Federal Reserve Chief TRASHES Centralized Digital Currency

Federal Reserve Chief TRASHES Centralized Digital Currency

Dec. 19, 2023

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The Jimmy Dore Show

Neel Tushar Kashkari is an American banker, economist and politician who is the president of the Federal Reserve Bank of Minneapolis. Neel Kashkari took office as president and CEO of the Federal Reserve Bank of Minneapolis on Jan. 1, 2016. Born and raised in Ohio, and educated at the University of Illinois at Urbana–Champaign, Kashkari worked initially as an aerospace engineer. He unsuccessfully ran for Governor of California in the 2014 election.

Americans are worried that a U.S. Central Bank Digital Currency (CBDC) could end up compromising essential freedoms, further centralizing monetary policy, and making the country's currency vulnerable and controlling the people by the government.

In January 2022, the Fed published a white paper on what a CBDC could look like. It asked for public comments on issues like potential risks and benefits a CBDC can have on the country. On April 20, 2022, the Fed released the responses in nine documents. Here are some of the various answers and concerns expressed by respondents, some of whom were named, others who were unnamed, as well as those whose names were redacted.

A student from Texas pointed to the breach of privacy, government overreach, and hacking as risks posed by CBDC. "With this digital currency, the government would be able to usurp freedoms without the knowledge/consent of the public.

"The best e-hackers and cybersecurity personnel don't work for the government. They work in the private sector. It is naive to think, given the government's track record, that it could ever be trusted to secure such an asset." A CBDC might also trigger a "run on financial institutions," the individual warned.

Andrew W. from Virginia warned that centralization of monetary policies can "easily be abused and cause unintended disruption." CBDCs can further centralize monetary policies and "only increases the risk potential."

Hollie Bishop from Indiana cited public mistrust as her number one concern about central bank digital currencies. "People are afraid of being constantly monitored. Also, our aging and elderly population pay bills in cash and may not know how to use this system, leaving them susceptible to hunger, bills not being paid, etc."

Many responses to the Fed survey mentioned how the idea of a CBDC was antithetical to the U.S. Constitution.

When the Fed asked, "Should a CBDC be designed to maximize ease of use and acceptance at the point of sale?" Lawrence Raymond from Maryland replied, "No, because all transactions would become public, which goes against the freedoms outlined in the Constitution."

When the Fed asked, "Could some or all of the potential benefits of a CBDC be better achieved in a different way?" Richard Hay from Texas said, "Yes, return to the constitutional definition of money, which is gold and silver.

"Fiat currencies continue to destroy the poor and middle class by endless expansion of debt and the money supply destroying the value of wages and savings of the vast majority of the population while enriching the owners of assets by driving asset prices higher via inflationary pressures caused by the expansion of credit. Our founders envisioned an honest monetary system."

Hay added, "The CBDC would eventually be weaponized against political opponents and groups of people that differ from the beliefs of a centralized control governing system."

Rodger Reed from California said: "Our economy must remain a function of the constitutional mandate created by the founders. By design, a CBDC does not serve the American people the way sound money does."

When the Fed asked, "What additional potential benefits, policy considerations, or risks of a CBDC may exist that have not been raised in this paper?" Charles Dowling from Colorado said: "The people who are aware of reality do not respect the government whatsoever. And would probably not use your CBDC. And no one wants an illegal, unconstitutional government poking into their business."

https://americafirstreport.com/fed-asks-americans-for-feedback-on-a-central-bank-digital-currency-here-are-some-responses

Kurt Metzger on Twitter: https://twitter.com/kurtmetzger
Kurt's website: http://www.KurtMetzgerComedy.com

Original: https://youtu.be/7ZQkI5GVeTU

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