• AOC’s Squad Wants to Use Coronavirus to Socialize Banks

    Surge Summary: In what would likely turn out to be a sneak attack on capitalism smuggled into the coronavirus stimulus package, Congresswoman Alexandria Ocasio Cortez and her “squad” are proposing a central bank regulated “digital dollar”.

    The “Digital Dollar” is the latest attempt by socialists in Congress to attack our banking system. Rep. Rashida Tlaib’s (D-MI) “Automatic Boost to Communities Act” is an attempt by The Squad in Congress to hijack the coronavirus stimulus plan to impose Democratic Socialism on America. Conservatives need to fight this terrible idea.

    The bill that is responding to the coronavirus economic displacement contains a provision to create a Digital Dollar. Jason Brett of Forbes reports, “as the markets continue to drop and the U.S. looks to Congress for agreement on a massive stimulus package to save the economy from impacts of the coronavirus pandemic, the newest offer by House Democrats includes a very forward-looking kind of stimulus: the creation of a ‘digital dollar’ and the establishment of ‘digital dollar wallets.’ In what will send shock waves through the cryptocurrency and blockchain industry, particularly for those following central bank digital currencies around the world, this signals the U.S. is serious in establishing infrastructure for a central bank digital currency.” This should be a danger sign for those who want a functioning private banking system and a non-government run digital currency network.

    This is truly a terrible idea. Bitcoin is a functioning cryptocurrency and there are thousands of other digital currencies that are available for use.  The world financial community does not need a government run digital currency set up in a way to compete with banks and to sideline the most popular digital currencies like Bitcoin, Ethereum, Ripple, Litecoin, Tether and Bitcoin Cash. This is an idea intended on chipping away at how private citizens use banking and will stunt the advancement of cryptocurrency to be used for every day transactions.

    Forbes reports that in addition to getting a bailout in the stimulus bill, the “U.S. Postal Service would aim to help unbanked individuals and/or those without proper ID to establish their identity be provided a digital dollar account, and would set up ATMs for customers to access their funds.” The Squad loves this idea but wants to expand on it.  The Squad supported bill give $2,000 a month per family member as an initial payment then another $1,000 every month for at least a year. Like any other entitlement, this is scheduled to last 12 months after the crisis passes, but temporary entitlement programs are notorious for never expiring.  This is clearly intended to be a permanent welfare program to all people living in the U.S.

    The bill would create a new debit card administered by an obscure agency at the Treasury Department. They have come up with an accounting gimmick to avoid the estimated $2 trillion in cost over 12 months for this program. They want the Federal government to print new money instead of borrowing the cash to pay for it.  When the government prints new money, that has a cost to every person who holds a dollar, because it will devalue cash.

    The Squad has been given a foothold in the stimulus bill and they want to expand the idea for a full assault on American banking. This also would have an unintended consequence of creating a government backed competitor to privately created cryptocurrency.

    This is a terrible idea and conservatives in Congress should make sure The Squad is not allowed a sneak attack on capitalism in the coronavirus stimulus package.

    Related Columns:

    AOC’s Squad Wants to Use Coronavirus to Socialize Banks

    Democrats in Congress Fixated on Impeachment … as Coronavirus Loomed

    Abhorrent: Cynical Dems Hampering Coronavirus Bill in Order to Advance Their ‘Vision’

    Left-Wing Hate Attempting to Hijack the Coronavirus Crisis

    Democrats and Liberal Media Trying to Use Coronavirus to Bring Down Trump

    Nancy Pelosi’s ‘Evil’ … How Else to Accurately Describe Her Gross Coronavirus Stunt?

     

    The views here are those of the author and not necessarily Daily Surge.

    Image: Adapted from: CBS This Morning; https://www.youtube.com/watch?v=OmrfiDbQvbk


    S.C. Sherman

    Senior Editor

    Steve Sherman is an author, popular radio commentator, and former Iowa House candidate. His articles have appeared nationally in both print and online for Townhall, Human Events, Clash Daily, Washington Times, Washington Examiner, Red Alert Politics, Forbes, NRATV and others. All of his novels including his most recent tome, Lone Wolf Canyon, a modern day western that infuriates the left and all "Snowflakes," are available here.

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