Transcript of Chair Powell’s Message on Developments in the U.S. Payments System

The Federal Reserve ^ | 5/20/21 | Jerome Powell, Chair of the FED

[C210N]

For the past several years, the Federal Reserve has been exploring the potential benefits and risks of CBDCs from a variety of angles, including through technological research and experimentation. Our key focus is on whether and how a CBDC could improve on an already safe, effective, dynamic, and efficient U.S. domestic payments system. We think it is important that any potential CBDC could serve as a complement to, and not a replacement of, cash and current private-sector digital forms of the dollar, such as deposits at commercial banks. The design of a CBDC would raise important monetary policy, financial stability, consumer protection, legal, and privacy considerations and will require careful thought and analysis—including input from the public and elected officials.

To help stimulate broad conversation, the Federal Reserve Board will issue a discussion paper this summer outlining our current thinking on digital payments, with a particular focus on the benefits and risks associated with CBDC in the U.S. context. As part of this process, we will ask for public comment on issues related to payments, financial inclusion, data privacy, and information security

[C210N]

FED moving to reign in unregulated crypo's like bitcoin. IMHO, linked to this week's big tumble in BTC price. BTC and other coins and tokens will be incompatible with precious-metal-backed NESARA/QFS. Caveat - there *ARE* some crypto's, tied to precious metals, that may survive the change.

Here is Chairman Powell doing his part in paving the way for the FED's role in the upcoming transition.

[C210N]

A transcript, 3 pages, of today's message from Powell

[Renfrew]

Yep, I fear the future of crypto will be one of government control, and far more control over our lives than ever existed with paper money.

[ridesthemiles]

DITTO

[PGR88]

Its fascinating to think how central banks will use their new digital currencies.

It could mean the end of commercial banks, at least in their present form. Everyone will have an account at the Federal Reserve, and they will directly implement political policies and social-engineering directly.

[C210N]

far more control over our lives than ever existed with paper money...

The current fractional-reserve infinity-fiat-money had its relative privacy aspects, but a much deeper aspect as well - facilitating the Deep State's fooling with the money supply and control of all of us. It's led to an IRS that takes in "taxes" only for the purpose of paying usury interest to FED bankers; while the US continues to borrow (aka, print) money for spending. Now, to the tune of $150 trillion.

I look forward to a precious-metals-backed currency. Good thing we (the USA) won't be paying a plug nickle to the Cabal that we, in-theory, are in hock to.

[catnipman]

for all practical purposes, the U.S. dollar is a CBDC given that about 99.999% of ALL existing dollars are in digital form only ...

[Vermont Lt]

A report saying their digital currency will be the best!!!! (Extra exclamation points because they will be so excited.)

But the truth of the matter is they can inflate their Fed Bucks with the flip of a switch.

What good is that?

[DoodleDawg]

Yep, I fear the future of crypto will be one of government control, and far more control over our lives than ever existed with paper money.

Considering how they're virtual what government can claim control?

[DoodleDawg]

I’m sure what the benefit of a CBDC would be since the U.S. dollar is already, for all practical purposes, a digital currency.

[Wonder Warthog]

Wotinhell is a CBDC?? Morons who use initials without defining the full term “somewhere” in the article should be SHOT!

[Boogieman]

"We think it is important that any potential CBDC could serve as a complement to, and not a replacement of, cash and current private-sector digital forms of the dollar, such as deposits at commercial banks."

[C210N]

Just curious who you are planning to shoot.

The writer of the statement or the cut-n-paster of the excerpt?

If the latter, presuming you don’t read the statement in full, I will without due haste exit stage right into hiding.

[asinclair]

CBDC — Central Bank Digital Currency

Google/Bing/&c is your friend.

[DoodleDawg]

Wotinhell is a CBDC??

Central Bank Digital Currency. It was identified in the video.

[Wonder Warthog]

"Central Bank Digital Currency. It was identified in the video."

Which I won't watch. The excerpter should have defined it. It is a basic rule of English writing.....ALWAYS define abbreviations of this sort.

[Chewbarkah]

The bad news is that they have let the contract to Dominion Voting Systems, and there will be a hidden 10% cut for the Big Guy.