Federal Reserve Governor Lael Brainard hinted once again at the coming monetary revolution when she said that the Fed is studying the opportunities and challenges presented by central bank digital currencies. Former Fed economist propose creating a monetary tool that they call recession insurance bonds, which draw on some of the advances in digital payments, which will be wired instantly to Americans. The only thing keeping this next form of currency from being issued is Congressional approval and a crisis bad enough to make it a necessity.
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