Drop it like it's hot
In response to a question from Sen. Mike Crapo regarding the possibility of a Fed-backed digital currency, our friend J-POW stated today that “the report really is ready to go and I would expect we will drop it — I hate to say it again — in coming weeks."
He further clarified that the report is more of a fact finding request for public opinion than any sort of definitive course of action from the world's most prominent central bank.
Many people tend to forget that the Fed does not have any unique proprietary secret data that gives them a better perspective or outlook than the private sector.
This is true for monetary policy, but it goes double for technical matters like central bank digital currencies, in which they are clearly behind the curve.
Powell's use of the word "drop," intended as vernacular in place of the word "publish," is an apt metaphor for how the institution is trying to give the impression that they're avant-garde, but instead are just coming off as out of touch.
I can't wait for this long awaited, overhyped report of non-commitment to be released so that we can promptly ignore it.
Many thanks to Snoop Dog, who himself is quite active in the crypto scene, for actually using the term drop appropriately where it belongs, in a rap song ... in 2004.
Have an awesome evening! | 