About: http://data.cimple.eu/news-article/30012d1b926a90b0c7a0ece632e57b5c13915e619dff8769de7f7f9f

Facets (new session)
Description
Metadata
Settings
- owl:sameAs
- Inference Rule:

About: http://data.cimple.eu/news-article/30012d1b926a90b0c7a0ece632e57b5c13915e619dff8769de7f7f9f Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

Attributes	Values
rdf:type	schema:NewsArticle
schema:articleBody	The current craze over all things digital, including calls for official crypto currencies, may have similarities with an unfortunate fashion fad, a top Federal Reserve official said Monday. While "America's centuries-long enthusiasm for novelty" has been mostly beneficial, Fed Vice Chair Randal Quarles warned that "when coupled with an equally American susceptibility to boosterism and the fear of missing out, it has also sometimes led to a mass suspension of our critical thinking and to occasionally impetuous, deluded crazes or fads." Central bank digital currencies (CBDCs) could pose serious risks and may not solve any problems with the existing financial system, Quarles said in a speech to the Utah Bankers Association. He repeated his skepticism about the need for a US CBDC and tamped down what he views as "fever pitch" enthusiasm for the concept. When it comes to the fleeting craze over baggy parachute pants in the 1980s the consequences are "merely puzzling or embarrassing," but with a currency it could be more serious. "Before we get carried away with the novelty, I think we need to subject the promises of a CBDC to a careful critical analysis." While there is a high bar to clear given potential costs and security risks, Quarles said he would not prejudge the Fed's recently-initiated process to examine the prospects for an official digital money. A Federal Reserve CBDC could "present an appealing target for cyberattacks and other security threats," or be used for money laundering, he said. Meanwhile, the main attraction of bitcoin and other cryptocurrencies "are its novelty and its anonymity," Quarles said. "Gold will always glitter, but novelty, by definition, fades. Bitcoin and its ilk will, accordingly, almost certainly remain a risky and speculative investment rather than a revolutionary means of payment." hs/ft
schema:headline	Digital currency craze might be like bad fashion fad: Fed's Quarles
schema:mentions	Central bank Digital data Digital currency Parachute Money laundering Revolutionary Federal Reserve Cryptocurrency Utah Bitcoin Currency United States Boosterism Skeptical movement Randal Quarles Critical thinking Fever Pitch
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-06-28 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	93 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

Faceted Search & Find service v1.16.115 as of Oct 09 2023

Alternative Linked Data Documents: ODE Content Formats:

RDF

ODATA

Microdata

About

OpenLink Virtuoso version 07.20.3238 as of Jul 16 2024, on Linux (x86_64-pc-linux-musl), Single-Server Edition (126 GB total memory, 5 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2025 OpenLink Software