FuckyWucky [none/use name]

Pro-stealing art without attribution

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  • 25 Comments
Joined 2 years ago
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Cake day: March 21st, 2023

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  • why do CBDC? SEPA/SEPA Instant already exists and can clear payments just fine without involving VISA/Mastercard. Will people recieve salary in this digital Euro account? probably not because banks lobby, they want cheap funding source i.e. customer deposits. most people wouldn’t want it since there is no interest paid (compared to tiny to moderate interest in savings accounts), you don’t have card even as an option. Like I don’t mind ppl using central bank liabilities for payments but the entire capitalist financial infrastructure is built around commercial banks. its just inconvenient having to transfer money between commercial bank and ECB wallets.

    It won’t destabilize existing financial system or result in bank runs, all banks in the Eurozone are ultimately backstopped by the ECB. bank lending isn’t reserve constrained, it is true that losing cheap deposits may reduce profitability of banks, but that’s it. they will be able to lend just fine because of ECB’s LTROs, TLTROs etc.

    the privacy argument against CBDCs is silly though. Commercial banks ultimately work because of Government, they use Government money for clearing. Governments can just ask them for your data if needed.

    Subsidize SEPA/SEPA Instant. Make it free, a public service. Market it by using the said arguments, people will use it more then. Maybe even force banks to issue cards like Mir in Russia or Unionpay in China.














  • The objective is to obtain dollars urgently in order to recover reserves

    Float the peso then, better than doing this despite all the pain associated, it’ll stop the reserve drain from trying to maintain fixed exchange rates, allowing rich to get cheap imports and get their money out at expense of the state. Privatization is a stupid way to get reserves. Such disinvestment only causes one time increase in reserves, it doesn’t stop the foreign currency debt burden.

    AySA has required contributions from the Argentine people of US$ 13,400 million and user arrears have reached 16%.

    People pay for essential services in Pesos, not Dollars. Why quote it in Dollars?