the Biden administration's approach. While deliberations are ongoing, Liang's remarks showed how many obstacles stand in the way.She noted that the Fed has "emphasized that it would only issue a CBDC with the support of the executive branch and Congress, and more broadly the public." In other words, this would only happen with broad bipartisan consensus, which is hard to find about anything.
She notes that one option would be to have a retail CBDC , where people could hold digital currency backed by the Fed through their banks, just as they can hold paper currency. But anything that undermines the role of banks taking deposits and making loans would risk the flow of credit in the economy. And every bank lobbyist in town could put their kids through college on what they'd get paid to stop it.A wholesale digital currency — accessed only by banks and other financial institutions — could avoid those problems.
, she is now the top White House economic adviser and is a potential successor to Treasury secretary Janet Yellen.
Blockchain is a pipe dream. =
Good! Fucking Ponzi scheme in everything but name.