BREAKING: Kroger STOPS HANDING OUT COINS As Federal Reserve Tries To Push PAPERLESS Currency, Chip Payment

by John Paluska, Founder of The Daily Fodder

A new coin shortage is set to keep Kroger from being able to hand out coins at the supermarket. The problem, which could cause price changes nationwide and potentially force people to stop using cash. 

According to CNBC, The lockdowns led to the shortage:

“What’s happened is, with the partial closure of the economy, the flow of coins through the economy has ... kind of stopped. The places where you’d go to give your coins and get credit ... those have not been working,” Powell said.

“So, a whole system of flow has kind of come to a stop. We’re well aware of this: We’re working with the mint and we’re working with the reserve banks. And as the economy reopens, we’re seeing coins begin to move around again,” he added.

The spread of Covid-19 across the U.S. over the first half of the year has led to a rise in contactless payments as more Americans shelter in place and shop online using PayPal or credit cards. But unprecedented, state-imposed business closures also resulted in a deceleration in the rate at which physical cash and coinage exchange hands. 

 However, many are speculating the Fed is trying to enforce a completely paperless currency, with the idea being fluttered by in Marketwatch, which cites academics, statistics, and other research:

“The debate isn’t about whether we need [a digital currency],” Michael Bordo, an economist at Rutgers University and a fellow at the Hoover Institution, the public-policy think tank at Stanford University, told MarketWatch. “It’s about how you do it.”

Americans already use digital currency for most of their purchases. In 2018, they used physical dollars for just 26% of transactions, versus 62% with digital currency, which includes credit cards, debit cards and bank transfers, according to the Fed.

A central-bank digital currency could work much like the mostly bank-issued digital money Americans use today, with some key differences. First, it would be backed by the full faith and credit of the United States government and, therefore, risk-free. The local bank that manages your savings account could fail at any time and the dollars in your account (beyond those insured by the FDIC) would disappear. A Fed “e-dollar” would persist as long as the U.S. government does.

 Hopefully this will not take place any time soon, but just in case it might be a good idea to start collecting items to barter with, in case the whole economy goes crashing down.

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