by Lawrence Kadish

Biden is throwing jabs.

The power punch is a little noticed Executive Order with the innocuous number 14067 and its title, "Ensuring Responsible Development of Digital Assets."

In a 21st Century world where cryptocurrency and cybercrime are now embedded threats to our collective financial security, this Executive Order would seem to address these issues. That is the jab.

In fact, this order includes language that allows the Federal Reserve System to "explore" the possibility of introducing digital currency into the United States. This means that your cash becomes so much colored paper. That would not be the only catastrophic impact on our society and the nation's economy. 

Under this new digital currency, any transfer of funds to family, friends, charities, or clients would be able to be tracked by the nation's central bank that issued this virtual money. Big Brother will be in your wallet every hour or every day. 

You will not be able to buy a stick of gum without a Federal Reserve computer knowing where, when, and to whom you just put down a buck.

Like any jab, its starts with a feint.

"At this stage, the Fed is just introducing the subject into the public debate and is weighing the options," according to Eswar Prasad, a Cornell University economics professor who was interviewed by the Associated Press in an Aug. 24 story.