I'm quite worried about the potential for CBDCs because you know, if the central bank can look into every one of your transactions and cut you off when you're doing something that is not sort of socially approved. I was talking to a friend of mine the other day who sits in British Parliament. He says that the Bank of England is pushing through on its CBDC plans without any parliamentary scrutiny. That would be very worrying if our central banks and politicians would go down that route. If you well designed the CBDC backed by government debt, say it didn't just conjured out the air, could be a sort of hard money. It would be hell, a nightmare for the commercial
On this episode, financial historian Edward Chancellor joins Nate to give a meta-history of interest rates and human societies. With recent news of global financial turmoil in response to rising interest rates, taking a look at our history could help us interpret our present and plan for the future. How deeply entangled is this financial predicament that we’ve gotten ourselves into? Can we learn from the past to reshape a more stable monetary policy in the future, or are inflating financial bubbles (and popping them) simply in our human nature?
About Edward Chancellor:
Edward Chancellor is a financial historian, journalist, and investment strategist. He is the author of Devil Take Hindmost: A History of Financial Speculation and his latest book, The Price of Time, where he explains the story of capitalism is really the story of interest: the price that individuals, companies and nations pay to borrow money. He is currently a columnist for Reuters Breakingviews and a contributor to the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times.
For Show Notes and More visit: https://www.thegreatsimplification.com/episode/67-edward-chancellor
To watch this video episode on Youtube → https://youtu.be/q5PWaYw6h5k