With regards to the implementation of a CBDC within the US: This is the wrong crisis for that maneuver. Currency replacements are done when there is a crisis of confidence in the currency, usually involving a measure of Weimar Republic levels of hyperinflation. Within the global economy, there is no such crisis of confidence in the dolla…
With regards to the implementation of a CBDC within the US:
This is the wrong crisis for that maneuver. Currency replacements are done when there is a crisis of confidence in the currency, usually involving a measure of Weimar Republic levels of hyperinflation. Within the global economy, there is no such crisis of confidence in the dollar, at least not yet.
As China's eCNY rollout has demonstrated, a CBDC is not a compelling alternative to existing fiat currency -- if totalitarian China can't force a CBDC on the people an only mildly fascistic US government has not got a prayer, particularly as the move would face considerable resistance from the banking sector (if the banks don't have a measure of control over how it's managed they'll fight it and if they do have a measure of control they'll defeat the purpose). Without a crisis of confidence in the currency, the digital dollar has an uphill battle.
With regards to the implementation of a CBDC within the US:
This is the wrong crisis for that maneuver. Currency replacements are done when there is a crisis of confidence in the currency, usually involving a measure of Weimar Republic levels of hyperinflation. Within the global economy, there is no such crisis of confidence in the dollar, at least not yet.
As China's eCNY rollout has demonstrated, a CBDC is not a compelling alternative to existing fiat currency -- if totalitarian China can't force a CBDC on the people an only mildly fascistic US government has not got a prayer, particularly as the move would face considerable resistance from the banking sector (if the banks don't have a measure of control over how it's managed they'll fight it and if they do have a measure of control they'll defeat the purpose). Without a crisis of confidence in the currency, the digital dollar has an uphill battle.
Once again, you’ve made my day by reassuring us, with good reasoning, that the CBDCs aren’t inevitable!
The only things that have ever been inevitable are death and taxes, and given the sorry state of the IRS I'm not sure about taxes! 😉