William Dudley Wants Govt. Cryptocurrency To Be Created
Out of one side of his mouth William Dudley, the New York Federal Reserve Bank president and CEO, said that Bitcoin is “more of a speculative activity.” And, out of the other side of his maw, he said that the American govt. should create a cryptocurrency of their very own. That’s not a good idea. It may be good for the powers that be so they can create a way to manipulate yet another thing in their favor, but it would be terrible for citizens. How can he call it speculative, but also claim that a government cryptocurrency is something they should look into creating? He’s all over the place.
Bitcoin is the most-popular cryptocurrency, and its value has skyrocketed as of late. One bitcoin is now worth $11,000. How is that a practical form of money? It’s not, for many reasons. One of the reasons is the increasing number of people who are getting “locked out” of their digital “wallets” because of lost passwords and scammers. The system for digital currencies is intentionally set up to be difficult and costly to mine.
Government And Economists Have Mixed Emotions Over Cryptocurrency
Joseph Stiglitz, who is the former chief economist of the World Bank, thinks that bitcoin and other digital currencies should be banned… unless the United States government is in control of it. How convenient. Stiglitz, who is now a professor at Columbia University, said, “Let’s move away from paper into the 21st century of a digital economy.” He knows that governments are already moving away from paper money, so why is he acting like he doesn’t know how the Federal Reserve Bank works? Collusion and confusion is the biggest weapon of all governments. Only about 5% of the world’s money is physical, and the other 95% is purely digital. So, there goes his argument of the world moving away from paper money.
Stiglitz said, “If the government says ‘the reason bitcoin is being used is circumvention,’ they could close it down at any moment. And then it collapses.” That is exactly what is going to happen — if the government can help it. And, they are already thinking about how they are going to do it. They don’t want there to be a form of currency controlled by the people. Unfortunately, however, bitcoin and other digital currencies are being controlled by an even smaller population than “real” money.
If/when the United States government creates its own cryptocurrency, you can bet your bottom dollar that they are going to figure out ways to screw over its citizens. They will dream up all new ways to tax the poor and create many newfangled fees that are only necessary to increase the government’s bottom line.
On Tuesday, a California federal court judge ordered Coinbase (an exchange and wallet service) t0 turn over the names of over 14,000 digital coin owners. The CEO of Coinbase said “asking for detailed transaction information on so many people, simply for using digital currency, is a violation of [customers’] privacy, and is not the best way for us to accomplish our mutual objective.” The IRS has just begun digging its disgusting paws into digital currency accounts. They want a big slice of what you have, no matter what it is. Don’t you love it when the government says they have your well-being in mind?