FedNow rolls out amidst banking crisis, will this lead to CBDCs, ‘totalitarian’ control?

Economics Professor Richard Werner and Kitco News Editor-in-Chief Michelle Makori delve into the implications of the FedNow instant payments system launched by the Federal Reserve. The discussion centers on whether this system will facilitate the introduction of Central Bank Digital Currencies (CBDCs) - digital tokens issued and managed by central banks. Werner offers insights into what CBDCs entail and cautions against their use in establishing a "totalitarian" control system and surveillance economy. He further suggests that the recent banking crisis and bank consolidations could provide an opportunity to push for CBDCs and offers political solutions to prevent their implementation.

Werner's book at Quantum Publishers: https://quantumpublishers.com/

Follow Michelle Makori on Twitter: @MichelleMakori (https://twitter.com/MichelleMakori)
Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)
Follow Richard Werner on Twitter: @scientificecon (https://twitter.com/scientificecon)

0:00 - Central Bank Digital Currencies
16:41 - Cashless society
21:00 - Government overreach
27:17 - FedNow instant payments
30:22 - Banking crisis
37:13 - Legislation against CBDCs

#cbdc #banking #money
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