Powell: Fed Report On Digital Dollar (CBDC) In A Couple Weeks
(Edited)
Chair Powell is in front of the Senate for his confirmation hearing. He was asked about the prospects of a CBDC. The report it due in a few weeks.
In this video I discuss how Powell is a banker and realizes the shortcomings of CBDCs, especially as it relates to the banking industry. However, he is also adept at playing the political game so be might need to "toe the line" until confirmed.
▶️ 3Speak
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@pixresteemer(4/10) gave you LUV.
I had gov intervening in the crypto cause of how profit-hungry and corrupt they are it would be great if banks adopt open blockchain so we the taxpayers can see if our own money is spent in the right way
I am looking forward to be changed that will be coming in boss
Summary:
In this video, Task discusses Chairman Powell's recent appearance in front of the Senate Banking Committee for his confirmation hearing. Powell mentioned that the Federal Reserve would be releasing a report on the idea of a digital dollar in the coming weeks. This stirred a debate among senators about the necessity of a central bank digital currency. Task highlights the potential impact of central bank digital currencies on the commercial banking sector, fractional reserve system, and global markets. He expresses concerns about the government's control over monetary policy, especially in the context of increasing government spending and the potential risks of hyperinflation. The video concludes with Task emphasizing the importance of continuing to innovate and navigate through evolving regulations to protect the interests of the people.
Detailed Article:
Taskmaster 4450's latest video delves into the recent confirmation hearing of Chairman Powell in front of the Senate Banking Committee. Powell's statement on the upcoming Fed report regarding a digital dollar sparked debates among senators, with conflicting views on the necessity and implications of a central bank digital currency (CBDC). Task underscores Powell's evolving stance on the coexistence of a digital dollar alongside private stablecoins, signaling a potential shift in his perspective due to his background as a banker.
The discussion expands to the potential disruptive impact of CBDCs on the commercial banking sector, particularly in a scenario where individuals could store, send, and receive money directly through digital wallets, bypassing the need for traditional banks. Task points out how this shift could dismantle the fractional reserve system, fundamentally altering the way banks manage deposits and facilitate lending.
Furthermore, Task explores the intricate relationship between fiscal and monetary policies, emphasizing the dangers of governments significantly influencing monetary decisions. He expresses concerns about the risks associated with unrestrained government spending, highlighting past political behaviors where personal agendas superseded broader economic considerations.
The conversation evolves to the global perspective, acknowledging the role of the US dollar as the reserve currency and the implications of other countries, such as China, implementing their CBDCs. Task projects a cautious outlook on the potential success of a Chinese CBDC outside China, underscoring the discrepancies in acceptance and compliance on a global scale.
In conclusion, Task advocates for continuous innovation and adaptability to navigate through evolving regulatory landscapes, cautioning that regulations may not always align with the best interests of the general population. He warns against undue influence from major corporations and Wall Street, emphasizing the importance of vigilance and perseverance in ensuring a fair and equitable financial environment for all.