I broadly favor central-bank digital currencies, or CBDCs. Inspired by cryptographic “monies” like Bitcoin and stablecoins like USDC, governments should offer digital assets which are per se fiat money, rendering unnecessary fragile and corruptible mechanisms to redeem digital assets for cash.…Interesting discussion.
Monday, August 9, 2021
Central bank digital payments — Steve Randy Waldman
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I do like Waldman's attack on the idea that so called "private banks" really are private. In particular I like his phrase "Jamie Dimon is just a poorly supervised public servant who’s fibbed his way into exemption from the General Services pay scale."
Martin Wolf (chief economics commentator for the Financial Times) said much the same. He said bank CEOs are just "highly paid civil servants". See:
https://www.cfr.org/event/martin-wolf-radical-reform-global-financial-system-0
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