[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 419 KB, 1080x532, Screenshot_20230322_011201_Xodo Docs.jpg [View same] [iqdb] [saucenao] [google]
54261244 No.54261244 [Reply] [Original]

In the annual White House economic report to Congress, the Biden administration has quietly begun distancing itself from CBDCs out of a realization that they would make bank runs far, far worse than they already are.

Sorry lads, eating the bugs and living in the pod has been put on hiatus.

>> No.54261270
File: 31 KB, 392x590, 1644847010243.png [View same] [iqdb] [saucenao] [google]
54261270

>>54261244
>NOOOOOOOOO BUT /POL/ TOLD ME IT WOULD 100 % HAPPEN!!!!!!!!!!!!

>> No.54261287
File: 328 KB, 852x719, Screenshot_20230322_010857_Firefox.jpg [View same] [iqdb] [saucenao] [google]
54261287

>>54261244
In the report they reference this 2021 BIS report. It's entirely likely that the Fed genuinely believed that bank runs were over and that they were immune from these kinds of problems.

>> No.54261300

The inflation problem, and the gradual loss of faith in the US dollar will still be there, though.

>> No.54261332

>>54261244
>>54261270
FedNow is literally launching in a few months, you dumb conspiracy theorists. Trust the mainstream news.
https://www.cnbc.com/2023/03/15/long-awaited-fed-digital-payment-system-to-launch-in-july.html

>> No.54261346

>>54261244
they'll never switch until there a private ipo for shitcoin where the rich can buy before the plebs

>> No.54261388

>>54261244
>government realizes something is bad
>government publicly acknowledges something is bad
>they definitely won't do it now
you must be new

>> No.54261395

>>54261332
FedNow is not a CBDC. A CBDC, as defined by the Biden administration, would function in the same way as a cryptocurrency in the sense that you could just hold it in a wallet without needing a bank. FedNow is meant to be a replacement for ACH.

>> No.54261405

>>54261388
I’m a girl btw

>> No.54261513

>>54261244
Do you remember all those parasites and demoralisation shills that were constantly
muh CBDC.
>muh CBDC.
muh CBDC.
>muh CBDC.

They are all lying scum.

>> No.54261527

You're welcome.

>> No.54261564
File: 122 KB, 410x410, 1551926243284.jpg [View same] [iqdb] [saucenao] [google]
54261564

>>54261244
>Sorry lads, eating the bugs and living in the pod has been put on hiatus.
NOOOOOOOOOOOOOOOOOOOOOO

>> No.54261604

>>54261244
You do realize sovereign digital currencies will be the solution to the problem right? It will never work in the west with trust so low to have a new monetary system shoved down everyones throats, so they do the Hegelian Dialect.

>> No.54261606

>>54261270
Is the pol in the room with use right now anon?
What does it tell you to do?
>starts scribbling prescription for antipsychotic

>> No.54261611

>>54261332
Are you wet brained?

>> No.54261702

Another problem it points out is that a cyberattack would instantly crash the CBDC because everyone would pull out.

>> No.54261817

>>54261270
Did you get banned off of /v/ or something?

>> No.54261840

CBDC's are a meme. They are inherently hyperinflationary and anticapitalistic and will always inevitably lead to barter or alternative currencies and therefore are inherently flawed and stupid.

>> No.54261862

The US was never going to do CBDCs. Foreign countries will, because it would mean trade could be settled at the click of a button, without SWIFT, and more importantly without the dollar as an intermediary. This is why so many people screech about it, because it would destroy US economic hegemony, which the US economy is based on (we have no fundamentals to speak of, our trade deficit is nearly a trillion dollars a year, our entire economy is undergirded by the Fed's ability to print money and steal value from foreign countries forced to hold the dollar in order to trade)