The currency will be inflated, not reset. They want M2 to become M1, the banks will loose their liquidity. So another obstacle for small / regional banks, and another excuse for central banks to expand their balance sheet.
The control aspect is further down the line, only once CBDCs are well established, and under the pretext of some emergency.
Maybe with a competitive stablecoin market, this is less of a risk. Although your savings will be devalued anyways.
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Same end goal either ways
Its an important distinction though. It's not "resetting the balance sheet". Bond holders get paid nominally in printed dollars. Capital controls ramp up.
Exactly! They're not going to launch a new currency at the expense of their reputation. That would never work.