Bank-based digital money is happening. Right now. Like it or not. It claims to offer convenience, instant transactions, safety, and simplicity. The Federal Reserve’s FedNow payments service goes live in July 2023. Is this digital money? How does it work? What happens next? Should we be concerned? Maybe, maybe not. Like so much else these days, it depends …
You may remember a while back when money was valuable and you could put it in a bank for safekeeping. Well, no longer. Money value is getting trashed right now, along with the formerly safe banks. The value decline started in 1913, with the dollar today worth around 4 cents in equivalent purchasing power. And now banks are suddenly collapsing. Where is this mess headed next?
This topic is one of the scariest that I have ever encountered. Starting from blockchain technology that is used for cryptocurrency, it quickly led to a new form of connection, governance, and transaction management – decentralized autonomous organizations (DAOs). Klaus Schwab and his World Economic Forum (WEF) are prime drivers of DAOs. What’s so scary about this? Read on.
