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Blackrock CEO Larry Fink wrote to shareholders on Thursday that Russia's invasion of Ukraine has upset the world order and put an end to globalization. Consumer demand, employment dynamics, and supply chain bottlenecks have all changed dramatically as a result of the pandemic. However, since the start of the war, the situation has worsened, resulting in escalating inflationary pressures.
Central planners must now choose between rising inflation and sluggish economic activity and employment, which are already at breaking point. Fink claims that forcing governments to rethink their currency reliance opens the path for global cryptocurrency acceptance. But, if you read between the lines, Fink isn't referring to a decentralized network that already exists.
Fink mentions cryptocurrency, but also mentions central bank digital currencies.
In contrast to decentralized cryptocurrencies like Bitcoin, central bank digital currencies (CBDCs) are backed by the national bank and government of the country they represent.
CBDCs were well-known before the war and the health crisis, according to the Bank of International Settlements, which claims that up to 80% of central banks are actively involved in CBDC research.
Sweden’s e-Krona, Thailand’s digital baht, and the digital dollar are all noteworthy undertakings. China’s digital yuan, on the other hand, is already being tested in a number of test cities and economic zones and is largely expected to be the first big economy CBDC to launch.
“A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption.”
Digital currencies issued by central banks are “a really bad idea.”
CBDCs are “a very horrible idea,” according to writer Emmanuel Awosika, because they pose problems such as invasion of privacy, single point of failure, risk of data breaches, unstable monetary policy, and financial discrimination, all of which are linked to the “weaponization of money.”
While Fink claims cheaper costs as a benefit, CBDCs are essentially the same old system (especially in terms of unstable monetary policy) repackaged in a digital format with tighter regulations.
Rep. Tom Emmer of Minnesota recently presented legislation to prevent the Federal Reserve from releasing a digital dollar. He dubbed the idea a type of digital totalitarianism that he claimed would jeopardize financial privacy and individual liberties.
Congressman Emmer implored his colleagues not to consider devices “that will destroy the fabric of our nation” any further.
