Economy Fed explores ‘once in a century’ bid to remake the U.S. dollar

[Lead]

A few countries are now looking into this. The US now in that boat as well.

Fed explores ‘once in a century’ bid to remake the U.S. dollar
Politico

The Federal Reserve is taking what may be the first significant step toward launching its own virtual currency, a move that could shake up banks, give millions of low-income Americans access to the financial system and fortify the dollar's status as the world’s reserve currency.

The idea of creating a fully digital version of the U.S. dollar, which was unthinkable just a few years ago, has gained bipartisan interest from lawmakers as diverse as Sens. Elizabeth Warren (D-Mass.) and John Kennedy (R-La.) because of its potential benefits for consumers who don’t have bank accounts. But it’s also sparking strong pushback from those with the most to lose: banks.

Not entirely related but once there is a more direct connection between citizens and central banking, far more experimental projects could end up happening. Imagine having funds directly tied to your SSN. The government would be able to directly provide stimulus faster that the current process with the IRS. It also could possibly have more control of the funds in the account however and try to discourage savings when needed.

 

[Fluffernutter]

Would it make paying taxes easier too?

 

[Lead]

Would it make paying taxes easier too?

Depends how the relationship between the central bank and IRS would work but I would think so. Having a direct connection has pros and cons to it imo. Central banking has some cover from political pressures at the moment but once it were like this, that could change fast.

 

[Hadron90]

I want to cheer this because fuck banks, but also I know the fed wouldn't do it unless it somehow fucked everyone else also.

 

[Proud American]

So they are trying to phase out cash so every transaction can be tracked and monitored?

they can go fuck themselves

 

[Natural Order]

WHAT WAS THAT REF DOING?

 

[jrams]

Didn't India do this years ago?

Also, just get rid of coins as a start. Heavy and not worth enough.

 

[Lead]

Didn't India do this years ago?

Also, just get rid of coins as a start. Heavy and not worth enough.

India moved away from physical cash. I think it's still possible to have that set up but still not being consider completely digital if it's still with banks that are backing with the cash. This really isn't something in my wheelhouse so hopefully more people know the distinctions.

 

[Proud American]

WHAT WAS THAT REF DOING?

Wrong thread lol?

it was nuts. It looked like Scotsman just let it go after a while

 

[Natural Order]

Wrong thread lol?

it was nuts. It looked like Scotsman just let it go after a while

Whoops, yup. Though it was the PBP thread......

 

[Rob Battisti]

CBDCs are coming. Go visit the crypto thread in the Berry and see for yourself.

 

[second sight]

They could tear it in half, that’s basically what is happening


Also my guess is it will cost the criminals $1.50 to remake every dollar and they will have their thumb on the scale when they replace old with new, brother-in-law deals for everyone they want

f-this, leave stuff alone

 

[Ophydian]

So they are trying to phase out cash so every transaction can be tracked and monitored?

they can go fuck themselves

You can still use the stockpile of silver you've been saving for this moment.

 

[Loiosh]

You can still use the stockpile of silver you've been saving for this moment.

Bet you he outsmarted the system, put all his savings into walnuts and buried them in his back yard.

 

[fedoriswar37]

So they are trying to phase out cash so every transaction can be tracked and monitored?

they can go fuck themselves

Voter ID is racist cause minorities can't get ID but this is fine. Lol

 

[freakroor]

as long as we can still buy drugs , guns, and prostitutes, i’m all for it.

 

[HAWTRIDDUM]

As if they havent been planning on doing this for decades already

 

[Yehudim]

Besides tracking everything we do, what are the downsides?

And my gosh, reading Elizabeth Warren's comments instinctively makes me oppose this, lol.