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from the all-the-better-to-track-you-with dept.
The former chair of the Commodity Future Trading Commission (CFTC) has partnered with Accenture to create the non-profit Digital Dollar Project, which plans to explore the creation of a U.S. Central Bank Digital Currency (CBDC).
“The digital 21st century is underserved by an analogue reserve currency,” said Chris Giancarlo, former CFTC chair under Presidents Barack Obama and Donald Trump. “A digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time.
The purpose of the Digital Dollar Project is to encourage research and public discussion on the potential advantages of a digital dollar, convene private sector thought leaders and actors, and propose possible models to support the public sector. The Project will develop a framework for practical steps that can be taken to establish a dollar-based CBDC.
A cryptocurrency backed by a fiat cash is known as a stablecoin.
A “tokenized” U.S. currency would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet the demands of the digital world and a cheaper, faster and more inclusive global financial system, Giancarlo added in a statement.
[...] The U.S. dollar is the world’s “reserve currency” because it represents about 58% of all foreign exchange reserves in the world, according to the International Monetary Fund (IMF). Additionally, 40% of the world’s debt is denominated in dollars.
Some experts believe the U.S. dollar could fall behind as the defacto ecommerce currency if other nations launch state-sponsored stablecoin first.
(Score: 2) by jmichaelhudsondotnet on Thursday January 23 2020, @09:15PM
Stablecoin - wtf you can't just label your currency 'stabledollar.' It is like calling your car a Chevy Fast Mustang. Or Larry Cashdollar's name. It is something that sounds better the less intelligent you are. Anti-intellectualism. Like Ethos Capital and Project Veritas. It is true and ethical because it is in the name. This is degenerate, and is obvious semantic warfare on all english speakers. Huge steps in the direction of Idiocracy.
"But the currency is not stable, yesterday it was worth 50 cents, now it is worth .5 cents!"
"But it's stablecoin! So it's stable. Can you put some pepsi on those plants, they need some electrolytes!"
Already the united states has a fantasy money-by-fiat game going on, and most of the world derives the value of every piece of currency and asset from that.
And that is based on nothing else at this point but our own dependency on it. We could chose not to depend on it, and that is what, I believe they are really afraid of. To the point that they really bother people capable of offering any alternative way to think about it.
https://www.axios.com/student-loan-debt-a-wayne-johnson-resignation-trump-09f01803-ad33-46aa-97bb-84c93a42f278.html [axios.com]
Back to basics, what is independence? What is a market? What is slavery?
The problem is not the money so much as it is the interest, interest doesn't work. It just doesn't, in every case it causes warfare at all levels of society. But the problem is also the money, and that everyone in the country who was not born with a silver spoon was sold a bill of goods and that was not delivered. To the extent that is possible, there will be a two tiered system with no connection to reality, that will essentially be a company store with chits you can cash in at the poor people store. And you won't even know the rich people store exists, just like north korea.
It does not matter who prints the money as long as this is going on:
https://archive.is/ZinJT [archive.is] (class war, you may have seen this before)
https://archive.is/2M4AJ [archive.is] (post size rundown of your dollar value, for printing and posting all over)
https://archive.is/kd65L [archive.is] millenials position on the subject
thesesystemsarefailing.net obviously.