Economist Paul Krugman Criticizes Florida Gov. Ron DeSantis’ Opposition to Central Bank Digital Currency

0 7

Economist Paul Krugman Criticizes Florida Gov. Ron DeSantis' Opposition to Central Bank Digital Currency

knife

Economist Paul Krugman questioned why Republican Florida governor Ron DeSantis opposes a central bank digital currency (CBDC) in a recent opinion editorial. Krugman suggested that DeSantis may be motivated by “general paranoia.” He speculated that DeSantis may be influenced by individuals who fear a digital currency could hinder “un-woke activities such as tax evasion and money laundering.”

Referring to CBDCs as ‘Woke’ Money, Krugman Attacks ‘Monetary Conspiracy Theory Types’

Economist Paul Krugman, who follows the Keynesian school of economics, wrote an opinion article criticizing Florida governor Ron DeSantis’s opposition to a central bank digital currency (CBDC). Krugman noted that the U.S. does not yet have a CBDC, but the Federal Reserve is exploring the idea. Krugman argued that if the Fed does create a CBDC, it is “highly unlikely that a state government would have the right to prohibit its use.” He also pointed out that the current financial system is already largely digital.

Krugman observed that some people do not have bank accounts or trust banks, and he finds it “bizarre” that people still use so much paper cash. He speculated that the “vast hoard of Benjamins out there is held by people who want to avoid banks’ reporting requirements in order to hide activities like tax evasion, illegal purchases of drugs and weapons, extortion and so on.” While Americans do keep a significant amount of cash “in their home safes,” Krugman believes this practice is “increasingly annoying in a digital era.”

The Nobel laureate Krugman suggested that bitcoin (BTC) attempted to achieve the goal of a cash-like digital currency, but he referenced the Federal Reserve’s 2022 analysis of cryptocurrencies. The Fed’s report stated that because crypto assets are volatile, they struggle with adoption and “make consumers vulnerable to loss, theft, and fraud.” Krugman argued that DeSantis’s opposition to CBDCs is not aimed at protecting the rights of Floridians, but rather, it would “protect the ability of criminals to evade taxes, launder money, buy and sell illegal drugs, and engage in extortion.”

Six days after Krugman’s opinion article was published, he recounted a story about a man who was in front of his wife in line at a coffee shop and was “ranting” about how CBDCs “are going to take away our freedom.” Krugman speculated that “DeSantis is probably tied in with a broader push by monetary conspiracy theory types. This has actually been a right-wing thing for a while, even if the theories keep getting crazier.”

What are your thoughts on the potential benefits and drawbacks of a central bank digital currency? Do you agree with Krugman or DeSantis? Share your thoughts about this subject in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 58,164.58
ethereum
Ethereum (ETH) $ 3,131.64
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 532.34
solana
Solana (SOL) $ 138.43
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,129.17
xrp
XRP (XRP) $ 0.462236
the-open-network
Toncoin (TON) $ 7.32
dogecoin
Dogecoin (DOGE) $ 0.107243
cardano
Cardano (ADA) $ 0.410013
tron
TRON (TRX) $ 0.136691
avalanche-2
Avalanche (AVAX) $ 25.60
shiba-inu
Shiba Inu (SHIB) $ 0.000016
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 58,185.59
polkadot
Polkadot (DOT) $ 6.00
chainlink
Chainlink (LINK) $ 12.66
bitcoin-cash
Bitcoin Cash (BCH) $ 354.41
uniswap
Uniswap (UNI) $ 8.11
near
NEAR Protocol (NEAR) $ 5.00
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 5.68
litecoin
Litecoin (LTC) $ 68.97
matic-network
Polygon (MATIC) $ 0.504124
wrapped-eeth
Wrapped eETH (WEETH) $ 3,264.55
kaspa
Kaspa (KAS) $ 0.16738
pepe
Pepe (PEPE) $ 0.000009
ethena-usde
Ethena USDe (USDE) $ 0.999992
internet-computer
Internet Computer (ICP) $ 7.28
ethereum-classic
Ethereum Classic (ETC) $ 21.36
monero
Monero (XMR) $ 158.32
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.15
aptos
Aptos (APT) $ 6.07
stellar
Stellar (XLM) $ 0.090602
blockstack
Stacks (STX) $ 1.70
hedera-hashgraph
Hedera (HBAR) $ 0.067156
render-token
Render (RNDR) $ 6.16
cosmos
Cosmos Hub (ATOM) $ 6.04
crypto-com-chain
Cronos (CRO) $ 0.087731
mantle
Mantle (MNT) $ 0.699697
filecoin
Filecoin (FIL) $ 4.01
arbitrum
Arbitrum (ARB) $ 0.699926
okb
OKB (OKB) $ 37.73
maker
Maker (MKR) $ 2,407.77
vechain
VeChain (VET) $ 0.026827
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,170.79
immutable-x
Immutable (IMX) $ 1.26
first-digital-usd
First Digital USD (FDUSD) $ 1.00
injective-protocol
Injective (INJ) $ 19.86
optimism
Optimism (OP) $ 1.71
sui
Sui (SUI) $ 0.741736
the-graph
The Graph (GRT) $ 0.184215
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,503.75
bittensor
Bittensor (TAO) $ 242.30
bonk
Bonk (BONK) $ 0.000023
dogwifcoin
dogwifhat (WIF) $ 1.58
notcoin
Notcoin (NOT) $ 0.0154
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,250.20
lido-dao
Lido DAO (LDO) $ 1.65
bitget-token
Bitget Token (BGB) $ 1.04
arweave
Arweave (AR) $ 22.09
aave
Aave (AAVE) $ 96.60
ondo-finance
Ondo (ONDO) $ 0.980399
theta-token
Theta Network (THETA) $ 1.39
floki
FLOKI (FLOKI) $ 0.000142
whitebit
WhiteBIT Coin (WBT) $ 9.55
fantom
Fantom (FTM) $ 0.469659
celestia
Celestia (TIA) $ 6.41
thorchain
THORChain (RUNE) $ 3.59
jasmycoin
JasmyCoin (JASMY) $ 0.024349
algorand
Algorand (ALGO) $ 0.137031
based-brett
Brett (BRETT) $ 0.113536
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,119.26
pyth-network
Pyth Network (PYTH) $ 0.289984
quant-network
Quant (QNT) $ 71.61
jupiter-exchange-solana
Jupiter (JUP) $ 0.757824
coredaoorg
Core (CORE) $ 1.09
elrond-erd-2
MultiversX (EGLD) $ 35.38
sei-network
Sei (SEI) $ 0.314719
gatechain-token
Gate (GT) $ 7.00
kucoin-shares
KuCoin (KCS) $ 9.13
mantra-dao
MANTRA (OM) $ 1.05
flare-networks
Flare (FLR) $ 0.019202
flow
Flow (FLOW) $ 0.547323
ethereum-name-service
Ethereum Name Service (ENS) $ 26.01
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,176.17
axie-infinity
Axie Infinity (AXS) $ 5.36
tokenize-xchange
Tokenize Xchange (TKX) $ 9.90
akash-network
Akash Network (AKT) $ 3.25
dydx-chain
dYdX (DYDX) $ 1.30
gala
GALA (GALA) $ 0.021479
eos
EOS (EOS) $ 0.52226
bittorrent
BitTorrent (BTT) $ 0.00000079791378
bitcoin-sv
Bitcoin SV (BSV) $ 39.06
tezos
Tezos (XTZ) $ 0.762661
fasttoken
Fasttoken (FTN) $ 2.34
msol
Marinade Staked SOL (MSOL) $ 166.21
beam-2
Beam (BEAM) $ 0.01473
usdd
USDD (USDD) $ 0.999724
starknet
Starknet (STRK) $ 0.558286