How CBDCs and Bank Consolidations Could Lead to Financial Oppression
The concept of central bank digital currencies (CBDCs) has divided opinions, with some people fearing it will lead to censorship and surveillance.
In contrast, others see it as an innovative and efficient solution. However, according to Mark Yusko, founder of Morgan Creek Capital Management, the ongoing banking crisis in America could be a prelude to a much bigger problem in the form of CBDCs.
Yusko believes that the current trend of regional bank collapses and subsequent consolidations by mega-banks are part of a sinister plan to erode confidence in the banking system and direct deposits to the largest institutions that can be controlled at the government level.
This plan, Yusko suggests, could pair well with CBDCs that further centralize financial controls into the Central Bank’s direct grasp.
He highlights the FedNow settlement system as one of the early steps in this plan, which has been criticized by Democrat presidential candidate Robert F. Kennedy Jr. Yusko warns of the potential dangers of such a system, which would allow the government to track all transactions and block undesirable monetary behaviors by users.
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While some may argue that consolidating smaller banks into larger, government-controlled entities is just a matter of practicality, Yusko disagrees.
He believes it is a sinister plot to control the financial system, eliminate competition, and erode the bedrock of what makes a society great.
Despite the differing opinions, one thing is clear: the ongoing banking crisis and the emergence of a two-tier banking system are real threats materializing in our eyes.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
