Greens’ Pretense of a National Development Bank Is a Vector for Digital Currency in U.S.

Nov. 23, 2020 (EIRNS)—The (Bernie Sanders) Justice Democrats, the force behind the “progressive” congressional legislators including AOC, are the leading edge of “greening” Joe Biden’s grandiose plans. This includes the efforts to implement the Great Reset program of negative interest rate bank bailouts through the introduction of a digital currency.

Through the New Consensus, their self-proclaimed “think tank,” Justice Dems have submitted a seven-page memo to Biden, on “Building Back Better with or without Senate Majority.” The key, they argue, is the involvement of the Federal Reserve in “recovery” efforts. The detailed plan calls for the creation of a National Development Council, which would include the President, Vice President, relevant cabinet members and legislative leaders, but also, “the Secretary of the Treasury [and] the Chair of the Federal Reserve Board of Governors.” The new NDC is to be a reformulated version of the (Dodd-Frank) Financial Stability Oversight Council, as was spelled out in an August 2020 research paper by Cornell University Law School’s Robert Hockett, which is linked to in the memo.

The center of the plan is the development and oversight of the National Development Strategy, which would be financed through the creation of a National Development Bank. That this “Bank” would be a vector for international finance to implement the digitization of national currency policy is further spelled out by their intention that this so-called “development” bank would oversee the creation of Digital Taxpayer Wallets, the logistics for which already exists, they argue, under the TreasuryDirect program, through which taxpayers currently invest in Federal savings bonds. Recall that Senator Sanders’ Green New Deal proposal, issued in 2019, called for direct money-printing by the Fed to be the main source of its $16 trillion estimated cost.

Another leading aspect of the plan is the fracturing of the Fed itself—what they call “Spreading the Fed”—by allowing regional administration of the program throughout the 12 regional banks of the Federal Reserve System. While they argue that this would spread and thereby ease the management burden of the program, and that it was somehow the original intention of the creation of 12 different Federal Reserve regions, the reality is that this would shatter the entire notion of a “national” currency, and leave the distinct possibility that one or more “regions” of the country could go bankrupt or otherwise be written off.