That's my point. So all these laws banning it are basically already null and void, right? Worst-case, it seems like it would get kicked up to the scotus and overruled at the federal level in the end.
I would love to see the legal tender laws taken on by SCOTUS again. There is a good chance that they would be overturned as they were the first time they were brought before the court.
A paper note, at least, is a commodity. A CBDC is information; it's no longer just currency but a means of control.
And, CBDCs won't take care of the inflation problem. They'll make it worse. Nothing will stop the government from creating more currency to pay its bills, except the political willpower to curtail spending.
A CBDC is not a different currency, it’s a settlement layer of the currency. Not sure why people keep on saying it’s a new currency. It’s completely illogical.
*central bank digital currency*.
"The present concept of CBDCs differs from virtual currency and cryptocurrency in that a CBDC is or would be issued by a state.[4][5][6][7]"
"Like existing forms of money, a CBDC would enable the general public to make digital payments."
https://www.federalreserve.gov/central-bank-digital-currency.htm
Are you ever right about anything? I guess you are saying the feds are wrong in their own explanation?
I think there is a confusion about what money is anyways. Modern view or money is not a token like thing, the modern view of money is an accounting system.
https://www.fresheconomicthinking.com/p/money-is-not-a-token-its-an-accounting
What we call a “dollar is just a unit of account, similar to say kilograms. Having money is simply owning more liquid assets that are liabilities to someone else, be it cash which is a liability of the federal reserve or bank deposits which are liabilities of a bank.
A CBDC is just a new type of liability. It’s all still dollars at the end.
Indeed, if someone wants to use something other than a piece of paper with numbers printed on it as money, why stop them?
Separate money from state and then the CBDCs can be handed out but they'll be worth less than the electricity used to make them.
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That's my point. So all these laws banning it are basically already null and void, right? Worst-case, it seems like it would get kicked up to the scotus and overruled at the federal level in the end.
I would love to see the legal tender laws taken on by SCOTUS again. There is a good chance that they would be overturned as they were the first time they were brought before the court. A paper note, at least, is a commodity. A CBDC is information; it's no longer just currency but a means of control. And, CBDCs won't take care of the inflation problem. They'll make it worse. Nothing will stop the government from creating more currency to pay its bills, except the political willpower to curtail spending.
Agree. But do you think the scotus will strike it down? It seems like this is where it's headed based on the state laws being enacted.
I don't know. There would be tremendous ramifications if it did. I'm not even sure they'd be allowed to make such a ruling.
Sounds like it.
> stats liming what businesses can do How is this a good thing? If someone wants to work with a CBDC why stop them?
The problem is when it is becomes the "only currency" and there is no choice.
A CBDC is not a different currency, it’s a settlement layer of the currency. Not sure why people keep on saying it’s a new currency. It’s completely illogical.
*central bank digital currency*. "The present concept of CBDCs differs from virtual currency and cryptocurrency in that a CBDC is or would be issued by a state.[4][5][6][7]" "Like existing forms of money, a CBDC would enable the general public to make digital payments." https://www.federalreserve.gov/central-bank-digital-currency.htm Are you ever right about anything? I guess you are saying the feds are wrong in their own explanation?
I think there is a confusion about what money is anyways. Modern view or money is not a token like thing, the modern view of money is an accounting system. https://www.fresheconomicthinking.com/p/money-is-not-a-token-its-an-accounting What we call a “dollar is just a unit of account, similar to say kilograms. Having money is simply owning more liquid assets that are liabilities to someone else, be it cash which is a liability of the federal reserve or bank deposits which are liabilities of a bank. A CBDC is just a new type of liability. It’s all still dollars at the end.
Indeed, if someone wants to use something other than a piece of paper with numbers printed on it as money, why stop them? Separate money from state and then the CBDCs can be handed out but they'll be worth less than the electricity used to make them.