The Rise & Risks of Central Bank Digital Currencies

“When asked if a United States CBDC would be used to control how, when and where the population spends their money, a senior vice president for the St. Louis Fed’s Research Division responded, “in life, one can’t give absolute assurance of anything…The best we can hope for, is for Congress to respond to the electorate’s concerns about privacy.”  However, signals by the Biden regime and the Federal Reserve indicate they intend to move forward on a CBDC, regardless of any approval from Congress, industry leaders or the public.  In fact, there are a growing number of research and pilot programs in various phases of development in America and around the world, despite public concerns of an impending digital currency enslavement system tied to a digital ID and social credit system.”

Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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