The intent is to establish digital, uniquely serialized, dollars each with a value of 1 as the national currency. Each serialized dollar is to be associated with an owner. All dollars must be associated with an owner. These dollars are the converted M2 money supply. collectively they are the medium of exchange currency of the USA.
Banks now manage all digital currency used as the M2 Money Supply. They also create the a broader money supply than M2 that is "near money" called financial paper and is more in the domain of investing than in the domain of a medium of exchange. It is the domain that banks prefer to operate in because that is where the big money is made. That is the reason that savings banks were allowed to go into the investment business by repealing laws preventing it.
Investment is an application of money as something it can be bought and sold the same as a loaf of brread. Investment is gotten into when the medium of exchange M2 money is traded for financial near money paper that will, if the investment is good, or a good fraud, be convertible back into heaps of M2 money. Maybe even more M2 money that is in existence at the time conversion is desired or required.
This plan takes the creation and accounting functions of M2 money away from the banks. Another way of looking at it is the assertion of the Sovereign right of the USA to create its money supply and obligation as a government to provide for the security of it citizens. Our national security is jeaprodized by banks. They cannot be trusted to be honest stewards of our M2 money supply. Banks can continue to operate as normal in financial investment matters subject to existing regulations that are to be enforced. Banks are no more than another business selling something in a market that uses Dollar currency as a medium of exchanged. Paper priced in dollars are not the National Currency as much as banksters push them as backed by the National Currency obligation of the government as the lender of last resort because they are too big to fail.
1. A dollar amount equal to the current M2 money supply is to be uniquely serialized serialized. To a secure central (virtual) computer system in the amount equal to the M2 money supply. Security and encryption systems as well as system administration is tasked to the National Security Agency. The site of the central computer repository is Ft. Knox.
2. All financial entities that are to use US dollars as a medium of exchange are to be identified. All citizens are by definition permanent users. Any number of citizens my combine as a business and register as a business entity users of the system. All financial entities using Digital US Dollars are to be identified by a unique number used to link them to the serialized digital dollars that they have the authority to exchange with other users of the financial system.
3 A mapping system is to be devised that links current bank accounts holding money balances to the financial identity number of system users in the new digital dollar system. A mirror image of the total amount in a financial entity's bank account will
4. Banks will continue to maintain customer M2 money accounts. When they need to know the balance in a customer account they get it from a single central source record and have as a chosen agent of the customer, authority to mae changes to the on hand balance form one customer in their system to another customer in their system. What the banks view as their customer account is merely a sub-account gateway to a central clearing house for all Digital Dollar medium of exchange transactions.
This is one of the most glorious features of the system that is actually a lesser feature as far as system design because it is only a change in who does the accounting changes for cash receipts and payments: If a financial entity does not choose to do business with a bank in its role as a clearing house for the medium of exchange it goes to the public clearing house that maintains the primary record of all savings that is the revolving fund of our national medium of exchange.
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