4.6 • 949 Ratings
🗓️ 19 November 2024
⏱️ 14 minutes
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0:00.0 | This is the Cater Daily podcast for Monday, November 18th, 2024. |
0:08.8 | I'm Caleb Brown. |
0:09.9 | Central Bank Digital Currency is an idea that won't die. |
0:13.3 | And one of the worst claims made by proponents of CBDCs is that the Central Authority, |
0:18.7 | in this case the central bank issuing them, simply won't use |
0:22.4 | them for nefarious privacy-invading ends. I spoke with Cato's Nick Anthony and Will Luther, |
0:28.2 | director of the American Institute for Economic Research's Sound Money Project. We spoke last |
0:33.7 | month. Nick, you and I have discussed this a number of times, and it is, it really just taxes credulity |
0:43.5 | when you hear public officials, people who are trying to advance this idea of a CBDC, |
0:51.1 | a central bank digital currency, tell us that the surveillance powers that something like that unleashes, well, we're just not going to use those. |
1:01.5 | We might have access to these powers, but we're just, out of the goodness of our hearts, we're just not going to use those. |
1:07.1 | It sounds good when you hear that. Some people nod along and they feel refreshed, they feel saved. |
1:14.9 | But I tell them you don't have to look to any conspiracy theories. You don't have to look to any crackpot schemes. |
1:21.6 | You can just look at the history of financial surveillance in this country, where people believe the Fourth Amendment |
1:29.3 | protects their financial information. It's really quite the opposite. And it's been an ever-growing |
1:37.4 | surveillance regime that we've seen. And there are really no signs to suggest a CBDC in the future would be any different from the path that has been charted thus far. |
1:49.5 | Will, are there technical ways for us to be assured that a government would not use these surveillance powers? |
1:58.4 | Absolutely. There are technical ways to preserve financial privacy with a digital currency. |
2:05.1 | You can use something like Chalmy and eCash. |
2:08.6 | But the bigger issue here is that while that technology is technically feasible, it's just not politically feasible. There is absolutely |
2:21.5 | no reason to believe that a government that has developed and taken steps to protect |
2:30.9 | its ability to monitor customer transactions would suddenly give up those abilities |
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