Fed Chair Jerome H. Powell:

"Looking forward, rapid changes are taking place in the global monetary system that may affect the international role of the dollar in the future. Most major economies already have or are in the process of developing instant, 24/7 payments. Our own FedNow service will be coming online in 2023.

And in light of the tremendous growth in crypto-assets and stablecoins, the Federal Reserve is examining whether a U.S. central bank digital currency (CBDC) would improve on an already safe and efficient domestic payments system.

As the Fed's white paper on this topic notes, a U.S. CBDC could also potentially help maintain the dollar's international standing.

As we consider feedback from the paper, we will be thinking not just about the current state of the world, but also how the global financial system might evolve over the next 5 to 10 years."

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These social-credit-score replacements for national currencies are going to be a wild ride.

Helicopter money right into your account, fines and taxes deducted at source, penalties for malbehavviour or misinformation, bonus multipliers for pro-social behavior and clean records.

And all so easy to administer centrally.

I wonder if there will be an alternative.

@pre they can basically already do that, though. Every single bank has the capability of freezing and seizing funds whenever the government asks it to.

@pre I rate CBDC's as quite high on the fun factor.

@pre the allegedly serious people in charge of things that can ruin my life talking about internet scam money makes me very mad. the rush to make crypto a load bearing part of the economy is going to end badly.

@ryan It's Capitalism. End ends badly every eight years. There's always some excuse.

@pre @ryan with your help, we can bring it down to "every year" by 2030


Have we learned nothing from "Dr. Otto and the Riddle of the Gloom Beam?" It's inevitable that this will eventually cause the world economy to collapse.

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