The Dangers Of A Central Bank Digital Currency_老虎社区_美港股上老虎

The Dangers Of A Central Bank Digital Currency

zerohedge2021-03-09

In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The ...

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Francis1977
·2021-03-09
Good reading.
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FionaC
·2021-03-09
Hmmm. Actually the digits in our bank are already a digital currency for a long long time.. and that’s why decentralized crytocurrencies were born to help balance this danger
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JudithWAH
·2021-03-09
👌👌👍👍
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AT2020
·2021-03-09
Decentralization is better way
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- JudithWAH:
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  2021-03-09
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Paulie13
·2021-03-09
Wow
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- JudithWAH:
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The ...\n\n<a href=\"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">网页链接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Dangers Of A Central Bank Digital Currency</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Dangers Of A Central Bank Digital Currency\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 16:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29>zerohedge</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nIn recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The ...\n\n<a href=\"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","article_id":"1159776381","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1159776381","pubTimestamp":1615279955,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Ban","collect":0,"end_time":0,"defaultTopTitle":"zerohedge.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"中央银行数字货币的危险","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.\nThe European Central Bank has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.\nIn the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.\nAll this sounds good. So, why should we worry about a central bank “digital currency”?\nThere are important risk factors to consider.\nThe first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.\nThe most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.\nThe digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.\nMoney creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.\nA digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.  As such, a digital currency could be a dangerous tool used for the nationalization of the economy\nWhen banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.\nThe reader may think that the above is too negative and that this would not necessarily happen.\nHowever, the reader must think of the following question:\n\nIf governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it?\n\nThe reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.\nA digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.\nThe only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.\nA central bank digital currency would eliminate all the remaining limits to government control of the economy.\nThe risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":323003471,"gmtCreate":1615285059693,"gmtModify":1703486754947,"author":{"id":"3563665942813728","authorId":"3563665942813728","name":"Francis1977","avatar":"https://static.tigerbbs.com/f41e57e9c6370943666fc4df69655b8f","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3563665942813728","authorIdStr":"3563665942813728"},"htmlText":"Good reading.","listText":"Good reading.","text":"Good reading.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323003471","repostId":1159776381,"repostType":4,"repost":{"id":"1159776381","kind":"news","pubTimestamp":1615279955,"share":"https://www.laohu8.com/m/news/1159776381?lang=zh_CN&edition=full","pubTime":"2021-03-09 16:52","market":"us","language":"en","title":"The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159776381","media":"zerohedge","summary":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Ban","content":"In recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-03-09 16:52\n\n</h4>\n</header>\n<article>\nIn recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159776381","content_text":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.\nThe European Central Bank has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.\nIn the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.\nAll this sounds good. So, why should we worry about a central bank “digital currency”?\nThere are important risk factors to consider.\nThe first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.\nThe most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.\nThe digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.\nMoney creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.\nA digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.  As such, a digital currency could be a dangerous tool used for the nationalization of the economy\nWhen banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.\nThe reader may think that the above is too negative and that this would not necessarily happen.\nHowever, the reader must think of the following question:\n\nIf governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it?\n\nThe reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.\nA digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.\nThe only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.\nA central bank digital currency would eliminate all the remaining limits to government control of the economy.\nThe risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":329784971,"gmtCreate":1615281187693,"gmtModify":1703486674308,"author":{"id":"3557369036357276","authorId":"3557369036357276","name":"FionaC","avatar":"https://static.tigerbbs.com/8c560660bfbb07c5c4a1a43120d95c33","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3557369036357276","authorIdStr":"3557369036357276"},"htmlText":"Hmmm. Actually the digits in our bank are already a&nbsp;digital currency for a long long time.. and that’s why decentralized crytocurrencies were born to help balance this danger","listText":"Hmmm. Actually the digits in our bank are already a&nbsp;digital currency for a long long time.. and that’s why decentralized crytocurrencies were born to help balance this danger","text":"Hmmm. Actually the digits in our bank are already a digital currency for a long long time.. and that’s why decentralized crytocurrencies were born to help balance this danger","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329784971","repostId":1159776381,"repostType":4,"repost":{"id":"1159776381","kind":"news","pubTimestamp":1615279955,"share":"https://www.laohu8.com/m/news/1159776381?lang=zh_CN&edition=full","pubTime":"2021-03-09 16:52","market":"us","language":"en","title":"The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159776381","media":"zerohedge","summary":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Ban","content":"In recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-03-09 16:52\n\n</h4>\n</header>\n<article>\nIn recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159776381","content_text":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.\nThe European Central Bank has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.\nIn the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.\nAll this sounds good. So, why should we worry about a central bank “digital currency”?\nThere are important risk factors to consider.\nThe first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.\nThe most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.\nThe digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.\nMoney creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.\nA digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.  As such, a digital currency could be a dangerous tool used for the nationalization of the economy\nWhen banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.\nThe reader may think that the above is too negative and that this would not necessarily happen.\nHowever, the reader must think of the following question:\n\nIf governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it?\n\nThe reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.\nA digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.\nThe only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.\nA central bank digital currency would eliminate all the remaining limits to government control of the economy.\nThe risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":329716385,"gmtCreate":1615280257447,"gmtModify":1703486655227,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"htmlText":"👌👌👍👍","listText":"👌👌👍👍","text":"👌👌👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329716385","repostId":1159776381,"repostType":4,"repost":{"id":"1159776381","kind":"news","pubTimestamp":1615279955,"share":"https://www.laohu8.com/m/news/1159776381?lang=zh_CN&edition=full","pubTime":"2021-03-09 16:52","market":"us","language":"en","title":"The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159776381","media":"zerohedge","summary":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Ban","content":"In recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-03-09 16:52\n\n</h4>\n</header>\n<article>\nIn recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159776381","content_text":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.\nThe European Central Bank has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.\nIn the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.\nAll this sounds good. So, why should we worry about a central bank “digital currency”?\nThere are important risk factors to consider.\nThe first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.\nThe most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.\nThe digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.\nMoney creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.\nA digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.  As such, a digital currency could be a dangerous tool used for the nationalization of the economy\nWhen banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.\nThe reader may think that the above is too negative and that this would not necessarily happen.\nHowever, the reader must think of the following question:\n\nIf governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it?\n\nThe reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.\nA digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.\nThe only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.\nA central bank digital currency would eliminate all the remaining limits to government control of the economy.\nThe risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":329718722,"gmtCreate":1615280229466,"gmtModify":1703486654717,"author":{"id":"3567830819209184","authorId":"3567830819209184","name":"AT2020","avatar":"https://static.tigerbbs.com/468bfa3dd7cae23eaf245b3c5e1de6ea","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3567830819209184","authorIdStr":"3567830819209184"},"htmlText":"Decentralization is better way","listText":"Decentralization is better way","text":"Decentralization is better way","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/329718722","repostId":1159776381,"repostType":4,"repost":{"id":"1159776381","kind":"news","pubTimestamp":1615279955,"share":"https://www.laohu8.com/m/news/1159776381?lang=zh_CN&edition=full","pubTime":"2021-03-09 16:52","market":"us","language":"en","title":"The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159776381","media":"zerohedge","summary":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Ban","content":"In recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-03-09 16:52\n\n</h4>\n</header>\n<article>\nIn recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159776381","content_text":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.\nThe European Central Bank has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.\nIn the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.\nAll this sounds good. So, why should we worry about a central bank “digital currency”?\nThere are important risk factors to consider.\nThe first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.\nThe most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.\nThe digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.\nMoney creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.\nA digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.  As such, a digital currency could be a dangerous tool used for the nationalization of the economy\nWhen banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.\nThe reader may think that the above is too negative and that this would not necessarily happen.\nHowever, the reader must think of the following question:\n\nIf governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it?\n\nThe reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.\nA digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.\nThe only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.\nA central bank digital currency would eliminate all the remaining limits to government control of the economy.\nThe risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3750124,"gmtCreate":1615280319918,"gmtModify":1635756938993,"authorId":3576896315880804,"author":{"id":3576896315880804,"idStr":"3576896315880804","authorId":3576896315880804,"name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":329718722,"type":1,"supId":0,"prevId":0,"content":"👍👍","text":"👍👍","html":"👍👍"}],"langContent":"EN"},{"id":329713133,"gmtCreate":1615280013622,"gmtModify":1703486651654,"author":{"id":"3571353151224967","authorId":"3571353151224967","name":"Paulie13","avatar":"https://static.tigerbbs.com/265f29263756a1465323c33d81deca23","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3571353151224967","authorIdStr":"3571353151224967"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/329713133","repostId":1159776381,"repostType":4,"repost":{"id":"1159776381","kind":"news","pubTimestamp":1615279955,"share":"https://www.laohu8.com/m/news/1159776381?lang=zh_CN&edition=full","pubTime":"2021-03-09 16:52","market":"us","language":"en","title":"The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159776381","media":"zerohedge","summary":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Ban","content":"In recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Dangers Of A Central Bank Digital Currency<blockquote>央行数字货币的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-03-09 16:52\n\n</h4>\n</header>\n<article>\nIn recent weeksJerome Powell&nbsp;at the Federal Reserve andChristine Lagarde&nbsp;at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.<blockquote>最近几周杰罗姆·鲍威尔在美联储和克里斯蒂娜·拉加德欧洲央行对未来几年实施数字货币的可能性发表了评论。积极的一面已经得到了很好的解释。更透明，使用方便，成本更低。</blockquote> The&nbsp;European Central Bank&nbsp;has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.<blockquote>The欧洲中央银行表示“数字欧元将保证欧元区公民能够免费获得一种简单、普遍接受、安全和可信的支付方式。数字欧元仍然是欧元：就像纸币一样，但却是数字化的。这将是一种由欧元体系（欧洲央行和各国中央银行）发行的电子货币形式，所有公民和企业都可以使用。数字欧元不会取代现金，而是对其的补充。欧元体系将继续确保您在整个欧元区都能获得欧元现金。数字欧元将为您提供关于如何支付的额外选择，并使支付变得更加容易，与现金一起促进金融包容性”。</blockquote> In the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.<blockquote>在美国，许多人看涨期权数字美元与人民币竞争。然而，根据国际清算银行（Bank of International Settlements）的数据，美元已经是世界储备货币，超过80%的全球交易使用美元，而人民币的使用率不到4%（总计为200%，因为每笔交易涉及两种货币），大多数支付和转账已经是电子化的。欧元是第二大使用货币，也主要通过电子转账。可以说，美元和欧元已经“数字化”了。</blockquote> All this sounds good. So, why should we worry about a central bank “digital currency”?<blockquote>这一切听起来都不错。那么，我们为什么要担心央行“数字货币”呢？</blockquote> <img src=\"https://static.tigerbbs.com/1c7c56ed9a63f5492b2a0c5f972a95e4\" tg-width=\"500\" tg-height=\"281\">There are important risk factors to consider.<blockquote>有一些重要的风险因素需要考虑。</blockquote> The first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.<blockquote>第一个是隐私。中央银行将控制一种货币的几乎所有交易，并掌握存款和储蓄如何保存的所有信息。央行数字货币的逐步实施将涉及重要的隐私风险，但也涉及央行控制储蓄数量及其形式的担忧。控制所有交易和储蓄如何保存的中央银行也能够通过货币政策“解散”这些储蓄来对抗这些储蓄。</blockquote> The most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.<blockquote>数字货币最重要的风险是它会赋予中央银行无限的权力来增加货币供应并将其引导到政府想要的地方.</blockquote> The digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.<blockquote>数字货币将消除银行作为货币政策传导机制的中介。这些“刹车”对于遏制通货膨胀和政府对货币创造的过度控制至关重要。在量化宽松中，信贷体系作为防止货币供应通胀压力的工具。当中央银行增加他们的资产负债表时，它不会立即转化为通货膨胀，因为我们、公民和企业通过接受比货币供应增加更少的信贷来限制货币供应破坏货币购买力的风险。如果公民和企业不要求更多信贷，货币政策的传导机制就有足够的后盾，防止货币过剩在商品和服务领域造成巨大的通胀压力。是的，量化宽松确实会让最安全的资产——主权债券——变得非常昂贵，从而导致资产价格大幅上涨，但它肯定能很好地抑制通胀风险。政府的借贷欲望也受到其预算和内部财务控制的限制。</blockquote> Money creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.<blockquote>货币创造从来都不是中立的，它不成比例地让新货币创造的第一批接受者——政府受益，同时极大地伤害了最后的接受者——储户和实际工资。数字货币不仅会打开更高货币供应增长的闸门，还会摧毁所有阻止新货币完全被政治支出吸收并侵蚀薪水和工资购买力的机制。从本质上讲，央行数字货币可能是中央计划者的梦想，成为征用财富和控制经济并将其完全掌握在政府手中的最终工具。</blockquote> A digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.&nbsp; As such, a digital currency could be a dangerous tool used for the nationalization of the economy<blockquote>数字货币可能会带来取消对政府支出的所有控制的风险，因为政治家将是所有新创造的货币的第一批接受者，并且能够在没有预算控制的情况下这样做。因此，数字货币可能是用于经济国有化的危险工具</blockquote> When banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.<blockquote>当银行和信贷机制从货币政策的传导中消失时，通货膨胀和货币购买力被破坏的风险就会大幅上升。它将消除信贷机制中作为通胀刹车的需求部分。</blockquote> The reader may think that the above is too negative and that this would not necessarily happen.<blockquote>读者可能会认为上述内容过于消极，这不一定会发生。</blockquote> However, the reader must think of the following question:<blockquote>然而，读者必须想到以下问题：</blockquote> If governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it? The reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.<blockquote>如果给政府一个工具，让他们可以随心所欲地消费并控制经济，你真的相信他们不会使用它吗？读者可能会说，中央银行是独立的，这种独立性防止政府挤出所有的货币供应，承担无限的风险。不幸的是，中央银行的独立性越来越受到质疑，货币政策已经从帮助进行结构性改革的工具变成了避免结构性改革的工具。事实上，央行几乎在所有情况下都在采取行动，促进更多地挤出公共部门以及更多的政府控制和支出，这也于事无补。</blockquote> A digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.<blockquote>只有当央行没有增加货币供应的权力，如果它们对政策有明确且牢不可破的规则（如泰勒规则），并且不可能采取自由裁量措施，数字货币才是一个好主意。继续做梦。</blockquote> The only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.<blockquote>数字货币为储户和实际工资服务的唯一方式是，有明确的证据表明它不会受到央行的控制，从而遏制政府对经济日益增强的控制。不幸的是，事实并非如此。当新凯恩斯主义者谈论央行和数字货币的“创新”时，他们谈论的只是阿根廷式的印钞以推进政府对经济的控制。</blockquote> A central bank digital currency would eliminate all the remaining limits to government control of the economy.<blockquote>央行数字货币将消除政府控制经济的所有剩余限制。</blockquote> The risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.<blockquote>数字货币的风险是巨大的。隐私可能会消失，政府支出的限制也会被取消。更糟糕的是，政府决定谁以及为什么接受这笔钱的新代币的权力将不会受到挑战。在当今世界，我们甚至不应该讨论任何可以打开大门的工具，给予政府更多的经济、工资和储蓄权力和控制。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/crypto/dangers-central-bank-digital-currency?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159776381","content_text":"In recent weeksJerome Powell at the Federal Reserve andChristine Lagarde at the European Central Bank have commented on the likelihood of implementing digital currencies in the next years. The positives have been well explained.More transparency, ease of use and lower cost.\nThe European Central Bank has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment. The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to financial inclusion alongside cash”.\nIn the United States, many voices call for a digital dollar to compete with China’s yuan. However, the US dollar is already the world reserve currency, it is used in more than 80% of global transactions while the yuan is used in less than 4%, according to the Bank of International Settlements (the total is 200% as each transaction involves two currencies), and most payments and transfers are already electronic. The euro is the second most used currency and is also mostly through electronic transfers. One can say that the US Dollar and the euro are already “digital”.\nAll this sounds good. So, why should we worry about a central bank “digital currency”?\nThere are important risk factors to consider.\nThe first one is privacy.The central bank would control almost all transactions in a currency and have all the information of how deposits and savings are kept. The gradual implementation of the central bank digital currency would involve important risks of privacy but also concerns about the central bank controlling the amount of savings and their form. A central bank that controls all transactions and how savings are kept is also able to act against those savings by “dissolving” them with monetary policy.\nThe most important risk of a digital currency is that it wouldprovide unlimited power to central banks to increase the money supply and direct it where governments want it.\nThe digital currency would eliminate the banks as intermediaries in the transmission mechanism of monetary policy. These “brakes” are and have been essential to contain inflation and excessive government control of money creation. In quantitative easing the credit system works as a tool to prevent the inflationary pressures of money supply. When central banks increase their balance sheet it does not immediately translate to inflation because we, citizens, and businesses, limit the money supply risk of destroying purchasing power of the currency by taking less credit than the increase in money supply. If citizens and businesses do not demand more credit, the transmission mechanism of monetary policy has enough back-stops that prevent excess of money from creating massive inflationary pressures in goods and services. Yes, quantitative easing does generate massive inflation in asset prices by making the most secure asset -sovereign bonds- very expensive, but it certainly works well as a brake on inflationary risks. Governments are also limited in their borrowing desires by their budgets and internal financial controls.\nMoney creation is never neutral, and disproportionately benefits the first recipients of new money created, governments, while hurting massively the last recipients, savers and real wages.The digital currency would not only open the flood gates of much higher money supply growth, but destroy all the mechanisms that prevent new money from being absorbed entirely by political spending and eroding the purchasing power of salaries and wages. In essence, a central bank digital currency can be the dream of a central planner as the ultimate tool for the expropriation of wealth and taking control of an economy to put it entirely in the hands of governments.\nA digital currency could open the risk of eliminating all controls on government spending,as politicians would be the first recipients of all newly created money and able to do so without budget control.  As such, a digital currency could be a dangerous tool used for the nationalization of the economy\nWhen banks and the credit mechanism are erased from the transmission of monetary policy, the risk of inflation and destruction of the purchasing power of the currency rises massively. It would eliminate the demand part of the credit mechanism as a brake on inflation.\nThe reader may think that the above is too negative and that this would not necessarily happen.\nHowever, the reader must think of the following question:\n\nIf governments are given a tool that allows them to spend all they want and take control of the economy, do you really believe they will not use it?\n\nThe reader may say that central banks are independent, and that this independence prevents governments from crowding out all money supply and take unlimited risk. Unfortunately, the independence of central banks is increasingly questioned, and monetary policy has gone from being a tool to help make structural reforms to a tool to avoid them. The fact that central banks are almost in all occasions taking actions to facilitate more crowding out of the public sector and more government control and spending does not help either.\nA digital currency can only be a good idea if central banks had no power in the increase of money supply, if they had clear and unbreakable rules -such as a Taylor rule- regarding their policy, and discretionary measures were impossible. Keep dreaming.\nThe only way in which a digital currency would work for savers and real wages is if there was clear evidence that it would not be controlled by central banks, curbing the ever-increasing government control of the economy. Unfortunately, that is not the case. When neo-Keynesians talk about “innovation” in central banking and digital currency what they are talking is simply Argentina-style money printing to advance government control of the economy.\nA central bank digital currency would eliminate all the remaining limits to government control of the economy.\nThe risks of a digital currency is enormous. Privacy could disappear and the limits to government spending would be eliminated. Even worse, the power of governments to decide who and why receives new tokens of this money would be unchallenged.In today’s world, we should not even discuss any tool that can open the gate of giving even more power and control of the economy, wages, and savings to governments.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3750128,"gmtCreate":1615280336498,"gmtModify":1635756938744,"authorId":3576896315880804,"author":{"id":3576896315880804,"idStr":"3576896315880804","authorId":3576896315880804,"name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":329713133,"type":1,"supId":0,"prevId":0,"content":"👍👍","text":"👍👍","html":"👍👍"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":16,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}