Digitized Citizen Ledger Finance: Cavils and Competitors

Robert C. Hockett ()
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Robert C. Hockett: Cornell University

Chapter Chapter 9 in The Citizens' Ledger, 2022, pp 185-193 from Springer

Abstract: Abstract This chapter addresses all anticipated objections to the changes elaborated and advocated over Chapters 6 through 8 , as well as alternatives that might be proposed in competition with what this book advocates. These range from contenting ourselves simply with tougher financial regulation, through nostalgic returns to precious metal coinage or its cryptographic equivalent, to simply hanging back to watch fintech develop in private hands. None of these, I argue, are serious options, essentially for the reasons laid out in earlier chapters in explaining how we got where we are now where our money is concerned, and why where we are now is no longer tenable. In effect, the chapter concludes, where we are now in the digital currency space is where U.S. “wildcat banknotes” were 150 years ago in the paper currency space. The endpoint that we are approaching is the digital rendition of the paper “Greenback” introduced by the U.S. Treasury during the Civil War of the 1860s, which ended wildcat banking.

Date: 2022
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DOI: 10.1007/978-3-030-99566-9_9

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