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The Fed should be required to offer public savings accounts at the listed rate. Similarly, bank savings account rates should be tied directly to the Fed rate b

The Fed should be required to offer public savings accounts at the listed rate. Similarly, bank savings account rates should be tied directly to the Fed rate by law, not as a choice made by bankers: https://www.bankrate.com/banking/federal-reserve/federal-reserve-impact-on-savings-accounts/ https://www.bankrate.com/banking/federal-reserve/federal-res...

lotsofpulp 3y ago
Electronic payments and technology has obviated the need for banks in general. Most people just need an account that keeps track of their ins and outs, and there is no reason it could not be government operated. Of course, with a constitutional amendment that every person has a right to an electronic money account with the ability to send and receive money at all times, regardless of convictions or whatever. And the government is obligated to provide identity verification services.
- orangepurple 3y ago
  What you fail to understand is that when the political winds change an ever increasing basis of activities will be deemed to be money laundering and illegal and you will have nowhere to turn to.
  - lotsofpulp 3y ago
    The government offering electronic money accounts does not mean they have to take away cash. It just takes out a middleman and removes an inefficiency. It also holds them accountable directly, rather than them having plausible deniability because they task middlemen with arbitrarily discriminating on their behalf, like they currently do when you are suspected of money laundering.
    - orangepurple 3y ago
      There will be endless shortages of coins and cash
    - orangepurple 3y ago
      “If you think about the benefits of digital money, there are huge potential gains,” said Prasad, adding, “It’s not just about digital forms of digital currency; you can have programmability — units of central bank currency with expiry dates. “You could have […] a potentially better — or some people might say a darker world — where the government decides that units of central bank money can be used to purchase some things, but not other things that it deems less desirable like say ammunition, or drugs, or pornography, or something of the sort, and that is very powerful in terms of the use of a CBDC, and I think also extremely dangerous to central banks.” “Now we are at the cusp of physical currency essentially disappearing” Eswar Prasad, WEF Annual Meeting of the New Champions, June 2023 https://sociable.co/government-and-policy/governments-program-cbdc-restrict-undesirable-purchases-wef-summer-davos-china/ https://sociable.co/government-and-policy/governments-progra...

lotsofpulp 3y ago

Electronic payments and technology has obviated the need for banks in general. Most people just need an account that keeps track of their ins and outs, and there is no reason it could not be government operated. Of course, with a constitutional amendment that every person has a right to an electronic money account with the ability to send and receive money at all times, regardless of convictions or whatever. And the government is obligated to provide identity verification services.

orangepurple 3y ago
What you fail to understand is that when the political winds change an ever increasing basis of activities will be deemed to be money laundering and illegal and you will have nowhere to turn to.
- lotsofpulp 3y ago
  The government offering electronic money accounts does not mean they have to take away cash. It just takes out a middleman and removes an inefficiency. It also holds them accountable directly, rather than them having plausible deniability because they task middlemen with arbitrarily discriminating on their behalf, like they currently do when you are suspected of money laundering.
  - orangepurple 3y ago
    There will be endless shortages of coins and cash
  - orangepurple 3y ago
    “If you think about the benefits of digital money, there are huge potential gains,” said Prasad, adding, “It’s not just about digital forms of digital currency; you can have programmability — units of central bank currency with expiry dates. “You could have […] a potentially better — or some people might say a darker world — where the government decides that units of central bank money can be used to purchase some things, but not other things that it deems less desirable like say ammunition, or drugs, or pornography, or something of the sort, and that is very powerful in terms of the use of a CBDC, and I think also extremely dangerous to central banks.” “Now we are at the cusp of physical currency essentially disappearing” Eswar Prasad, WEF Annual Meeting of the New Champions, June 2023 https://sociable.co/government-and-policy/governments-program-cbdc-restrict-undesirable-purchases-wef-summer-davos-china/ https://sociable.co/government-and-policy/governments-progra...