Jerome Powell Declares: No Digital Bucks, No Problem! 💸😂

by

In a flourish of bureaucratic bravado, Federal Reserve Chair Jerome Powell has donned the invisible cloak of assurance to declare the United States shall not wade into the waters of a [Central Bank Digital Currency](https://pollinations.ai/referral?topic=cbdc) (CBDC) during his watch. A marvel indeed, akin to vowing to never embrace unicorns at a tax seminar!

Ah, but what a pivot this is, from the once tantalizing dreams of a digital dollar frolicking among us! The Fed, once a diligent enquirer, has now become the wise old owl, perched high, hooting “Not on my watch!”

Powell Puts His Foot Down: No CBDC, Not Ever!

In a dramatic spectacle before the ever-eager Senate Banking Committee, Powell faced the fiery inquiry from Senator Bernie Moreno (R-OH): “Will you pledge that while you reign over the Federal Reserve, we shall never, ever see a central bank digital currency?” “Yes,” came Powell’s reply, succinct and clinched like a timeless promise or a poorly timed punchline.

The Fed’s earlier musings about CBDCs sought enlightenment on how digital coinage might tidy up the clumsy dance of our payment systems, perhaps adding a bit of techno-luster to the cash register’s waltz.

Critics, like Nicholas Anthony of the [Cato Institute](https://pollinations.ai/referral?topic=cato), applaud Powell’s resolute resistance, citing threats to the sanctity of financial freedom, private moments, and good ol’ market stability. In a world where Bitcoin pirouettes freely, a CBDC would be a meticulous puppet, governed and monitored—oh, the horror!

This proclamation frolics through a global landscape where other nations, those havens of innovation, are sampling their own digital concoctions. China, the trailblazer, has already begun its digital yuan quest, while the likes of Russia, Turkey, and Japan are pondering their digital destinies.

The Republican Crusade Against CBDCs

Powell’s unwavering stance presents a curious twist in the intricate tapestry of U.S. monetary policy, especially with President Trump at the helm. Sen. Moreno, ever the politician on horseback, celebrated Powell’s refusal to lead the U.S. into a “Chinese mirror” scenario.

Within this quaint debate, the CBDC conundrum has incited fervent political resistance, particularly from Republicans rallying for outright bans on such imaginary currency. Last year, the House of Representatives passed a bill from Congressman Tom Emmer denouncing the Fed from ever dabbling in CBDCs—like a parent banning dessert before dinner. The crypto executive order also saw Trump forbidding any Federal agency from promoting, let alone issuing, a CBDC.

Hence, Powell’s declaration could serve as a tender balm for those fretting over the ominous shadow of CBDCs encroaching upon their cherished freedoms and private shenanigans.

Read More

2025-02-12 02:35