Kyle Bass is back and with more harsh words for China. In this interview he speculates on the potential threat of the digital currency created by China.
It appears China is leading the way in Central Bank Digital Currencies(CBDC). Although discussion and research has increased, the Federal Reserve continues to slowly move on this idea. To be fair, the Fed is in control of the world’s Reserve currency and their words and actions impact the entire world; any misstatements causing markerts or investors concern or uncertainty can unravel economic growth.
Mr. Bass warns of the potential security risks for other nations if their citizens use China’s digital currency and how they’ll attempt to manipulate corporations and nations into accepting it. If you follow me on Twitter, it’s likely that you’ve seen my opinion on the Fed and digital currency. I discuss China sparingly because most of the discussion surrounding CBDC involves crypto/btc.
Obviously, China wants to over take the U.S. The only way to do this is by ending the dollar’s status as the world reserve currency. That’s why I’m a bit confused by Kyle’s statement, “the U.S. holds all of the cards.”— I assume that’s because of WRC. However, what’s more important? The medium of exchange or the service or good that medium is exchanged for? That’s the million dollar world’s reserve currency question.
I briefly discussed this topic on reddit:
Watch Kyle Bass On The “Cancer” Of China’s New Digital Currency
“Imagine a currency that almost has a mind of its own … It knows your account data, knows your birthday, your social security number, where you live” and exactly what you like to buy. And all of this knowledge would be sitting in the hands of the Chinese Communist Party.
In this Epoch Times interview of American Thought Leaders, Kyle Bass, founder of Hayman Capital Management and one of the few people who successfully bet on the bursting of the subprime bubble, breaks down the threat of a new Chinese digital currency and how the regime could force countries to use it.
“They’re so good at exploiting every crack, every nook, every cranny … They take our openness, and they exploit it,” Bass says.
Watch more in the full American Thought Leaders interview below.
Tyler Durden
Sun, 07/11/2021 – 15:00
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