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What makes you think the Federal Reserve would just give all the data to, say, the FBI without a warrant? You talking about "the government" as a unified entit
by wpietri 5y ago
What makes you think the Federal Reserve would just give all the data to, say, the FBI without a warrant?
You talking about "the government" as a unified entity seems odd to me here. The various bank regulators (FDIC, OCC, and yes, that same Federal Reserve) already have access to huge data flows. If they are already misusing it, it doesn't sound like this would be worse. And if they aren't, then I'm not seeing why that lack of misuse would change.
- logicalmonster 5y agoAt this point, does anybody need to give any extra reason for why they can't trust this government or why it's a bad idea to give them power that can be abused so easily?
- wpietri 5y agoIf that's your view, then there's no reason not to do a CBDC, as bad actors already have access to all the data.
- logicalmonster 5y agoI don't think we'll agree, but I would respond with this in conclusion. 1) Even assuming they get all bank data (which can be assumed, but is uncertain) they don't get access to physical cash data, which might also be phased out in the event of a national digital currency. 2) Nothing about your comment addresses my concern about government power.
- wpietri 5y agoThere's no particular reason to think a cash phaseout is more likely one way or the other. CBDCs won't change the consumer experience. I think concern about government power is valid and important. Which is why I think it's vital to save talking about it where there's actually a material difference in government power. I don't think it is here, and you haven't given any reason why it would be.