🚨Dangerous Changes To Banking As We Know It!
While you are distracted, The Gov is quietly sneaking new legislation to change banking and, this has a massive impact on you, your privacy, and your money
A Thread 👇
1/ as most of you have seen, the Gov has been sneaking in all types of new reg's into Stimulus bills. The Crypto world united to push back on the changes to sneaky regs, and... The pending $3.5 T bill has plenty including turning banks into Spying Assets and Weaponizing the IRS
2/ To "pay" for spending bill, they must try to "find" the money, by tightening holes and increasing taxes. Idea is to monitor every single bank account with $600+, and report every single transaction including, Venmo, Paypal, and Crypto to the IRS, for full ongoing audits
3/ There are numerous problems with this. Let's look at 3 briefly. 1st, the Bank Secrecy Act of 1970 did require banks to keep records and report on "CASH" transactions of $10,000+ but... $10k in 1970 is equivalent to $69,091 today. So that limit should go up, not down to $600!!
4/ 2nd, this violates many laws including "Right To Financial Privacy Act 1978" which "LIMITS" Gov's ability to access financial records. Requiring Gov to "deliver legal notice" and allow customer challenge, "before" access, and only allows 6 reasons as shown below
5/ 3rd, the 4th Amendment of Constitution reads: "The right of the people to be secure in their persons... against unreasonable searches and seizures, SHALL NOT BE VIOLATED"
We are INNOCENT until PROVEN guilty, not GUILTY until proven INNOCENT!
6/ 4th, a MORE SERIOUS PROBLEM is the IRS has a history of weaponizing against specific groups, to threaten, harass, and shut down. Under Obama Admin, IRS targetted "tea party" groups
7/ This isn't partisan, anyone with this power could use it against the opposition, which is exactly what the Obama Admin did. IRS Chief Lerner lied under oath, claimed the 5th, but information released showed the crime and the lawsuits and claims were paid out for damages
8/ What most are missing is this is also an ATTACK ON THE BANKS! Passing these types of surveillance requirements onto banks, forces them to deliver data they are not able to collect, to spend huge sums of money to attempt to comply, most won't be able to & will be in contempt
9/ Enter CBDC's. Central bank digital currencies are now being promoted as "Giving us more privacy" and are being used as the old "drop sell technique" as in hit you with something so hard, so server, so invasive, that the lesser CBDC now seems like an easier and better option...
10/CBDC also allows the central banks to open accounts directly to the people, bypassing the need for commercial, local, regional banks and ultimately even bypassing Gov Central Banks and just allowing the IMF to issue CBDC's directly to the people, compressing the stack
11/ Are Cntrl Bnkrs taking over the world? limiting choice & consolidating power
More evidence we are approaching PEAK GLOBALIZATION, but... the pendulum is about to swing the other way
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