Dear Reader,
Good morning,
Today I want to talk about the digital dollar.
We've gotten a bunch of notes from customers asking if the U.S. government is going to eliminate cash and make a digital dollar mandatory.
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Biden Administration Makes Shocking Admission: U.S. Dollar is Toast
Treasury Secretary Janet Yellen recently admitted that nations around the world will continue to dump the US dollar…
If you have any money in US dollars, go here now and see why you must move your cash before September 30th.
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You know, I was taught by Warren Buffett to "praise by name, criticize by category."
What that means to me is, you never insult a company or a person by name.
But you can certainly criticize some actions that are being taken without naming names, and today I'd like to do a little bit of that.
I've gotten a lot of emails and communications from members in the past week about the digital dollar.
They're writing in to say, hey, is it true what I'm seeing, that the Biden administration is going to get rid of our dollars and force everybody into the digital dollar?
And I just want to say, that is not true.
Not happening. That is fake news.
I'm not going to talk about the people promoting that.
But I will tell you this:
Remember that probably 90% of the financial transactions you do every day are digital…
Using your credit card, wiring money…
When was the last time you actually went down to your mortgage company with a big wad of bills and said "here, here's my mortgage payment…"
Or went down to the Ford dealership, handed them cash and said, "here's my car payment?"
We pay with checks or credit cards, wire the money, etc.
So 90% of the transactions we do are already digital.
If you run a business like I do, you know that money comes in every month and money goes out every month.
We know there are massive fees even just wiring money in 2024.
So, what a digital dollar would do is eliminate those and make wiring cheaper and faster.
But it won't be compulsory.
Here's the good news and the bad news:
The good news is, they're not going to force you into a digital dollar against your will. There are so many issues with freedom, that would never pass Congress – they'd be up in arms!
So it's not happening – that's the good news.
And most of our transactions are already digital so we don't have to freak out about that.
Here's the bad news – my children, their generation, they hardly know what dollar bills are.
My daughter pulls out her iPhone when we go somewhere. She uses Apple Pay.
So bureaucrats don't even have to force a digital dollar on us.
Because my kids and my grandkids – their generations – they're going to be less and less tied to physical paper dollars than ever.
That is going away as a medium of transaction.
Paper currency is going the way of the dodo on its own – no one has to force the country to do it. It's happening.
These future generations are going to make their own decisions.
We could argue good or bad, but make no mistake about it – privacy is pretty much gone anyway.
If you're walking around with a smartphone, privacy's gone.
That's a whole other conversation.
The Fed doesn't need a digital dollar to track you. They already know what you're spending your money on if they want to know.
Thankfully we have a system of laws in this country where someone has to get a subpoena to find out what you're doing. And the same kind of privacy protection would apply either way.
But the headline for this conversation is: the digital dollar is not going to be compulsory, and most transactions are already digital.
A digital dollar would probably help make it cheaper for companies and people to transact.
The Fed won't force you to do this, if they ever get this up and running.
We are a country that prizes privacy.
But make no mistake about it – if we're being honest with each other…
If you've got a phone in your pocket, the corporations are what we should worry about more than the government – the corporations are tracking us everywhere.
Now having said all this…
The biggest threat to the U.S. dollar is definitely not going digital. The biggest threat is our crazy over-the-top spending.
We are headed for a debt crisis – it's just a question of when.
You can't run deficits of $5 trillion during a good year and expect nothing to happen.
The truth of what the Biden administration is doing to our dollar is far worse than digitizing it. You can get the full report here>>>
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