Your thoughts on Gammon's comments?
The argument is that in order to implement a CBDC, deposits would have to move to the balance sheet of the Federal Reserve. With credit based on narrative instead of merit, you can't have banks that are worried about a profit-or-loss! Banks are issuing loans they know will never be paid back! So his original thinking was that all deposits would have to go to the Fed for CBDC, but in this case, as long as all the deposits in the system end up flowing to FEDERAL RESERVE MEMBER OWNED BANKS - PRIVATELY OWNED INSTITUTIONS (JP Morgan, Citi, Bank of America, Wells Fargo, et al), that's how they essentially could skip the slippery slopes of Congress in passing an official CBDC, legally (still not lawful), if the banks lobby hard enough! They are ramming FedNow in, which will exacerbate the capital flight from community banks and regional banks to large Federal Reserve owned banks and money markets (Treasuries with an additional counterparty risk), and as interest rates keep going up because the Fed is analysing the economy like Stalin's economists, thinking all is fine (turn a blind eye, claim ignorance and then expect to keep their jobs), more gaskets will be burst, and the best we as a nation might get is useless Congressional testimonies, which only occasionally give up the gaffe, statement or sheer idiocy that unfortunately, the American person has seldom the time or patience to sit through those grueling hearings!
Word to the wise, as Paul taught: We The People must lobby with the heart and mind of Jesus within us! Teach others what you know to be Truth, and pass the Spirit of Love to your neighbor!
1 Corinthians 3:18-23 NKJV
18 Let no one deceive himself. If anyone among you seems to be wise in this age, let him become a fool that he may become wise.
19 For the wisdom of this world is foolishness with God. For it is written, “He catches the wise in their own craftiness”;
20 and again, “The Lord knows the thoughts of the wise, that they are futile.”
21 Therefore let no one boast in men. For all things are yours:
22 whether Paul or Apollos or Cephas, or the world or life or death, or things present or things to come—all are yours.
23 And you are Christ’s, and Christ is God’s.
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