Bitcoin Versus Central Bank Digital Currency And What It Means For Investors

Bitcoin Versus Central Bank Digital Currency And What It Means For Investors

Mario Draghi got a straight A grade from Janet Yellen as quoted in a Wall Street Journal interview (Source: Wall Street Journal, February 12, 2021):"Whatever it takes will go down in the annals of central banking history as the most important interventions ever. It's hard to imagine where we would be without it“.

Indeed, an un-elected technocrat with the power of the printing press behind him has now made history as the appointed, unelected Prime Minister of Italy. Yellen, making her own history, is the first female Treasury Secretary of the United States (which is always an un-elected position). Central banks and central bankers have always been political institutions with subterranean political ambitions, and now they have discovered that one shortcut to the helm of the country is to give elected officials who have the power to appoint them what they want - buckets of free money under the now respectable practice of unlimited money printing. They have the world's economies so dependent on their power to print money that they will, in all likelihood, begin to control governments and their policies, without having to be voted in. Monetary policy has conclusively overflowed into fiscal and political philosophy, and its ramifications for asset prices