Many observers of financial technology have offered interpretations and discussion of potential use cases of programmable money.2 While such references to programmable money typically describe it as being enabled by distributed ledger technology (DLT) or blockchain systems, this is not universally the case, and the term remains ill-defined.3 Two natural components of the definition are a digital form of money and a mechanism for specifying the automated behavior of that money through a computer program (this mechanism is termed "programmability" in this note). However, it is not clear whether these components alone are sufficient for a definition, given that various combinations of similar technology for payments automation have existed for decades. It was only after the advent of public blockchain cryptocurrencies that the term "programmable money" became common parlance.4 So what is it about these new systems that has prompted the recent spate of references to the term, and does the answer somehow imply that DLT has to be a part of any "programmable money" system?
While the Federal Reserve has made no decisions on whether to pursue or implement a central bank digital currency, or CBDC, we have been exploring the potential benefits and risks of CBDCs from a variety of angles, including through technological research and experimentation. Our key focus is on whether and how a CBDC could improve on an already safe and efficient U.S. domestic payments system.
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"The struggle between the military/security complex and the financial sector comes down to a struggle over patronage." "Will Americans be so afraid of terrorists that they will give up their entitlements? Will false flag terrorist events be perpetrated i
July 21, 2011: "An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided m
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The film "We are Wisconsin" relates to the recall election in Wisconsin 2012, where "On June 5, Scott Walker managed to hold on to the governorship of Wisconsin. Facing a recall election, he raised an unprecedented $45 million, mostly from out of state, outspending the rival Democrat Tom Barrett by at least five to one."
Coalition for American Values Action reported to Wisconsin election authorities that it spent $400,080 on its "recall isn't the Wisconsin way" ads, but because of an apparent loophole in state campaign finance law, it never disclosed the true source of its funding. Recently released tax filings, though, reveal that the primary source of the group's funding in 2012 was the Center to Protect Patient Rights (CPPR), a conduit for $156 million in political spending raised by the Kochs and their network of funders. The Center for Media and Democracy has filed a complaint with Wisconsin's Government Accountability Board alleging that Coalition for American Values Action violated Wisconsin's campaign finance laws by failing to disclose this funding.
Barack Obama waited just three days after Hillary Clinton pulled out of the race to declare, on CNBC, "Look. I am a pro-growth, free-market guy. I love the market." Naomi Klein