"Fed’s Brainard Says US Can’t Not Have a CBDC in a World in Which Others Have Them"
Fed's Brainard Says US Can't Not Have a CBDC in a World in Which Others Have Them
Brainard said without a digital dollar the proliferation of stablecoins could fragment the payment system.www.coindesk.com
So Bretton Woods v3.0, or whatever they call the current monetary system, is definitely coming to an end. The IMF even said at the end of last year we're facing a "new Bretton Woods moment", whatever the hell that means. I suspect they are going to switch to a central bank digital currency either when or right before we start to see hyper inflation. All the other bullshit going on right now is a great distraction, too.
What is really sinister about this, other than they'll be fixing the exchange rate from the old currency to the new and not in your favor, is that it'll weaponize all the positive features of existing crypto currencies by centralizing the control. They will have a permanent ledger of all your transactions big or small, and they could limit what you can spend currency on, or even set things like stimulus or tax refunds to expire to force you into spending. Every single transaction could be taxed in realtime.
There's still a lot of questions about how they would roll it out, but I do think it's coming. Will cash be outlawed, or will you just be branded a right wing extremist for using it? Maybe cash will be declared a public health hazard? Would everyone get a FedWallet™, or would your bank issue digital wallets, and then those tie back to the central ledger through your bank? Superficial difference, really...
There are some positives like eliminating the need for payment processors like PayPal. Should cut down on merchant fees, too. Of course these are things we could do with existing decentralized crypto currencies, so we don't need a government mandate for that...
If anyone thinks this no big deal, the 15sec of Elizabeth Warren talking in this video should be enough for you.
You are correct and no, not looking forward to it. I had hopes of my investment coming through before the event, but it's not going to happen in time. If all politicians weren't working for the same goal, we could stop it, but alas, that's not going to happen. The beast system will be implemented in our lifetime, likely before the end of the decade.
There will be likely be alternate economies spring up in the form of barter and other forms of currency for those who do not want to or cannot participate in the new digital only system. The way it will likely be presented, the new system may actually be asked for by the uninformed and thought of as the best way to combat whatever crisis they present before they 'solve it' as all politicians do so well.
