Who’s surprised that Warren wants to move the power into the hands of the Central Government?
Elizabeth Warren Calls for US to Create a CBDC
U.S. Sen. Elizabeth Warren (D-Mass.) says it’s time for the U.S. to create its own central bank digital currency (CBDC). Warren spoke with NBC’s Chuck Todd on “Meet the Press Reports,” scheduled to air at 10:30 p.m. ET on Thursday. NBCUniversal shared a partial transcript of the conversation with CoinDesk.
“So a lot that banks do wrong, if you think, ‘We could improve that in a digital world,’ the answer is, ‘Sure you could.’ But in that case, let’s do a central bank digital currency,” Warren told Todd. “Yes, I think it’s time for us to move in that direction.”
Responding to Todd’s question on whether Bitcoin will face at minimum being regulated like a commodity, Warren responded, “I think it’s going to end up getting regulated,” using the subprime mortgage financial crisis that started in 2007 as of an example why it’s needed. She didn’t say what form regulations might take.
Of course she’s upset with banks for doing what they do, which is mostly correct, with a few bad things. She’s always been a complainer about banks, probably because they hold a lot of money that she, as a government official, cannot simply take and use on a whim. You know what she’s proposing is that the bank be run by the federal government, and creating a digital currency controlled by the federal government is mostly a bad idea
(Crunchbase) The ugly aspect of CBDCs is that they centralize money even more and preserve the oligopoly power of financial institutions. Unlike cryptocurrencies that aim to democratize and decentralize finance, CBDCs grant near-complete control to central banks.
Now, replace a few words
The ugly aspect of CBDCs is that they centralize money even more and preserve the oligopoly power of government entities. Unlike cryptocurrencies that aim to democratize and decentralize finance, CBDCs grant near-complete control to the central government.
Different viewpoint, right?
It would also enhance control over an ordinary citizen’s level of access to a financial system, especially if a citizen is engaging in behavior that central
banksgovernments may deem threatening, for whatever reason.In China, social credit scores prevented 23 million people from buying plane and train tickets in 2018 for so-called “behavior crimes.” Now imagine that central
banksgovernments, with a newfound ability to oversee accounts thanks to their CBDC rollout, can build similar systems to punish businesses or consumers for behaviors they deem as untoward.
Huh. CBDBs are also a massive threat to regular cryptocurrencies, which is also the point of creating CBDBs, especially in the hands of government.
Aside from Mr Teach’s anti-native-American racism, the concept of “money” is one based on faith. Always has been. If individuals have faith in a cryptocurrency they can barter the crypto for other valued goods or services, even for other currencies e.g., U.S. dollars.
Anyway, the U.S. dollar is essentially digital – the movement of electrons from my bank account to the accounts of Amazon, or Tim the landscaper, or Medicare etc. That electronic record can be turned into physical dollars if desired.
The desperate Mr Dowd wrote:
And where would that be? Oh, I get it: he used a picture of Senator Warren dressed up in faux Indian garb, which is perfectly appropriate, given that she’s a faux Indian! She claimed to be part-Cherokee, for an Affirmative Action advantage, but shazamm! actual genetic tests put her at between 1/512th and 1/1064th Indian.
Mr Teach wasn’t engaged in “anti-native-American racism,” but making fun of a fraud.
Dana: Mr Teach wasn’t engaged in “anti-native-American racism,” but making fun of a fraud.
Rimjob has a difficult time making the distinction.
What a sourpuss!
#LGBFJB
Bwaha! Lolgf
The increasingly sloppy Mr Dana accused Senator Warren of being a faux native American! Senator Warren IS guilty of repeating family lore.
There is NO CREDIBLE EVIDENCE that Senator Warren used her perceived history for an “affirmative action advantage”.
But then nuCons and nuLibertarians beliefs are often unrelated to reality.
OH NO!!!!!
DOWD IS USING CAPITAL LETTERS NOW. Something he is always ridiculing others for doing, including me I REKON.
LOLOLOLOLOLOLOLOLOLOLOL……No credible evidence? OMG. Credible evidence only exists when it suits DOWD’s political interests. Like Trump is a Russian Agent but Diaper Joe Biden did not share an account with Hunter Biden who was shoving his money from CHINA, RUSSIA, and UKRAINE in the same account.
I know. Credible deniability. Did you know DOWD that the DEA can simply seize all your assets if they think you dealing Drugs? I bet Biden was dealing Drugs. How come they have not seized his assets?
Does anyone here think DIAPER JOE BIDEN ran for president to protect himself and his son from spending the rest of their lives as paupers and in prison raise their hand?
My hand is in the air.
Having a currency based in digital means no physical ability to hold and maintain an asset. This would force so many unintended consequences as to be staggering. Currently my kids are always coming by the house and wanting 20 bucks for gas….make that 40 these days. Sure Sally, here is some digital currency.
I know lets just put it in the bank and then use an IPHONE to buy stuff with. Then of course along comes those infamous social scores DOWD is trying so hard to implement and voilla you gots no social score. Oh we think your score is too low based upon standards set by EXXON. NO GAS FOR JOO.
Nah we want your house, your social score is too low. NO HOME FOR JOO!!
How are the drug cartels going to be paid? How can I give money to a homeless person on the street? Swipe my IPHONE against his forhead where we now have digital chips installed as PER ELON MUSK CLAIMING HE IS WORKING ON THAT EXACT SAME THING RIGHT NOW?????
Incredibly bad idea. Horribly bad idea and the only people that would be in favor of this are FACISTS/COMMUNISTS and NAZIS. We know the Dishonorable and lying about her indian heritage Warren is a FACIST so if she be fore it you can count me as an opponent.
In fact if it comes out of 99 percent of politicans mouth at the federal level I am usually gonna say No. Whats the catch and how does it pad their pocketbook and deplete mine?
Warren advocating for a “move in that direction” is all the reason needed to be very suspicious of any such plan.
Oh, and calling Warren out on her serial lying about her Native American “Heritage” with a meme is no more racist than it is discriminatory to Veterans by calling Senator Blumenthal out for his serial lying about his military service.
Keep the faith!
We already have government digital currency. When the Fed just decides that there is more money in Federal Reserve accounts, that’s digital currency. Since government checks, or transfers, are always accepted, and there’s no one at the government to bounce overdrafts, money is created.
When was the last time you got a paycheck? All I’ve gotten this entire century have been paystubs, while the ‘money’ was electronically transferred into my bank account.
I think you guys are confusing digital currency with fiat currency. If what you say is actually true then why are we paying any taxes on anything? They can simply “create” money out of thin air then they have no real need to take ours!
I realize what you’re saying but even though the means is digital the result is fiat. Every dollar spent by the faux FJB junta has been fiat. There is nothing but debt to back the money. What happens when the world decides they don’t want to trade in a “currency” that can be confiscated by or just taken by our government because the tyrants in power don’t like your leader? FJB has already set in motion the switch in petrodollars from US to another form, probably the Chinese yuan by threatening to sanction Russian oil.
The USA needs to return to the Trump Doctrine of being energy independent and putting the needs of the American people first. FJB has ruined everything he’s touched. He’s like the King Midas of shit. Everything he touches turns to shit.
FJB let’s get this usurper out of the WH. Preferably before he floods America with another 4 million filthy, diseased and impoverished illegal immigrants. “By any means necessary”.
LGB wrote:
That’s a good point! Since there’s no one to bounce the checks, of digital transfers, from federal government accounts, and everyone accepts those checks and transfers, why bother with paying money, taxes, into those accounts?
Commercial banks ‘create’ money by spending more money than they have on hand, through the use of ‘reserve requirements.’ With no one to bounce federal checks, the federal government’s ‘reserve requirement’ is effectively zero.
Ahh, you got my point. Once the feds began paying out money they didn’t collect in taxes, taxes became obsolete. If they don’t need to collect money in order to pay it out then all taxes become a scam. Just print or digitally move the money and be done with it. Why are they screwing with our income? They don’t need it. They need to print enough physical cash to keep the domestic retail trade going and the rest is fukin magic.
We still need cash. We need cash for the “grey market”. Waiters, bartenders, doormen, strippers, and others who work in cash, i.e. the lower end of the working middle class. Take away their ability to collect under the table and they will all go on welfare because if they’re gonna be forced to pay taxes they can’t afford to work. That’s how it is. The black market doesn’t need cash because they have Democrats to launder their money for them. You know the laundries, Burisma, Solyndra, Wells Fargo, Goldman Sachs etc. Once it’s washed they take some in Gold for security and the rest go into crypto nowadays. Why do you think the Democrats are supported by Big Pharma, Big Banking and the phony green new deal.
What do you thing Build Back Better means? You gotta destroy something before you can build it back, right? Look at how the Democrats have destroyed the cities of the USA over the years speeding up over the last 6. Now the radical leftists want to continue those policies nationally to do to the entire country what they did to Wilmington, Detroit, Chicago, LA, Newark, Philly, etc, etc.
You may not realize it but FJB is there to burn it all down or haven’t you noticed? Name one thing better now then when Trump was in office.
But then, lying with aplomb is a skill long cultivated and meticulously polished by the Democrats. “Joe Biden, the first openly “installed not elected” president of these United States, was selected for his “electability.” That is, in the eyes of the Democrat Party’s strategists, his political appeal was deemed adequate, and his negatives weren’t openly disqualifying. They could deal effectively enough with his history of plagiarism, deceit, and self-aggrandizement. They could fan-dance around his racism and his less dramatic public missteps. All the other aspirants were deemed too dangerous (like Bernie), or lacking credibility for what the Democrats had planned: the theft of the White House by any means necessary. So they chose him as the front man for the November 2020 electoral coup.
Biden was useful; now he’s a liability. And once the Democrats’ strategists figure out how to deal with the looming debacle of Kamala Harris, they will remove him from the White House. The end in view is plain; all that remains undetermined is the means.
Surely we can expect a flood of exculpations from other major Democrat figures who’ve supported Biden. No one will want to be tarred with the brush of an aborted Democrat presidency. It will all be lies. But then, lying with aplomb is a skill long cultivated and meticulously polished by the Democrats.” Francis W. Porretto
FJB and his pervert son.