His theory is that it’s folks like the WEF who are pushing for things like retail central bank digital currency to, essentially, cut out the commercial banks as part of the great reset. Powell being aligned with the likes of Dimon are fighting against that while much of the EU based banks (and a few big guys here) are on board.
He’s interesting if nothing else.
He’s interesting if nothing else.
I recently also came across the narrative that CBDCs are actually a means for countries to set up alternative payment systems outside of SWIFT and I guess the (euro)dollar system.
Which apparently is why the Chinese are on the forefront and pushing it hard.
Makes sense to me. Never heard of Tom Luongo though.
I see the utility for bank to bank transfers, especially if it represented a basket of currencies. I just draw the line at entirely replacing cash with it at the retail level.
It’s absolutely possible. If you control the currency you can control how it’s spent. Im the credit card system, shops are categorized by a vendor code. It’s not too much more for an itemized list of what’s being purchased to be sent as part of the payment approval. They would sell it as a way to detect fraud and tax evasion.
The tech already exists. It just needs to be implemented and have laws to enforce it.
The tech already exists. It just needs to be implemented and have laws to enforce it.
They could ban direct transfers between individuals if they chose. All transfers would be sent through a clearing house (run or regulated by the government) for inspection along with affidavits etc. It would be sold as a way to crack down on illegal sales. And some idiots on the right will say “if you have nothing to hide, you have nothing to worry about” or some crap like that.
Sure, you can lie about it. They will make that a federal felony though so you’ll have go decide if it’s worth going to jail.
Enforcement will first happen when they find something else first. But eventually they will have AI look for suspicious patterns and send newly minted IRS agents to look into it…and they can cut off your money and make you show that you didn’t lie…or get you to plea to something because you literally can’t pay for anything. All justified under the guise of looking for things like money laundering for drug dealers or human traffickers. Do you really want to be on the other side of that? See how it works.
Retail CBDC is a bad thing…like time to leave the country bad.
Enforcement will first happen when they find something else first. But eventually they will have AI look for suspicious patterns and send newly minted IRS agents to look into it…and they can cut off your money and make you show that you didn’t lie…or get you to plea to something because you literally can’t pay for anything. All justified under the guise of looking for things like money laundering for drug dealers or human traffickers. Do you really want to be on the other side of that? See how it works.
Retail CBDC is a bad thing…like time to leave the country bad.
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@midway @jcbrand @NBS for sure CBDC is a bad thing, the likelihood of a "successful" and "effective" rollout seem small to me
it's worth keeping an eye on and fighting tooth and nail if they try it, agreed, i suspect it's a longer fight and more precarious than it's cheerleaders would have us believe
