In March of this year, Assemblywoman Shea Backus introduced Assembly Bill 231 (AB231) which proposes updates to The Uniform Commercial Code (UCC). Those “updates” include a change to the definition of money.
The bill proposes that money be defined as, “a medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries. The term does not include an electronic record (like Bitcoin) that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.”
Essentially, only what the federal government deems to be currency can be used as currency. This is dangerous for a few reasons. First off, who in their right mind believes the federal government should be restricting financial freedom to the point where only they define what money can be? Secondly, this bill could be a gateway to much larger issues.
Keystone Corporation released a statement on this issue that sums up some of those issues. It reads, “Simply put, this is a threat to our financial freedom. AB231 changes the definition of currency which paves the way for the federal government to control our currency and thus control businesses and individuals. This bill could lead to federal government interference in the economic marketplace and could essentially allow for a ‘Social Credit Score’ system to take hold, like in China, that will allow the federal government to make decisions on whether or not your business will fail or succeed.”
If you follow the logic on this bill it opens up the door to a central bank currency in the United States. A central bank is unarguable a first step in the “Social Credit Score” system used by the Chinese Communist Party (CCP). It’s a social credit system that allows the CCP to monitor and control businesses and individuals.
Assemblywoman Backus claims AB231 is a harmless update to the UCC. She released a statement after the bill passed, unopposed, out of the Committee on Judiciary to be heard by the full Assembly. The statement read, in part, “This bill would bring the Uniform Commercial Code into the digital age by providing commercial law rules for a new category of transactions: the transfer and leveraging of virtual currencies and other digital assets.” She claims updating what we consider to be money will make it more inclusive of virtual currencies, not less. Her statement also implied that those in opposition to the bill were taking the term “revised definition” in relation to money out of context.
CALL TO ACTION: Are you paying attention yet? If you aren’t, please wake up. Every day we turn over a little more control to state and federal governments and end up with less and less. We are well on the road to socialism and the only way to stop this train is if we all jump off. Be active in your government and support pro-business and pro-individual legislation.
By Whose Authority?
For more information on my Commentary and to see some of my backup research, or if you wonder why I take the position I take, go to www.LyleBrennan.com.
2 Chronicles 7:14 (NKJV) “If my people who are called by My name will humble themselves, and pray and seek My face, and turn from their wicked ways, then I will hear from heaven, and will forgive their sin and heal their land.”