FedNow launched in midst of banking crisis, is it a precursor to CBDCs, ‘totalitarian’ control?
Richard Werner, Economics Professor and Author of "Princes of the Yen," and Michelle Makori, Editor-in-Chief and Lead Anchor at Kitco News, discuss the Federal Reserve's FedNow instant payments system, and whether it will be used to usher in Central Bank Digital Currencies (CBDCs), digital tokens issued and controlled by central banks. Werner explains what CBDCs are, and warns that they will be used to bring about 'totalitarian' control and a surveillance economy. He also proposes that the recent banking crisis and consolidation of banks could be used as an excuse to bring about CBDCs, and suggests political solutions that might prevent CBDCs from being implemented.
Werner's book at Quantum Publishers: https://quantumpublishers.com/
Follow Michelle Makori on Twitter: @MichelleMakori (https://twitter.com/MichelleMakori)
Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)
Follow Richard Werner on Twitter: @scientificecon (https://twitter.com/scientificecon)
0:00 - Central Bank Digital Currencies
16:41 - Cashless society
21:00 - Government overreach
27:17 - FedNow instant payments
30:22 - Banking crisis
37:13 - Legislation against CBDCs
#cbdc #banking #money
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