I have written numerous posts recently about the upcoming Fed Reserve Central Bank Digital Currency (CBDC) and no, I am not a fan of losing our freedom at the hand of additional governmental control.
Readers have asked me about this because many believed that ALL digital assets/currencies may be a good thing. There is a world of difference between decentralized assets and centralized (the Fed's CBDC).
Decentralized assets are ones that gains its value from the people who use it, and does not rely on any bank, authority or third party to function or exist.
Centralized assets are the opposite..they are controlled by a bank that issued them or a third party or government,,,in the case of the upcoming CBDC, the authority is the Federal Reserve - which is a cadre of unelected bureaucrats that operate with no oversite or fear regarding mistakes and they have made plenty over the past 25 years. Ben Bernanke wins the Nobel Peace Prize after making three catastrophic mistakes as the Fed Chairman.
What could go wrong? Abuse of power? Almost certainly. Mistakes to be made? almost definitely. Our freedom usurped? Bet on it.
We could absolutely end up like Greece ! Without the history and charm