End The FED

Mike ter Maat has signed the Anti-CBDC Pledge!

Anti-CBDC Pledge

The Sound Money Safeguard Pledge

In the spirit of preserving economic freedom, sound money and ensuring the financial privacy of every American, I solemnly pledge to the citizens of the United States of America:

  1. Veto Power: If elected, I will unequivocally veto any legislation that seeks to introduce, endorse, or support Central Bank Digital Currencies (CBDCs).
  2. Executive Restraint: I will abstain from passing any executive orders that would promote the adoption or development of CBDCs.
  3. Defensive Action: I will employ all available resources and efforts to oppose the establishment of CBDCs.

This is more than a campaign promise; it is a commitment to uphold the economic freedoms that our nation was built upon. Together, we can ensure that our financial future remains in the hands of the people, not the central banking system.

End The Fed

CBDC: The Fed Worldwide Privacy Tour

  • The Fed claims to be “fostering a broad and transparent public dialogue about CBDCs in general, and about the potential benefits and risks of a U.S. CBDC” yet “no decisions have been made.”
  • The Fed says it “would only proceed with the issuance of a CBDC with an authorizing law.” Yet admits to be investigating “the technical feasibility of a general purpose CBDC that could be used by an economy the size of the United States”
  • If your proposal is for most transactions to remain largely anonymous, you’ve admitted to having no interest in protecting citizens’ privacy.  Never forget, the Fed loves the look of your privacy.
  • Money traditionally has been defined by its three roles as a store of value, a unit of account and a medium of exchange. To this we should add a guarantor of privacy.  Money must exclude anything that could be used to violate privacy.
  • The Fed wants CBDC to follow the same anti-money-laundering and anti-terrorism rules that violate privacy today. Because the Fed loves the look of your privacy.
  • The Fed wants financial institutions acting as CBDC intermediaries to verify the identity of CBDC customers, just as they are required to do now. Because the Fed loves the look of your privacy.
  • Project Hamilton says it “does not aim to create a usable CBDC” but the Fed says it “allows us to learn more about these technologies and the choices that should be considered when designing a CBDC.”
  • The Fed says “no decisions have been made” but the Federal Reserve Bank of NY is learning how to use CBDC to interface with the Bank for International Settlements
  • Through its Technology Lab the Fed “has several CBDC experiments under way” to advance “collaboration with other central banks and international organizations as it advances its understanding of CBDC.”

silvergate bank and silicon valley bank failures

As a financial economist working primarily in the banking industry from 1983 to 2010, I understand the reason Silvergate Bank and Silicon Valley Bank failed is that government regulation made too many people feel safe depositing large sums without paying attention to the banks’ financial health. When that shallow confidence was undermined, depositors ran quickly.  We need to replace government regulation with a system in which private-sector analysts publish warnings on bank risks, capitalization and portfolio concentration.

  • Government guarantees to keep uninsured depositors whole is a needless bailout that will pressure government officials toward further bailouts in the future.  The worst part about bailouts is that they preclude the market from holding banks accountable, which is the only way to keep the system healthy in the long run.
  • One big reason these banks were so concentrated in high-tech related assets is that bank regulators discouraged banks generally from getting involved in these areas.  Had regulators not been involved, there wouldn’t be such concentrations in such a small number of banks and the system would be safer on the whole.
  • Yes, the cost of Silvergate and Silicon Valley Bank bailouts DO get passed on to individual Americans! Increases in insurance premium rates are borne by retail customers, commercial customers, employees and shareholders.

a three-point plan

ending the fed under the gold new deal

Bringing monetary policy, bailouts and regulation under control.

LNC Discussion of Ending the Fed

“Banking, Business Cycles and the Future of Real Estate Finance,” PorcFest, June 2023

“Presidential Nominee Candidate Forum,” Response to economic policy question, March 2023.

“Impact on Cryptocurrency Market During Potential Upcoming Recession” Twitter Space, February 2023

“Presidential Forum,” response to cryptocurrency market question, February 2023

If You Believe in Economics, Vote Libertarian in Florida’s CD20

“The economics of e-cash”

A prescient signal ahead of its time on a future in which electronic cash could end the government monopoly on minting money, from the 1999 edition of Spectrum, the journal of the Institute of Electrical and Electronics Engineers.

For more opportunity and less socialism, Vote Libertarian in Florida’s CD20

Monetary Policy & Government Debt: TANSTAAFL

Finance by Button-Pushing: Biden’s Economic Stimulus Plan

The World Is Not Zero-Sum