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I don't think I want the Fed to have access to every recipient and source of every dollar I ever spend. That database can only be misused.

by edrxty 5y ago

ryanmarsh 5y ago
Too late. The Fed requests ad-hoc reporting of all kinds and the banks comply. In addition to raw transaction flows which the Fed does in fact receive in many cases. People have no idea what all those people at the Fed do and people who work there are not free to discuss it.
- deleted 5y ago
  [deleted]
silisili 5y ago
Agreed. They'll play this as a safe something, but it's really all about taxes. So many people and even industries today run afoul of taxes. If you didn't know or disagree, you've never worked or lived around the less privileged. Example: I called to have my windshield replaced last month by a local company. The guy said 'if you pay cash, 307 dollars. Credit card you need to add tax and fees, so 350.' Also, at least in the southeastern US, nearly every gun store heavily dissuades you from using anything but cash.
- BenjiWiebe 5y ago
  Of course, for the windshield company to be legal, they need to add sales tax to cash sales as well.
Supermancho 5y ago
> I don't think I want the Fed to have access to every recipient and source of every dollar I ever spend. That won't matter much when people inevitably start to trade in a physical proxy.
brjiro8 5y ago
Government is just humans. There’s no reason to believe any organization of humans has your personal interests at heart. Ostensibly politicians can be replaced. Despite believing government to be inherently corrupt, we still seem to think the ledger of ownership is inherently correct and incorruptible. The mental gymnastics everyone goes through to demonize government and accept privatization which locks them out of accounts, absconds funds, and offers no path to remediation, resulting in posts here hoping a Big Tech Corp worker happens to be browsing is pretty stunning display of how media has influenced our beliefs
_xnmw 5y ago
Ever heard of FBAR? [1] The IRS already has access to all your domestic and international bank accounts opened in your name, even if not in the US, because they are required by law to send this info to the IRS, or risk being sanctioned by the USG. [1] https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar https://www.irs.gov/businesses/small-businesses-self-employe...
- HideousKojima 5y ago
  And I'm sure that database is already being abused by all manner of federal agencies in ways it isn't supposed to be, so I don't see any reason to make it even easier for them.
- propogandist 5y ago
  the linked site clearly states this only applies to international account rather than domestic accounts. The Biden administration has, however, provided the IRS more power by requiring financial institutions to report transactions over $600 to the IRS, a significant reduction fdown from the previous $10K threshold. This new law went into effect in 2022 and shows the govt’s desire to shake down the middle class for more taxes, while eliminating privacy.

I don't think I want the Fed to have access to every recipient and source of every dollar I ever spend. That database can only be misused.

by edrxty 5y ago

I don't think I want the Fed to have access to every recipient and source of every dollar I ever spend. That database can only be misused.

ryanmarsh 5y ago

Too late. The Fed requests ad-hoc reporting of all kinds and the banks comply. In addition to raw transaction flows which the Fed does in fact receive in many cases. People have no idea what all those people at the Fed do and people who work there are not free to discuss it.

deleted 5y ago
[deleted]

silisili 5y ago

Agreed. They'll play this as a safe something, but it's really all about taxes. So many people and even industries today run afoul of taxes. If you didn't know or disagree, you've never worked or lived around the less privileged. Example: I called to have my windshield replaced last month by a local company. The guy said 'if you pay cash, 307 dollars. Credit card you need to add tax and fees, so 350.' Also, at least in the southeastern US, nearly every gun store heavily dissuades you from using anything but cash.

BenjiWiebe 5y ago
Of course, for the windshield company to be legal, they need to add sales tax to cash sales as well.

Supermancho 5y ago

> I don't think I want the Fed to have access to every recipient and source of every dollar I ever spend. That won't matter much when people inevitably start to trade in a physical proxy.

brjiro8 5y ago

Government is just humans. There’s no reason to believe any organization of humans has your personal interests at heart. Ostensibly politicians can be replaced. Despite believing government to be inherently corrupt, we still seem to think the ledger of ownership is inherently correct and incorruptible. The mental gymnastics everyone goes through to demonize government and accept privatization which locks them out of accounts, absconds funds, and offers no path to remediation, resulting in posts here hoping a Big Tech Corp worker happens to be browsing is pretty stunning display of how media has influenced our beliefs

_xnmw 5y ago

Ever heard of FBAR? [1] The IRS already has access to all your domestic and international bank accounts opened in your name, even if not in the US, because they are required by law to send this info to the IRS, or risk being sanctioned by the USG. [1] https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar https://www.irs.gov/businesses/small-businesses-self-employe...

HideousKojima 5y ago
And I'm sure that database is already being abused by all manner of federal agencies in ways it isn't supposed to be, so I don't see any reason to make it even easier for them.
propogandist 5y ago
the linked site clearly states this only applies to international account rather than domestic accounts. The Biden administration has, however, provided the IRS more power by requiring financial institutions to report transactions over $600 to the IRS, a significant reduction fdown from the previous $10K threshold. This new law went into effect in 2022 and shows the govt’s desire to shake down the middle class for more taxes, while eliminating privacy.