Loading ...https://www.zerohedge.com/crypto/central-bank-digital-currencies-are-doomed-fail-and-heres-why
I completely disagree. Jim Bianco who is a smart guy and gets it right more often than not, is totally wrong about this. Yes, if implemented the way he suggests, it would be a flop for the reasons he outlines. The FED(and US govt) knows this and wouldn’t implement it without making it mandatory. They aren’t going to leave the people any choice. They will eliminate (probably phase out over some short period of time) the current physical currency.(both paper and coins) If you have 3-6 months to turn in your crrency for digital credits or they become worthless, people will do one of two things. The dopes who got triple vaxed and believe the government propaganda regarding Ukraine, will turn in their cash for digital credits. Most of us here will finish buying what little gold and silver is still available. Once the cash is removed from the system and digital becomes the sole official form of US currency, the only alternative will be black market trades using gold and silver.(for anything you don’t want the government to know about, disapprove of and or control)You crypto fans can count on the ban of and or repressive restrictions on Bitcoin and any other competing digital currency, the way the government prevented a number of attempts to issue gold and silver backed currencies to compete with the US dollar in the last fifty years since we went off the gold standard. Jim Bianco couldn’t be more wrong about it being a flop, UNLESS the government is stupid enough to give the public a choice.(don’t count on it) https://www.zerohedge.com/crypto/central-bank-digital-currencies-are-doomed-fail-and-heres-why
I believe in Bianco’s Scenario CM
If YOU are right …WTF good is gold and silver ?
If they make cash useless what good is Gold and Silver …what can you do with it that you cannot do with cash ?
Anyhow if they outlaw cash as a currency of exchange they will obviously confiscate PMs and or make them illegal punishable by imprisonment .
IF they want TOTAL control of any means of exchange will they out law BARTER ? and how wold they police that ?
I would not turn my cash in and neither would Millions of freedom seekers
We would continue to use it as a medium of exchange IMO.
If we say it is acceptable why do we need Govt approval to use it.
Your scenario is DOOMSDAY….The Populace would rebel and Exterminate the Vermin one way or another…especially in places that have had freedom of exchange all their lives IMO
Woa, calm down. You want to believe Bianco’s scenario. It is only doomsday for those who don’t have gold and silver. They will eliminate cash in a limited window of time. You either turn it in for digital cash in their controlled system or it becomes worthless because no merchants or anyone else will be permitted to accept it or be allowed to posses it. They can “officially” make gold and silver illegal but anyone with it(if you have it you are probably smart enough to not turn it in.) That is why I said that is what will be used in the black market which is what happens in restricted, authoritarian societies in many places in the world throughout history. “If they make cash useless what good is Gold and Silver …what can you do with it that you cannot do with cash ?” They aren’t making cash useless they are making it unavailable except the digital cash in your CBDC account. You can still do everything you do now just that the govt monitors it and can do what they did to Canadians as Bianco pointed out. The point I made about gold and silver is if you want to do something or buy something that TPTB don’t like, you do it with gold. The number of people who will start using gold and silver as currency aagain,(in black market transactions) will rise exponentially and eventually it may force the politicians to return to a gold standard.You are saying that you wouldn’t turn in your cash. You can hold it but after the window to convert to digital credits closes you would be holding worthless paper(some believe it already is).The populace are mostly stupid sheeple who got vaxed, believe govt. propaganda and will think that a digital CBDC is great and more convenient.
CM I disagree.
Very few people will trade goods and services for your Gold or silver ( it is NOT very divisible at any rate )
Will you go to a gas station and offer a shaving of gold dust ? get real here. Gold is NOT a currency it so far is a store of wealth that needs to be converted to currency to be useful to buy stuff
You will not be able to buy food for example with Gold for sure …silver 90% coins …maybe but it will be illegal and you will get caught
IF you need to go to the black market to buy stuff with PMs You will also be able to go to the black market to buy with cash
IF enough people are willing to use Cash for a medium of exchange who can stop them
Each Local area may issue scripts to be used for “Barter” locally
You will be able to use your digital cash everywhere and be monitored for things you dont worry about being monitored
and use your scripts / or cash to exchange with individuals who agree it is a currency to buy meat for example while digital only buys Cricket patties and GMO brocolli
all IMO
You are not using gold and silver for everday purchases. You will have and use the CBDC digital account for food, gas and everything else you do now. I said gold and silver are for anything that the government might declare you can’t have or that you might not want them to KNOW about. As far as the banks the FED is owned by the banks so it is quite likely the banks will still be your intermediary as they are now. Just using the CBDC digital currency.
I don’t know what to think. I do agree with Chartsmaster that the populace are mostly stupid sheeple whose only thought is “when can I get my next booster?” and who would think that a digital currency is a marvellous convenience. These are the morons that think the government cares for them and is always acting in their best interest.
That would be my concern; that cash is worthless. I can see non-urbanites resorting to the barter system, which is all well and good, but realistically one cannot barter everything
Nobody seems to be considering what this does for the Banks
Banks are pretty important BIG institutions
If the Government issues a CBDC that everyone has to use…what roll do banks have
Whatever it is is diminished drastically from what they do now.
Own nothing also means NO Stock Market right ?
How can you own nothing and own stocks ?
Public Companies ? Can’t have that if we own nothing can we ?
This is ALL bullshit….not gonna happen …It’s one big moronic joke
Seems like their fantasy is a Star Trek world.
No one on salary.
Meals come from a replicator.
Energy from crystals.
Holodeck vacations.
Sci Fi.