools to support participants in their handling of payment inquiries. Additional features and service enhancements will be introduced over time.
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What is FedNow, the real-time payments service soon to be launched by the Federal Reserve?
The Federal Reserve plans to roll out its FedNow offering, a real-time payments service that will provide another option for instant payments in the U.S.www.marketwatch.com
That's NOT correct.
" a CBDC would differ from existing digital money available to the general public because a CBDC would be a liability of the Federal Reserve, not of a commercial bank,” the Fed says on its website."
The FRN is not ...
The quote refers to bank credit - "existing digital money" - not FRNs (paper notes). Bank credit originates in banks in our fractional reserve system.
The Federal Reserve's instant payments network has been live for three months, but the system is still waiting on banks — and their customers — to get with the program.
FedNow has attracted dozens of banks and credit unions interested in supercharging their intake of funds. But getting more to connect and transmit through the system will rely on the discovery of new use cases, experts say.
Since FedNow launched in July, nearly 140 financial institutions and 22 certified service providers have signed up for the network, according to a public register of users, a fraction of the nearly 10,000 institutions with access to the central bank's other payments and settlements services. But early adopters and former Fed staffers say the rollout has played out as expected and compares favorably to the trajectory of the private RTP network, which has amassed roughly 400 participants since 2017.
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Rusiru Gunasena, senior vice president of RTP product management and strategy at The Clearing House — a private payments platform owned by a consortium of large U.S. banks — said the Fed's announcement in 2020 that it would create an instant payments network caused many banks and credit unions to go into "hold mode" while they waited to see how the two offerings compared to one another.
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The U.S. Federal Reserve is taking legal action against Bitcoin Magazine in an attempt to silence criticism of its recently launched FedNow interbank clearing and settlement service.
In a letter sent to the publication by the Federal Reserve Bank of Chicago, the central bank of the United States is claiming that Bitcoin Magazine merchandise that parodies its services are not protected speech, but rather an unauthorized infringement of its image and trademarks.
The dispute centers around the use of the FedNow Service image and trademark in a line of merchandise sold by Bitcoin Magazine that seeks to criticize the surveillance capabilities of the FedNow system, and how it threatens American civil liberties.
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... Financial services organizations in more than 70 countries currently use the ISO 20022 standard including The Clearing House’s RTP® 1 network, which has used the standard since the payment platform launched in 2017. ...
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As the Federal Reserve continues to enhance the FedNow Service, plans are underway to introduce new features and functionality in the coming months. These updates will include risk management and operational enhancements designed to provide additional fraud prevention tools and easy access to critical account and transaction information — addressing the "security-first approach."
In addition, the Federal Reserve will introduce a tech-centric developer resource in the near future, allowing financial institution participants to access essential documentation, technical specifications and code samples to facilitate service implementation. ...
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The Fed has worked to promote bank participation, spending decades engaging with stakeholders, facilitating equitable access for smaller banks, and encouraging banks to participate. The Fed’s pricing for banks to join the platform seeks only to recover costs over the long run. Yet despite these efforts and rising consumer expectations for instant payments, FedNow has stumbled at the start. Only a handful of banks have signed up and sometimes charge high markups to businesses to use it.
The lack of immediate voluntary participation is expected. America’s unique set of expensive workarounds for its slow payment system, including overdraft fees, are lucrative for banks.
Earlier this week, U.S. Senator Chris Van Hollen (D-MD) pushed the CEOs of America’s largest banks to join and use FedNow, citing one of our pieces of research showing that if the U.S. had adopted real-time payments when the U.K. did, Americans living paycheck to paycheck would have saved more than $100 billion by now in overdraft and late fees, and check cashing and payday lending costs. This research underpins many bank’s split motives and highlights the consequence of the Fed’s inaction to use its existing authority to require banks to offer faster funds availability.
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The Good Reason is not the real reason. Obviously, the aim here is not fast transactions; but centralized command-and-control.lol:
More:
Fed's instant-payments system gets you cash fast. Banks don't make money from that.
FedNow is in danger of becoming a Fed flop.www.marketwatch.com
FedNow is apparently FedNo right now.
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The Fed's instant-settlement system launched in July and already has more than 300 financial institutions enrolled, including over 50 credit unions. ...
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The Clearing House's RTP network, which is owned by a group of the nation's largest banks, has been up and running since 2017, while FedNow has been in pilot stages since mid-2023.
As of today, RTP has a larger network of banks than FedNow, but because of the Fed's sponsorship, it is likely the Fed will surpass the RTP system over time, said Jeff Voss, managing partner for consultancy Artisan Advisors.
Another differentiator is RTP's $1 million transaction limit compared to FedNow's $500,000, he said.
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