Further to CBDCs, the analytics of Prof Werner (ignored in the financial press because he’s consistently right) is supported by Barry Eichengreen (Berkeley) who writes in an FT piece (12/6/23). He also comments that the failure to regulate banking unfair competitive practices is in contrast to China which is “fining companies for violations of consumer protection and anti-monopoly laws”.
The rollout of CBDCs has been analyzed by the pre-eminent authority on central banks and commercial banks, Dr Richard Werner. He says, as do many experienced bankers, that digital currencies are not needed in any technical sense because they exist already with the transfer and global settlement systems in place.
Dr Werner states outright that the launch of CBDCs is only for the control of the populations..
A not insignificant portion of transactions using debit cards, etc use a banking ledgers (electronic and no physical notes), which is privately controlled; in fact in G7 and most G20 countries not having a bank account makes life more than difficult as wages etc are paid via bank transfers. So to your point just ask Mr Farage about being de-banked, without reason or recourse. It's got to the point where it's being discussed as a "right". So private banks are already exerting control without oversight or regulation.
My comment pertained to CBDCs. The issue of regulating commercial banking practices is a distinct but separate issue. It seems the UK situation (in some situations) is worse than the US where debanking is not an issue at present.
Further to CBDCs, the analytics of Prof Werner (ignored in the financial press because he’s consistently right) is supported by Barry Eichengreen (Berkeley) who writes in an FT piece (12/6/23). He also comments that the failure to regulate banking unfair competitive practices is in contrast to China which is “fining companies for violations of consumer protection and anti-monopoly laws”.
The rollout of CBDCs has been analyzed by the pre-eminent authority on central banks and commercial banks, Dr Richard Werner. He says, as do many experienced bankers, that digital currencies are not needed in any technical sense because they exist already with the transfer and global settlement systems in place.
Dr Werner states outright that the launch of CBDCs is only for the control of the populations..
A not insignificant portion of transactions using debit cards, etc use a banking ledgers (electronic and no physical notes), which is privately controlled; in fact in G7 and most G20 countries not having a bank account makes life more than difficult as wages etc are paid via bank transfers. So to your point just ask Mr Farage about being de-banked, without reason or recourse. It's got to the point where it's being discussed as a "right". So private banks are already exerting control without oversight or regulation.
My comment pertained to CBDCs. The issue of regulating commercial banking practices is a distinct but separate issue. It seems the UK situation (in some situations) is worse than the US where debanking is not an issue at present.
Right..marching on toward the CCP style of govt tyranny..everyone should be aware by now..?
How is it more tyrannical than, say, America's?