It is bogus. The central banks have no reason to dump cash if it is reasonably counterfeit proof. They have every reason to get a technology upgrade, a Swift for all is just that. Swift for all gets the correspondent bank intimately involved in managing external bearer cash. Everyone has a Swift vault, and we will be able to drop bearer cash from our Swift card, the the correspondent bank vault, the get it back out, anonymously. And the Swift banks are much more involved in specialize S/L pits, risk adjusted to compete with shadow banks. Swift banks can take their time grabbing the new market, all we need to get going is a partial set Swift, an interface can handle it easily.
Nor is the socialist theory any better. The Fed wants to get out of the socialism, escape the taxation. If the Swamp wants to double spend, within contract, fine. The New Fed dumps the entire tax and transfer issue back to the legislature and Supremes. Treasury is free to engage citizens with whatever contractual law it wants, and it has separate access to contract apps. Thumbprint required for car holder on approval. Any stsre agency can agree in contract with a citizen, just no double spending except by Treasury.
The future inflation theory is partly true, we will peak at 5% inflation for a year and a half. Inflation bound in a finite period contract. Enforceable by the Supremes. Our problem for a while, until the devaluation, is deflation. In another ten years after the inflation peak we will be deflating seriously again. We are in for a long period of technology shocks.
Redeem MIT theory
We give MIT an opportunity to tell a straight story and participate in rebuilding central banking. We can redeem them from their long monotonous history of teaching brick layers. Expand their Overton window.
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