FedNow Isn't a CBDC, but It Is Dangerous
While FedNow seems benign, there is the larger problem of the entire banking system itself being built on a foundation of sand. FedNow can only make that problem worse.
While FedNow seems benign, there is the larger problem of the entire banking system itself being built on a foundation of sand. FedNow can only make that problem worse.
By corrupting the meaning of inflation, mainstream economists have given a false picture of what happens when monetary authorities expand the money supply. Mises and Rothbard understood.
Jonathan Newman joins Bob to explain why the data still support the case for recession and point out the eerie similarity to the calm before the storm in 2008.
David Brady, Jr. discusses his recent article at mises.org, in which he argues that the newly launched "FedNOW" system isn't a CBDC.
Loan banking versus deposit banking, how deposit banking affects the money supply, and more.
While FedNow seems benign, there is the larger problem of the entire banking system itself being built on a foundation of sand. FedNow can only make that problem worse.
How can a bank “create money out of thin air”? We must enter the magical kingdom of “fractional-reserve banking,” where deposits are turned into loans, loans are turned into money, and so on, to find out.
As government weight in the economy rises faster, technical recessions may not appear in the official data, but citizens suffer it, nevertheless.
How can a bank “create money out of thin air”? We must enter the magical kingdom of “fractional-reserve banking,” where deposits are turned into loans, loans are turned into money, and so on, to find out.
Why do governments keep pushing CBDCs when voters hate them? Simple: CBDCs are irresistible to governments, who would dearly love to monitor and control every dollar you spend and every word you speak.