The 7 Pillars of a Global CBDC System

Blake Lovewell: “Undoubtedly, there is much to be wary of in the CBDC system. And there is so much more to be learned. We must avoid shallow takes and drive-by analysis on this issue, as many did upon the announcement of the FedNow’s roll-out. Some of those may lead to accusations of misinformation, as FedNow is not a CBDC, as many hallowed fact-checkers will line up to inform you. However, FedNow it is a vital and necessary pillar of the CBDC system – and that’s the key point. Nor is a Central Bank Digital Currency necessarily a bad thing (in an ideal, perfect world). However, looking at how the cards are falling, what with biometric IDs, AI surveillance, globalist synergy, UBI (Universal Basic Income), so-called ‘programmable money’, social credit and similar exclusionary tools and policies – there is a distinct flavour of centralised control now taking hold. It is an institutional inertia that should be resisted. The hub-bub around FedNow did not go un-noticed and the Federal Reserve have had to, in the last few days, issue a statement to clarify their intentions. “The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.” This shows that there is still a feedback between public opinion and private finance. In this great confidence game of global banking, they still need us to believe in their products, in their integrity, if they lose that then their house of cards topples. As long as we keep our finger on the pulse, and maintain level-headed and informed debate, then there is a path through the woods to an equitable future.

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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