The previous occupant of fdic chair states “bank dominated payments system” could lead to severely negative consequences regarding cbdc – Bitcoints

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Published on June 13th, 2018 | by bitcoin

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The previous occupant of fdic chair states “bank dominated payments system” could lead to severely negative consequences regarding cbdc

The previous occupant of fdic chair states “bank dominated payments system” could lead to severely negative consequences regarding cbdcSo they pull their uninsured money out of the banking system, disrupting the free flow of payments.
[…] However, suppose consumers could convert their bank deposits into a digital currency that would be issued and backed by the Fed?
When it wants to raise rates — as it is doing now — it reduces its holdings of securities and increases the rates it pays on reserves.
This is a nice deal for the banks, but hasn’t done a whole lot to help the rest of us.
The past 10 years are proof positive that current monetary tools are woefully inadequate to stimulate broad-based economic growth.

Source: News.bitcoin.com

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