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 on itself—even as they loot it on the way down with the most significant wealth transfer in human history.
To anyone who pays attention to these trends, it seems evident that Central Bank Digital Currency (CBDC) will be that new system.
Every indication is that CBDC’s arrival is imminent. Yesterday, several global banks announced a partnership with the N.Y. Federal Reserve to pilot digital dollars. Given the ubiquity of credit/debit cards, payment apps, and other online payment systems, digital money has been bound to happen for some time. The risk isn’t the electronic part, that’s inevitable—it’s the fact that a central bank will oversee the digital currency….