Volume 25 : Issue 1
Issue 25:1 – Featured Article
Digital Greenbacks: A Sequenced ‘Treasury Direct’ and ‘Fed Wallet’ Plan for the Democratic Digital Dollar
By Robert Hockett
Since Facebook’s announcement of its Libra proposal in June of 2019, monetary authorities worldwide have redoubled their efforts to develop central bank digital currencies (CBDCs). These efforts were underway even before Libra, and for very good reasons. Facebook’s announcement accordingly did no more than accelerate already ongoing developments.
The sudden slowdown in productive activity worldwide brought on by the Coronavirus pandemic of 2020 makes matters more urgent. The social distancing measures necessitated by the pandemic are antithetical to productive activity—and, in turn, the pay people earn through productive activity. “Knowledge workers” might be able to collaborate remotely, but production line workers and delivery personnel cannot. Economies worldwide are thus confronted by simultaneous supply side and demand side shocks. The U.S. economy is no exception—indeed it appears to be worst hit of all . . . [Read More]
February Editor of the Month
Each month a member of JTLP who has done an exemplary job as an Editor, performed community service, been published, or received an award is recognized here.
Congratulations to Brandon Pongracz on his selection as Editor of the Month for February!