Countries Begin Dropping the Dollar; Fed Launches First Stage of Digital Currency
Crossroads with JOSHUA PHILIPP
A slew of nations recently announced they will begin moving away from the U.S. dollar when trading key products, and some are openly promoting a new movement to ditch the dollar for the Chinese yuan. The new movement in “de-dollarization” could deeply impact America’s role as the world leader, and damage its ability to sanction countries that violate basic standards on human rights. Meanwhile, the Federal Reserve is launching a new program called FedNow, which is slated as a first step toward a centralized banking digital currency (CBDC) for the United States. The use of digital currencies is being promoted as a way to stop crimes like money laundering, but it’s also deeply criticized as a direct threat to financial freedom. Digital currencies would represent a new type of money where every payment is tracked. In this live Q&A with Crossroads host Joshua Philipp, we’ll discuss these stories and others, and answer questions from the audience.