Commentary In the year 1900, following two decades of debate about the future of American money, L. Frank Baum wrote “The Wonderful Wizard of Oz,” which served as the template for the greatest of all American movies. The story is about much more than it seems. Beneath the surface, it is an attack on ruling-class…
Can the CBDC Be Stopped?
March 24, 2023
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Fed Announces Launch of ‘FedNow’ Real-Time Payment System, Sparking Debate
The Federal Reserve has announced a timeline for the launch of its long-awaited FedNow payment service that will let banks offer customers instantly available funds and execute real-time payments, with critics flagging concerns like lack of cross-border payment processing and raising questions about surveillance. The Fed announced on Wednesday that it will begin formal certification…
Don’t Fear Central Bank Digital Currency, Embrace It Instead
March 15, 2023
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Commentary Last week, South Dakota Republican governor Kristi Noem rejected a bill (HB1193) to update the Uniform Commercial Code (UCC) with her own unique “brand” of veto. The veto came because Noem opposed the bill’s language outlawing Bitcoin and other cryptocurrencies, but allowing a central bank digital currency (CBDC), which is issued by governments. Noem…
House Republicans Accuse Biden White House of Creating ‘Authoritarian-Style’ Digital Dollar
February 28, 2023
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President Joe Biden and his administration are attempting to develop an “authoritarian-style” and “surveillance-style” digital U.S. dollar through executive orders, warned House Majority Whip Tom Emmer (R-Minn.) on Tuesday. The four-term congressman recently introduced the CBDC Anti-Surveillance State Act to prohibit “unelected bureaucrats” in Washington from issuing a central bank digital currency that critics argue…
New Visa Card Features Personal Carbon Emissions Tracker
November 23, 2022
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The monitoring of personal behavior by banks will take another step forward as Canadian credit union Vancity launches a new credit card technology to report users’ carbon emissions. On Oct. 19, Vancity announced that it will be “the first financial institution in Canada to offer its individual and business members a way to estimate the…
From COVID to CBDC: The Path to Full Control
Commentary It’s seemed evident for a while that the current fiat monetary system is, at best, unstable. At worst, it’s a Ponzi scheme whose time has expired. If that’s the case, I suspect the central bankers and 0.1 percent know this and might be prepared to usher in the new system before the old one collapses…
SWIFT Sets Out Blueprint for Central Bank Digital Currency Network
LONDON—Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies. The trial, which for the last month has involved both France and Germany’s national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked…
The Digital Dollar Will Not Be ‘Anonymous,’ Says Fed Chair Powell
September 28, 2022
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The central bank digital currency (CBDC), or digital dollar, would not be anonymous, according to Federal Reserve Chairman Jerome Powell, thereby eliminating one of the main advantages of using cryptocurrencies. If the Fed were to pursue such an option, said Powell, there would be four minimum CBDC characteristics. The first would be intermediaries—it wouldn’t be…
White House Exploring Risks, Benefits of Central Bank Digital Currency
September 21, 2022
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The Biden administration is “closely examining” the possibilities for issuing a central bank digital currency (CBDC) based on a technical report prepared by the White House Office of Science and Technology Policy (pdf), along with other reports. “If the U.S. pursued a CBDC, there could be many possible benefits, such as facilitating efficient and low-cost…
The Curse of Monetary Complexity
Complexities come with an insidious burden and blindness that human nature oddly finds attractive. Complexity is often equated with sophistication, however, erroneously. Complex objects, ideas, and systems tend to elicit awe. Complex problems tend to be treated with complex solutions. Not surprisingly, such is the state of monetary affairs. The thing about complexity is that…
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