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Will a US Digital Currency Make the Fed Even More Dangerous?

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In a recent episode of Ron Paul’s Liberty Report, the former presidential candidate and Libertarian icon examines the future of digital currency. Paul and co-host Daniel McAdams talk with NYU Law Fellow and digital currency expert Max Raskin about how a future form of US digital money might give the Federal Reserve even more control over monetary policy than it enjoys today.

One of the dangers of a centralized digital system, Raskin believes, is with privacy issues and the potential for abuse. “If you’re holding your deposits directly at the Fed, you’re going to have lots of problems with secrecy, and the government will be able to know exactly what you do. The temptation for political shenanigans to go on is immense … Imagine if the government could see exactly what’s in everyone’s bank account.”

Ruskin also pointed out the dangers of a government having total control over a digital currency: the potential of financially harming any groups it perceived as a threat.

“If you had a government that decided to go after Muslim bank accounts, that’s obviously extremely problematic. That’s why things like gold and things like Bitcoin serve as a bulwark against central governments.”

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