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Why the Fed refuses to issue a digital currency

10/21/2017

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​We must look at the consequences of thousands of financial institutions (FI) issuing billions of dollars in digital currency to increase their margins on the backs of consumers. Regardless of the coming actual future, as rational humans we can still ponder the likely outcomes of the impending feeding frenzy.
 
What are some worrying consequences of private digital currencies:
 
  • Interception
  • Counterfeiting
  • Increased FI taxes on acceptors of the currency
  • Inflation and deflation of M1 float controlled by FI
  • Analysis of currency movement, momentum, and direction controlled by FI
  • Forensic review requires subpoena of private documents
  • Consumer loss of anonymity
  • No uniform response to currency attacks (including no response)
  • No continual review by the public of currency circulation dynamics
  • No access by the indigent
  • Private FI taxes on government issued benefits
Why does the Fed not publicly respond to these issues and declare themselves as the sole issuer of public digital currency?
 
  • They are bankers
  • They do not want to accept the responsibility of making mistakes
  • The administrative details of the project overwhelm their collective imaginations
  • They hate hearing the shout of “government overreach” by the far-right wing
  • All the above?
Public ignorance of corporate actions does not mean government can let private actors take over government responsibilities. The Fed’s non-response to privately issued digital currency is dangerous and a complete denial of their responsibilities. I still, like Don Quixote, believe a good outcome is the only outcome; after all the Fed is not a wind mill.
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