In the name of COVID-19: Digital currencies with government surveillance

To follow up Waiting to be officially denied, the UK Financial Times published Rushing out untested digital finance fixes for Covid-19 is folly (requires a subscription) on March 31, 2020:

“Due to the protracted nature of the 2008 global financial crisis, the world’s most powerful money-printing institutions were already at the limits of unconventional policy when this crisis struck.

Democratic Congresswoman Rashida Tlaib proposed a permanent Treasury-managed digital public currency wallet system. An early version of the alternative $2tn Coronavirus Aid Relief and Economic Security (CARES) act, which passed last week, considered rolling out Fed-managed digital dollar wallets to all US residents, citizens and businesses to facilitate cash distributions.

Government surveillance is a real concern. Apple’s digital dominance already makes it hard for consumers to decline privacy compromises terms in exchange for access to its products.

Imagine how much harder that choice would be if the consumer had to sign up for a data-tracking CBDC [central bank digital currency], or waive her right to a government-funded handout or vaccine?”

We see news stories about Michigan’s congressional representative, other people rushing agendas in the US, Thailand, South Korea, Singapore, China, Taiwan, EU, IMF, UK, or any number of people desperate to create panic to grab even more power.

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