I believe and I say it is true Democratic feeling, that all the measures of the Government are directed to the purpose of making the rich richer and the poor poorer. William Henry Harrison, 9th President of the United States A golden key can open any door
Fabian, first have a wonderful vacation. Second, the thing with which I disagree is that CBDCs will run directly from central banks to individuals. They are not configured for the retail banking mess that would create. Rather, I believe commercial banks will be the conduit as they already have the relationships and have done the KYC for their clients. This means that the commercial banks will wind up in a very different role, no longer creating money by lending directly, rather merely being account servicers and collecting a fee for doing so.
But I agree, and fear, that CBDCs are on their way and that people will need to find an alternative means of exchange in order to maintain their privacy. Perhaps gold coins will make a comeback! Or tally sticks
Fabian, first have a wonderful vacation. Second, the thing with which I disagree is that CBDCs will run directly from central banks to individuals. They are not configured for the retail banking mess that would create. Rather, I believe commercial banks will be the conduit as they already have the relationships and have done the KYC for their clients. This means that the commercial banks will wind up in a very different role, no longer creating money by lending directly, rather merely being account servicers and collecting a fee for doing so.
But I agree, and fear, that CBDCs are on their way and that people will need to find an alternative means of exchange in order to maintain their privacy. Perhaps gold coins will make a comeback! Or tally sticks