CBDCs come with innumerable political and market risks, NYU's maxraskin and RichardAEpstein say. If the IRS cannot be trust not to target political adversaries, why think an influx of thousands of new banker-bureaucrats will perform any better? Opinion.
Central banks around the world are accelerating their experiments with issuing digital currency. Whether it’s the New York Fed’s announcement of a successful proof-of-concept, or the Bank of England’s recent completion of the next phase of its digital pound experiment, over 130 countries around the world are toying with issuing central bank digital currency .
The basic idea as it stands is that a central bank – say, the Bank of England – would issue a so-called"digital pound" that would represent a direct claim on the central bank – the same way cash is today. In addition, the accumulation of these funds will allow central banks, with only modest competition, to direct personal loans and mortgages to favored private parties – with all the dangers attendant to state industrial policies. The nightmare scenarios are not hard to fathom, but difficult to prevent.
If CBDCs go live, solar and wind power, officially favored, could see their bank accounts magically subsidized with no need to attract private investors or to pass through the scrutiny of the private banking system. Bank accounts would become subject to the ballot box, or worse, the bureaucrat.
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