Of all the threats that the republic faces, none may be more serious than the stablecoin bill in the US Senate and the similar bill in the US House.
Although the following article is addressed to a Delaware audience, it is relevant for anyone who lives within several hours drive of Maryland Congressional District 1, which includes the entire Eastern Shore of Maryland. Moreover, it is relevant for any American who would like to preserve the republic. A great coalition opposing stablecoin and advancing the responsible resolution of the debt crisis needs to emerge quickly. What we are up against calls to mind the calamitous passage of the Federal Reserve Act of 1913. But this time a far worse fate may be in store for us. Please join the cause! Please lend your time or make a donation.
If you want to learn more or help, the best way to start is to speak to Dr. Arminio, at 302.300.9611. Emails are welcome, too. To send an email, make use of the form on the News and Contact Page, that is, CLICK HERE.
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On April 5, on this page, below, I warned of the peril of stablecoin.
Although President Trump is a staunch foe of the “swamp” and “deep state,” and while he signed in January an executive order banning the issuing of a central bank digital currency, a growing faction in Congress is advancing dread stablecoin legislation, which, if made law, is likely to strengthen the “deep state” and serve as a backdoor to a central bank digital currency.
Is there a way that we Delaware grassroots leaders can strike a judicious, powerful blow against the roll out of stablecoin?
Yes, there is!
We have but to pivot! To be precise, take swift counteraction and briefly reallocate some of our strength, specifically, converge on the sole Republican Congressman in our midst – Andy Harris.
In March, the US Senate Banking Committee voted in favor of the pro-stablecoin Genius Act and, in April, the US House Financial Services Committee voted in favor of similar legislation. Two weeks ago, the Senate voted for cloture, ending debate on the Genius Act. Senators may vote up or down on the Act any day now. Then it would be the turn of the House to decide for or against this measure.
By now, most conservatives and many others understand that a central bank digital currency (CBDC) would strangle liberty. What is not yet well known is this: widespread use of stablecoin or, in other words, retail digital currency would, without putting in place the most extraordinary safeguards, be tantamount to a CBDC.
Stablecoin, like a CBDC, is trackable, programmable and seizable.
Already, there is a disquieting precedent. The Department of Justice has to date, with the mere pushing of a button, seized several hundred millions of dollars of Tether which is a non-government stablecoin.
The very forces promoting an official stablecoin are the same ones behind a CBDC. Yes; there are many crypto enthusiasts who mean well. But the ultimate forces behind stablecoin are the very forces behind the derelict Federal Reserve.
This brings me to the national, strategic significance of Maryland’s Eastern Shore Congressional District, represented by Congressman Harris.
Not only is his Congressional District contiguous with our state, he chairs the mighty US House Freedom Caucus.
To sway the one Congressman is to sway three dozen Caucus members, more likely, a hundred Republicans in Congress. Furthermore, if he were to oppose the stablecoin bill, this would draw immense attention to the issue, and would upend the present attempt to slip legislation quietly past the public.
Let us put to good effect our own strategic location. Let us wake up our Maryland neighbors. Let us advance on Harris’s district from the east, alert his district constituents, and call on Marylanders to advance from the west. May large delegations of concerned citizens descend upon the Harris regional offices on the Eastern Shore and his office in the federal capitol.
Time is short; the proponents of stablecoin mean to pass a stablecoin law by the August recess of Congress.
Aren’t there other important issues needing attention?
Certainly, there are. But the stablecoin issue if mishandled would risk the end of everything we hold dear.
Pivot now!
Insist that Congressman Harris and his peers in government inform the public of the dire consequences of digitizing our money whether retail or otherwise, and that they slow down and truly think through the currency issue (and the related matter of the national debt).
On the matter of the life-and-death stablecoin issue, we the grassroots of The First State have it in our power to be a fulcrum for good. Let us exercise this power!
