Discover and read the best of Twitter Threads about #CatoEcon
Most recents (5)
Agreed. And this is precisely why @norbertjmichel and I published a new paper calling for both the Federal Reserve and the Treasury to be prohibited from issuing a central bank digital currency, or CBDC.
The paper is here: cato.org/sites/cato.org…
But I'll break it down below.🧵
The paper is here: cato.org/sites/cato.org…
But I'll break it down below.🧵
Proponents claim a CBDC would promote financial inclusion, spur faster payments, protect the dollar's status, and improve monetary policy---all worthy goals.
Yet all four arguments fail to stand up to scrutiny.
Yet all four arguments fail to stand up to scrutiny.
Financial inclusion?
Considering privacy and distrust for banks are the two of the top three reasons for being unbanked, it's hard to imagine how a CBDC would remedy the issue when trust in the government is at historic lows.
Considering privacy and distrust for banks are the two of the top three reasons for being unbanked, it's hard to imagine how a CBDC would remedy the issue when trust in the government is at historic lows.
I'm very excited to share the @CatoCMFA's new policy guide for the next Congress!
Here's a brief thread on some of the recommendations. 🧵
cato.org/sound-financia…
Here's a brief thread on some of the recommendations. 🧵
cato.org/sound-financia…
First, we call for stronger financial privacy protections. The U.S. government has been chipping away at financial privacy for decades with little to no public oversight.
It's time to restore the protections that should have been there all this time.
It's time to restore the protections that should have been there all this time.
Next, we turn our attention to stablecoins and CBDCs. While stablecoins offer a promising step forward, CBDCs are clearly a step back.
Congress should work to lessen government regulations inhibiting stablecoins while ensuring that the Fed cannot issue a CBDC.
Congress should work to lessen government regulations inhibiting stablecoins while ensuring that the Fed cannot issue a CBDC.
Should banks share your financial records and bank transactions with the federal government?
Well, because of the Bank Secrecy Act, they do.
(NEW STUDY: cato.org/study/restorin…)
An important #CatoEcon 🧵...
Well, because of the Bank Secrecy Act, they do.
(NEW STUDY: cato.org/study/restorin…)
An important #CatoEcon 🧵...
The Bank Secrecy Act requires financial institutions to assist federal agencies in detecting & preventing money laundering & other crimes
It forces private companies to act as law enforcement agents
LEARN MORE: cato.org/study/restorin… #CatoEcon
It forces private companies to act as law enforcement agents
LEARN MORE: cato.org/study/restorin… #CatoEcon
Millions of Suspicious Activity Reports are filed annually—but only 1 in 1720 resulted in an investigation by the IRS in 2012
In the last ten years, the number of SARs have almost doubled, while the number of investigations halved
LEARN MORE: cato.org/study/restorin… #CatoEcon
In the last ten years, the number of SARs have almost doubled, while the number of investigations halved
LEARN MORE: cato.org/study/restorin… #CatoEcon
Hard to believe but @AdamPosen in an event at #CatoEcon is saying that folks that care about manufacturing jobs have a white macho fetiche... really! Putting aside how egregious is to hear this from a notorious white guy, a short thread with some facts 👇
@WSpriggs and his team ECONOMETRICALLY showed that the decimation of US manufacturing caused by the China trade shock increased racial inequality considering the change in the share of Black employment and Black hire rate in the most affected areas (2/).
groundworkcollaborative.org/wp-content/upl…
groundworkcollaborative.org/wp-content/upl…
Last year, while at @Public_Citizen, we did some calculations and found that Black and Latino workers were disproportionately represented in nine out of the 10 manufacturing industries that were hit hardest by import competition. (3/).
citizen.org/wp-content/upl…
citizen.org/wp-content/upl…
Everything you know about income inequality, poverty, and other measures of economic well‐being in America is WRONG.
A #CatoEcon 🧵… cato.org/study/myth-ame…
A #CatoEcon 🧵… cato.org/study/myth-ame…
Income inequality has been falling for the past 70 years.
Indeed, the facts reveal a very different & better America than the one currently described in debates across much of the political spectrum.
cato.org/study/myth-ame… #CatoEcon
Indeed, the facts reveal a very different & better America than the one currently described in debates across much of the political spectrum.
cato.org/study/myth-ame… #CatoEcon
Today, most people are economically as prosperous as many people in the top 20% were 50 years ago.
cato.org/study/myth-ame… #CatoEcon
cato.org/study/myth-ame… #CatoEcon
