The Human Revolution with Dylan Bain FedNow: Understanding the Fed's New Instant Payment Service
The US Federal Bank recently rolled out a new system called FedNow, and as expected, the media has gone into a frenzy. Is this the start to a surveillance state? Is this just a mask to a central bank digital currency? Are we going to be a cashless society?
Letβs take a breather and sit down, look at the history, then at the current state of US financial networks, and specifically, where the new FedNow system fits.
Listen in now on our latest episode of Fiscally Savage, as we delve into the basics of FedNow, what it really changes in our current system, and what concerns we should actually have.
Spoiler: Donβt get swept by the media frenzy!
Show Highlights
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[01:04] The Federal Reserve Bank's role
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[02:21] What is the FedNow system?
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[05:03] The history of ACH transfers
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[11:58] Instant payment systems versus digital wallet services
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[14:21] FedNow pros and cons
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[15:53] The validity to common FedNow concerns
Links and Resources
π’ A Brief History Of Central Banking In The US β shorturl.at/zEIS3
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π’ Instagram β Instagram.com/TheDylanBain
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