“the Fed would effectively disintermediate commercial banks, as it would both provide loans to US consumers and directly deposit funds into their accounts, effectively making the entire traditional banking system obsolete.”

https://www.lewrockwell.com/2020/09/tyler-durden/in-unprecedented-monetary-overhaul-the-fed-is-preparing-to-deposit-digital-dollars-directly-to-each-american/

SUMMARY

Absent a massive burst of inflation in the coming years which inflates away the hundreds of trillions in federal debt, the unprecedented debt tsunami that is coming would mean the end to the American way of life as we know it. And to do that, the Fed is now finalizing the last steps of a process that revolutionizes the entire fiat monetary system, launching digital dollars which effectively remove commercial banks as financial intermediaries, as they will allow the Fed itself to make direct deposits into Americans’ “digital wallets”, in the process also making Congress and the entire Legislative branch redundant, as a handful of technocrats quietly take over the United States.