Chair Powell: No CBDC
Here we have it again. Many keep proclaiming the Fed is bringing out a CBDC. This is not on the agenda for Powell.
In this video I discuss how Powell, from the start, was against a CBDC. He understands what it will do to the banking system.
Here is the article mentioned in the video:
https://beincrypto.com/central-banks-will-always-be-source-of-trust-in-money-fed-chairman/
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BEER.Thanks for the update Task. Embracing CBDCs sure does seem a big threat to commercial banking. I think you are right, why would they want to open Pandora's box?!
The big banks are the Fed. They’ll be in on the ride. It’s public and it is happening.
Project Hamilton has been worked on since 2015. I saw a Hive account link this months ago.
fed is really screwing crypto but it's not gonna stop it
It makes me wonder because I don't think the government likes the derivatives and I also think any CBDC outside of the reserve currency (USD) will fail. It just doesn't have the global value that people need to settle transactions.
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CBDC is indeed coming. Look up Project Hamilton. I linked it in my direct reply to this post.
@thefed
I was the one who posted about it!
Here’s one more discussion I had found ⬇️
I posted it! A while ago!
Some discussion here also⬇️
They might want to implement a CBDC but I don't think the major banks would really want that. It would affect their control over money and move that over to the government. Although if it does happen, I wonder if paypal or venmo will be dying of either.
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“ Here we have it again. Many keep proclaiming the Fed is bringing out a CBDC. This is not on the agenda for Powell.”
Why would you trust Powell?
Of course it’s coming regardless his wishes. Project Hamilton? Are you aware of it?
Ah okay.
How would something be implemented against the Chair of the Fed? That is not how it works.
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It’s been in works since 2015.
Currently still is via Boston Fed
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According to the heads it’s coming👇
European Central Bank 🏦 strait up telling us
Summary:
The video discusses the reappointment of Jerome Powell as the head of the Federal Reserve and his stance against implementing a central bank digital currency (CBDC) for the US dollar. The speaker argues that CBDCs would disrupt the traditional banking system and give politicians too much power. He also criticizes the inefficacy of fiscal policies and expresses skepticism towards CBDCs being successful globally. Additionally, the speaker addresses the potential benefits of stablecoins in enhancing the US dollar's stability and reach, especially in countries that don't typically use the dollar.
Detailed Article:
The speaker, in this video, delves into the recent reappointment of Jerome Powell as the head of the Federal Reserve and emphasizes his opposition to a central bank digital currency (CBDC) for the US dollar. The speaker expresses satisfaction in his earlier prediction that Powell would steer away from implementing a CBDC due to its potential negative impact on the commercial banking system and the excessive power it would give to politicians. Powell's stance is seen as a safeguard against detrimental effects on monetary policy caused by CBDCs.
The speaker critiques the performance of politicians, highlighting their poor track record in managing fiscal policies and expresses skepticism towards their handling of monetary policies. He particularly points out the potential risks associated with giving politicians control over a CBDC, citing examples of countries like China where authoritarian control over financial transactions could lead to catastrophic outcomes for global trade.
Moreover, the speaker discusses the limited interest and lackluster reception surrounding CBDC projects, such as the Bank of Japan's shelving of their CBDC initiative. He argues that CBDCs are likely to fail globally, reiterating that the international financial and commercial community would be hesitant to adopt such a system due to concerns about privacy, control, and interference by government bodies.
Furthermore, the speaker shifts focus to stablecoins and their potential to enhance the stability and reach of the US dollar globally. He suggests that embracing stablecoins tied to the US dollar could extend the Federal Reserve's monetary policy reach without the need to circulate physical dollars. This approach could potentially resolve challenges associated with Triffin's paradox and offer stability to the US dollar in a global context, especially in countries with large populations where dollar usage is limited.
In conclusion, the speaker highlights the significance of stablecoins in boosting the US dollar's influence globally and outlines the potential benefits of leveraging stablecoins for enhancing monetary stability and enabling broader adoption of the US dollar in various economies. The video serves as a critical analysis of current monetary policies, CBDC initiatives, and the role of stablecoins in the future of global finance.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.