by James Rickards
Daily Reckoning
For the past two years, I’ve been warning about the emergence of central bank digital currencies (CBDCs), or as I like to call the U.S. version, “Biden Bucks.”
Can good old-fashioned American federalism stop them? We’ll consider that possibility today.
If you’re a new reader who isn’t familiar with Biden Bucks, or an existing reader who could use a reminder, the Biden administration is planning to create a purely digital dollar.
These Biden Bucks would have the full backing of the U.S. Federal Reserve. They’d replace the cash (“fiat”) dollar we have now. And if Biden got his way, they’d be the sole, mandatory currency of the United States.