And here we have Deputy Managing Director of the IMF sharing how central bank digital currency (CBDC) would allow the government to precisely control what people can and cannot spend their money on.
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In the words of , I can see how China is for this. I don't see how Americans would want this.
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All eyes are on Jackson Hole, but the real statement of the summer came from @neelkashkari: “I keep asking anybody to explain to me what problem [a CBDC] is solving.” 
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Yes. One of the places that it was especially absurd was in the Fed's discussion paper on CBDCs from earlier this year. Out of the entire report, they devoted just two paragraphs to the possible benefits of financial inclusion and even then it fell flat.
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Yesterday. Here's the full video.
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hes talking about welfare and food stamps. imagine a world where foreign assistance payments couldnt be stolen by warlords. this is not all bad. of course it could be abused but do not disregard the benefits it can provide.
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That's fair. The problem is that governments have a historic pattern of misusing these tools. Operation Chokepoint and Canada recently freezing bank accounts of protestors were two clear examples of that. And those were in two of the freest countries in the world.
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Don't mean to be thick, but this could be done today by giving out a credit or debit card limited by mcc's
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haha not a bad point at all! I actually brought this up at a recent conference and everyone got a little tripped up (See 20:32). The biggest difference is that the government has control instead of, say, Visa.
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The $ gov gives you as welfare, social security, or tax return is not necessarily the money you will use in daily life. In certain situations like WIC checks they can prevent you from using it for smokes and beer. That's what he's talking about here.
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That's fair. The problem is that governments have a historic tendency to go beyond such limits when they are not hard stops. Operation Chokepoint, Canada freezing bank accounts of protestors, ICE surveillance, and the sanctions of Tornado Cash are all examples of this trend.
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