Comments by "Kristopher Driver" (@paxdriver) on "The Digital Euro Explained" video.

  1. If there's a bank run and people are stashing euros digitally in wallets, they would need a thousand wallets to store 500,000 euros to protect themselves, and the euro would depreciate enough in that event to put consumers in the same outcome anyway. There is no privacy even with offline payments since forensic audits could always be corroborated unlike a wad of cash which could be thrown from one place to another with zero trail at all, never mind a permanent one like digital records. Cash has no limits, no passwords, and having cash in the bank is less easy to steal than cash on a cell phone. With all these lies (at worst) or idiotic statements by those in control of this idea and rollout (at best), there's no reason to trust it will be done competently or in the public interest. This is a cash grab away from credit cards who dodge taxes and plunder national wealth from the least capable of affording it. It's also a thumb in the eye of creditors who have not contributed to any of the stimulus packages required to keep the "strong economy" on life support for 2 decades. The only way this would be beneficial for the public would be if it also helped criminals, making every person more inclined toward fraud and tax evasion than ever, which would have to be the dumbest possible alternative outcome of all - thus least likely. It's a shell game, this idea, meant to find more ways to throw off the scent of a national debt bubble by adding a new category to the balance sheet. It'll help catch criminals who believe it is private for a little bit, and it'll be an economic stimulus until brain dead uni grads catch on years later by learning to gain knowledge on their own without it being spoon fed to them in tests or from textbooks after a decade of making adults afraid of critical thinking for straight A's. Eventually, though, hens will come a-roosting. Once again it'll be a naive public left holding the bag for national fiscal infidelity and deception - as always. In the meantime Christine Lagarde will retire with a novel prize for the brilliant scheme and her predecessor will be on the hook for the reversal of fortunes. Mark my words, currency markets have been my thing since the internet birthed OTC forex platforms. This is the most likely outcome.
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