The scary Fed idea to turn your dollars into a digital power grab
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Imagine if a bureaucrat had the power to limit your savings or place a “shelf-life” on money you earn. Sound farfetched? Ideas like this are already being floated in the United Kingdom as the Bank of England — the model for the Federal Reserve — barrels headlong towards a digital currency. Americans should be concerned because the Fed looks to be following in its parent’s footsteps.
The digital dollar being advocated by members of the Treasury and Federal Reserve is an example of a central bank digital currency (CBDC). At first blush, our currency already appears to be digitized. Many people no longer carry physical cash and instead use digital payment methods like a chipped credit card or their smartphones. Likewise, direct deposit has become the standard method of payment for labor. Dollars are transferred in a stream of ones and zeros, not paper bills and metal coins.
But those dollars are inherently fungible. It’s irrelevant if you accept or pay with any particular dollar, because each one functions exactly the same way as any other. CBDCs are different. They are programmable, traceable, trackable and taxable.
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