Trump’s Federal Reserve Pick Wants to Put Metal Chips in Cash to Track Every Dollar and Tax It

By Matt Agorist

In the State’s relentless pursuit to scrutinize and control every citizen, including monitoring, tracking, and especially taxing their income, untraceable physical cash has long been a shield against such tyranny. However, thanks to Donald Trump’s nomination to the Federal Reserve Board of Governors, anonymous purchases, deposits, and savings with cash could soon be a thing of the past.

In November 2017, central banking proponent and Keynesian economist Marvin Goodfriend was nominated by President Donald Trump to fill one of the vacancies on the Federal Reserve Board of Governors. He was then confirmed by the U.S. Senate Banking Committee to advance.

Goodfriend is a central banking insider who’s spent decades moving in and out of government and central banks and his ideas are nothing short of Orwellian.

While his résumé may make him seem like a qualified member of the corrupt and insidious Federal Reserve System, he’s proposed and openly advocated for one of the most horrific plans a free society (somewhat) has ever seen—tracking cash.

Reuters reports:

Goodfriend’s idea was to insert magnetic strips into the bills. Each time the cash was returned to a bank, the money would be taxed at a pre-determined rate. That would discourage individuals from hoarding cash and remove one obstacle for central bankers in setting negative rates.

Negative interest rates are employed to incentivize banks to lend money more freely and businesses and individuals to invest, lend, and spend money rather than pay a fee to keep it safe.

However, it is little more than theft. Instead of paying you interest on the money you give them to store and subsequently use as reserves to make these loans, when banks are strapped for cash, they call the theft of your money “negative interest.”

Goodfriend is an advocate for both negative interest rates and tracking your cash—and this person is about to have a leadership position inside America’s central bank.

Under the ostensible idea of reducing quantitative easing, Goodfriend would apply a tax directly to cash—stealing money from already taxed dollars—by tracking who is using it. According to Goodfriend, US currency should include tracking devices that let the government tax private possession of dollar bills—for your own good, of course.

“The magnetic strip could visibly record when a bill was last withdrawn from the banking system. A carry tax could be deducted from each bill upon deposit according to how long the bill was in circulation,” Goodfriend wrote in his proposal.

What could possibly go wrong?

The idea of tracking cash with magnetic strips or RFID chips is such a horrific idea that two unlikely senators from opposite sides of the aisle have come forward to vehemently oppose the Goodfriend appointment.

As Reuters notes again, the idea of a tax on cash is politically toxic. Senators Rand Paul and Elizabeth Warren – two lawmakers often on opposite ends of the ideological spectrum – have denounced Goodfriend’s idea, and may now put his nomination in jeopardy.

We think that is a good idea.

Rand Paul’s father, the esteemed Dr. Ron Paul has been a long-time advocate against such Orwellian moves to track cash and has been fighting them for decades.

“The whole idea is preposterous. The notion that we’re going to tax somebody because they decide to be frugal and hold a couple of dollars is economic planning at its worst,” then-Congressman Ron Paul said.

This idea that you can correct some of the evil they’ve (the Federal Reserve) already created with another tax is just ridiculous.

Matt Agorist is an honorably discharged veteran of the USMC and former intelligence operator directly tasked by the NSA. This prior experience gives him unique insight into the world of government corruption and the American police state. Agorist has been an independent journalist for over a decade and has been featured on mainstream networks around the world. Agorist is also the Editor at Large at the Free Thought Project, where this article first appearedFollow @MattAgorist on Twitter, Steemit, and now on Facebook.

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17 Comments on "Trump’s Federal Reserve Pick Wants to Put Metal Chips in Cash to Track Every Dollar and Tax It"

  1. To be totally honest, upon first seeing the newest version of $100 bills, I thought immediately that they were chipped and refused to carry them.

  2. Australia has already chipped $50 & $100 notes to track them.
    I’ve stopped carrying these denominations.
    But the US $ is entirely debt! How can you tax a debt?
    & why shouldnt anyone hoard (save) cash? It’s clearly not safe in banks.
    What else are ya gonna do?
    It’s time these banksters in the govt were tracked themselves!
    It’s time the fed was tracked & audited!
    It’s time Fort Knox was tracked & audited!
    The gold that’s supposed to be there also.
    If they want to track all our stuff then what’s good for us is good for them.
    Seeing as they don’t have a very good economic record it’s time the people actually knew what they were doing with THEIR money & gold etc.

    • manfred, Big Daddy Armbruster | February 24, 2018 at 12:10 pm |

      Well stated. It’s Sad that we Citizens can’t trust our Gov. , Fed. Reserve, & Central Bankerss ! It’s called “GREED” & Incompetence, plus a ” Don’t Give a Shit” attitude ???

    • The ossie gold dollar is a very popular coin. The US American 1 oz gold coin is legal tender and is also available 1/10 th 1/4 oz 1/2 oz and all legal. ( at this time ) If the gov. recalls gold a black market will emerge. As it stands now a very large black market in cash exists and is thriving.

  3. I’m just going to put this out there, anyone reading on this site knows NO POTUS HAS EVER CHOSEN a Fed Chairman. We should know the Fed Chair is chosen by BIS Bank of International Settlements.

    The whole point is to paint a clear path to Trump for the economical disaster on the horizon.

  4. I will just have to carry bags of quarters.

    • The Feds have a lot of those quarter sized dollar coins the public doesn’t much care for; all of which are NOT stamped “Federal Reserve”. Mostly stored due to non use. Collecting those wouldn’t really effect circulating coins like quarters, just saying……

  5. If somehow they manage to pass this we all need to microwave our money to fry the chips!

  6. Might be worth while investing into which company supplies the chips.

  7. I think cash bills already have magnetic security strips in them. This is done to avoid counterfeiting, or so is stated. Of course, magnetic strips could also be traceable via RFID, simple matter to pulse a wave to bills and have it be carried back via radio wave. Ha! Bet that’s why all the rush to implement 5 G now. Set up the transmitter/receivers in the form of WiFi ISP towers and none are the wiser to cash being tracked. Hadoop, which collects big data could indeed handle tracking cash.

    More on Hadoop can be found at the link below. Suffice it to say it’s an excellent platform for data retrieval and storage, could possibly see it used as a ‘back end’ for such like PRISM, PROMISE software.

    [ ]

  8. Cash bills already use magnetic strips. This allegedly is to protect from counterfeiting, although I’m sure it could as easily be used for RFID applications. Kind of presents motive as to the big push for 5 G currently.

    Figure Hadoop [ ] would be used to track bills. Could see it used as well for PROMISE, PRISM type of applications.

  9. Cash bills already use magnetic strips. This allegedly is to protect
    from counterfeiting, although I’m sure it could as easily be used for
    RFID applications. Kind of presents motive as to the big push for 5 G

    Alright guess mentioning Hadoop [ ] with some other surveillance type of software is out of bounds. Suffice it to say I think Hadoop would be a great end for tracking cash and other things.

  10. Cash bills already use magnetic strips to protect against counterfeiting. These could be easily used to trace cash via RFID. Seems I’m not allowed to discuss the back end of that subject here, not quite sure why, unless what I’m stating rings true and therefore could be liability. Ah well.

    Updated thought. I can imagine it now, my famous last words. “Ha! Me a liability, just think it.” *THUD THUD THUD CRASH* “Hands over heads and eat deck! We’re here to remove a terrorist!”

    Sometimes I scare me. 🙂

  11. I don’t know how it worked, but an airline traveler in the 1990’s was detected to be wearing a money belt with a bunch of cash –without a body search or x-ray.

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