Federal Debit Currency Cards

Currency has always been a prime target for counterfeiting, which the US Secret Service calls one of the Are Currency Cards next step?oldest crimes in history. Just as government printing techniques have changed to make official currency harder to duplicate, counterfeiters are ever employing the latest technology.  Many in the Federal Government vigorously support "Federal Debit Currency Cards" to cut printing and coinage costs while minimizing the counterfeiting; but. there are huge costly drawbacks and other ulterior motives too.

• Since everyone will not be using any old fashion bills and coins anyway, the newly issued "Federal Debit Currency Cards" by the Federal Government will know exactly what you are paid and what you spend your money on and where - sounds like some of the "Loyalty Cards" being employed now like the grocery stores, COSTCO, etc. It will revolutionize Income Tax reporting, not necessarily the cumbersome regulations unless reform is a part of the package.
  

• If they pass a national sales tax, one that taxes you accordingly for what you consume. It's a quick, easy path to everyone paying a fair flat tax at every level. Many politicians are pushing this new "Revenue" (code for taxes) as a less painful tax, somewhat regressive but a quick tax fix for big spending politicians.  Will it be coupled with a lower income tax rate for earners since everyone will be in the bigger tax pool?
  

• Could facilitate almost effortlessly the VAT taxes (value-added-taxes), a harder tax sell these days just like the carbon tax and trade bill.  Both support new unlimited tax revenues for more free-spending big government programs.

• It's a way to expand and contract the entire US economy instantaneously by blocking anyone's access to their own money electronically. (maybe control the World economy too, comrades)

There are, however, many inherent existing problems already looming before such an impossible undertaking could start.

• Some people would continue and trade through barter to sells goods and services alongside the Federal Currency Exchanges.  This has and will always be in American commerce.  Further regulations would force some to go underground thereby creating an impossible and difficult to track commerce, a black marketplace. 
  

• Many experts, for instance, recommend consumers never use (or even carry) debit cards (also known as check cards) because of their risks and their limited consumer protections. A lost, stolen, or otherwise compromised debit card can result in your bank account being wiped out by a thief, without using your PIN number. 
  

• Even if you promptly report the loss to your bank, under federal law the bank can wait up to two weeks (or longer in certain cases) to restore the funds to your account.  That could make you unable to pay your bills or withdraw cash at an ATM.  And if you wait too long to report the loss, you may not be able to recover the stolen funds. These laws would have to be amended in regard to "Federal Debit Currency Cards" with new advanced protections in card media and software.
  

So, "Federal Debit Currency Cards" seem like a very acceptable substitute for greenbacks is like a similar debacle to replace dollar coins.  The U.S. Mint pushed and failed to sell the Susan B. Anthony dollar and Susan B. Anthonythen replacing it with another coin, the Sacagawea dollar, which did not prove popular with the public either.  The mintage dropped sharply in the second year of production and Shoshone Sacagaweais not now widely circulated.

The public is finicky about its coin of the realm. You can't eat or drink it, but its got intrinsic monetary value and that's what makes everybody's world go around.   Only time and technology will tell us what happens next, just hope "Big Brother" is not looking over peoples' shoulders with each transaction.  The perceived value could drop like a rock and cold metal, shiny coins and plastic cards will mean nothing.  Where's the Gold?