Australia has become the front line in the war on cash with an aggressive effort to ring physical money out of the economy.
Over the last financial year, more than a billion dollars worth of physical cash disappeared from circulation, according to data released by the Reserve Bank of Australia (RBA). The Australian news service 9News called it “the strongest sign yet” that the country is moving toward a cashless society.
In this special episode of the Friday Gold Wrap podcast, host Mike Maharrey answers listeners’ questions. He covers topics including the precious metals markets, investment strategies, the trajectory of the economy, the future of the US dollar, central bank digital currencies (CBDCs), and more.
You had better get ready for the world of central bank digital currencies (CBDCs) because they are coming. And they are coming fast.
According to a recent survey by the Bank for International Settlements (BIS), as many as 24 CBDCs could be in circulation by 2030.
The US dollar is on shaky ground. There is a growing trend toward de-dollarization. Meanwhile, the Federal Reserve is tinkering with the idea of a digital dollar that could give the government unprecedented control over your spending.
Given the trajectory of the dollar, it might be a good idea to find some alternatives. In other words, we need currency competition.
Another state has taken action hoping to hinder the implementation of a central bank digital currency (CBDC) in the United States.
Last week, Alabama Governor Kay Ivey signed a bill into law that pushes back against CBDC in a small way that could place some roadblocks in the path toward implementing a digital dollar.
Laws recently enacted in Florida and Indiana ban the use of a central bank digital currency (CBDC) as money in those states.
On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
Many people are concerned about a possible move toward central bank digital currency and we’re starting to see organized pushback on the idea. But as Friday Gold Wrap host Mike Maharrey explains, a lot of people are so caught up in taking on CBDC that they’re missing the more fundamental problem with government-issued fiat currency. Paper money isn’t the solution. It is the parent of the problem.
Bills introduced in the Texas House and Senate would create a state-issued, gold-backed digital currency. Enactment of this legislation would create an option for people to transact business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money and create a viable alternative to a central bank digital currency (CBDC).
There has been a lot of talk about central bank digital currencies (CBDCs) lately. Supporters tell you they will provide a safe, secure, convenient alternative to cash. But in this episode of the Friday Gold Wrap, host Mike Maharrey digs deeper and explains that CBDCs are actually about more government control. He also talks about how Jerome Powell talked and tanked the markets this week.