Proponents argue that a digital U.S. dollar will allow the Federal Reserve a much greater level of precision in enacting its own monetary policy. For instance, if the Fed wants to juice up consumer spending, it can start penalizing the digital U.S. dollars stored in each citizen’s wallet, thereby creating a perverse incentive to spend those dollars. Similarly, the Fed can also provide targeted relief to those most in need by depositing a set balance of the digital U.S. dollar directly within designated wallets.
November 15, 2022
Here Comes the Digital U.S. Dollar: The NY Fed Has Now Launched a 12-Week Pilot Program for Digital Dollar Tokens
[This is what the proponents are saying? Wow! That’s like a used car salesman telling you, “This car is a ticking time bomb and by morning it will take out your house and family in a huge fireball. Just give us your money and in a few minutes it is yours to drive off the lot.”
This is a really bad idea. I prefer cash and perhaps precious metals for money. Change my mind.—Joe]