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There’s an interesting discussion on why giving every citizen a federal account makes sense on the latest episode of deconstructed. “ Basically, the Fed functi
by deepakhj 6y ago
There’s an interesting discussion on why giving every citizen a federal account makes sense on the latest episode of deconstructed.
“ Basically, the Fed functions at the moment as a sort of bank for the banks. And then the hope is that all Americans have their own banks. And so there’s a kind of one-step removal between us and the Fed. What we’re advocating here is cutting out that middleman to the private sector banking institution. And in a sense what the Fed would do is offer digital wallets to all small businesses and citizens and approved residents of the United States in the way that it currently does for banks, right?
I mean, what it offers to the banks right now are Fed accounts. Right? Accounts with the Fed, they’re called reserve accounts. And what we’re saying is that the reserve accounts that are only for banks should be replaced by digital wallets for all citizens, small businesses, and again, legal writ.”
https://theintercept.com/2020/11/20/decon-biden-senate/ https://theintercept.com/2020/11/20/decon-biden-senate/
- Red_Leaves_Flyy 6y agoForgive me if this is explained in the article you linked or the bill itself, I don't have the time to read either in their entirety at the moment. Someone will need to teach millions of of Americans how to use this newfangled technology. I can't in good faith expect volunteers, friends and family to do this for everyone professionally, orderly, and accurately. So, if the fed gets into consumer and smb banking are they going to outsource customer service or what? Maybe I'm misunderstanding the premise of this bill but it seems like an aca level headache that Republicans will propagandize against, obstruct, and sabotage at every opportunity; if the aca is anything to go by.
- deepakhj 6y agoMaybe this article would help? It's shorter. https://www.marketwatch.com/story/fed-accounts-for-all-with-automatic-and-recurring-payments-triggered-by-economic-crises-2020-07-21 https://www.marketwatch.com/story/fed-accounts-for-all-with-...
- lowdose 6y agoI concur this is the most anti-fragile bet possible.