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Digital Dollar? Fed Begins Debate on New Way to Control Cash

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For decades, the American people have wondered about the safety of our currency.  Sure, the US Dollar has long been considered the “gold standard” of international fiat, but even using that phrase colloquially raises questions.  Specifically:  Is there still any gold backing our bucks?

On paper, no.  Our nation is now operating in the realm of “legal tender”, thanks to the regrettable decision to remove the actual, physical gold from the equation years ago.  But, worse still, is the sinking reality that even Fort Knox’s stash may not be what we believe it to be any longer.

All of this monetary meddling has Americans rightfully worried, and the latest news out of the federal reserve is even worse.

The Federal Reserve finally released a much-delayed paper yesterday opining on the pros and cons of developing its own central bank digital currency (CBDC), but without coming to any firm conclusions.

Around the world, there are now 23 CBDCs either in pilot or formally launched. They have morphed from a theoretical concept into real-world digital cash, changing the way governments and millions of people use money — but not in the U.S.

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There was no telling which way the fed would lean as of yet.

Although the Fed’s paper doesn’t advocate one way or another on whether the U.S. should begin development, the language used in the paper indicates that it’s very open to the idea, Josh Lipsky, director at the Atlantic Council’s GeoEconomics Center, tells Axios.

But for a nation that is already mired in a number of financial schemes and scams, (the Federal Reserve and the stock market perhaps being paramount among them), the news certainly isn’t going to help any of us sleep better at night.


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About the Author:
As a lifelong advocate for the dream promised us in the Constitution, Andrew West has spent his years authoring lush prose editorial dirges regarding America's fall from grace and her path back to prosperity. When West isn't railing against the offensive whims of the mainstream media or the ideological cruelty that is so rampant in the US, he spends his time seeking adventurous new food and fermented beverages, with the occasional round of golf peppered in.