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Beyond the bombastic (and admittedly difficult to stomach) opening, there are definitely concerns with any CBDC. However, this article doesn't discuss the more
by Qworg 5y ago
Beyond the bombastic (and admittedly difficult to stomach) opening, there are definitely concerns with any CBDC. However, this article doesn't discuss the more likely outcome - not a CBDC issued by the Fed directly, but rather a hybrid model where banks issue CBDCs (much like today's bank money model). This would preserve the role of banks in the new system, while opening up many of the efficiencies. It'll also limit the expansion of authoritarian power described.
- forum_ghost 5y agoWhy would that limet authoritarian power? The authoritarian power is literally the only goal of the CBDC, the article quotes the General Manager of BIS wanting "absolute control" Let that sink in. Absolute control.
- Qworg 5y agoThe GM of BIS can declare that all they want - banks are powerful entities within the US and won't go down with out a fight.
- salawat 5y ago...You realize you're telling someone else that a group of people wielding disproportionate power at the behest of a potentially authoritarian government is going to somehow protect the end user against actual authoritarian government overreach, where the capability to dissolve or otherwise threaten such banks is entirely in play by definition? Just wanted to make sure you realized what you seem to be doing.