CBDCs are a declaration of war against the banking system, Richard Werner — development economist and professor at De Montfort University — told Cointelegraph at Web Summit on Nov. 4.
Known for his quantitative easing theory, published almost 30 years ago, Werner is an advocate for a decentralized economy. In an exclusive interview with Cointelegraph’s editor-in-chief Kristina Lucrezia Cornèr, he discussed the challenges that surround decentralization, the role of central banks, and how blockchain can help promote transparency in economies.
Bu röportajın bir parçasıydı Cointelegraph'ın Web Zirvesi'ndeki geniş kapsamı Lizbon'da - dünyanın önde gelen teknoloji konferanslarından biri.
Cointelegraph: Merkezi olmayan bir finansal sistemin gerçekten mümkün olduğunu düşünüyor musunuz?
Richard Werner: Yes, because of course what we have is lots of forces for centralization by the central players. They love that, and they want more centralization, but that’s very dangerous and very bad. The extreme case is the Soviet Union, through key periods that was a very centralized monetary system with only one central bank, and that wasn’t a good system. But that’s what the central planners in other countries like the ECB [European Central Bank], that’s what they want.
The ECB says there are too many banks in Europe. Why is that? And who are they to say that? Well, they’d love it to be only them. They don’t want competition. They want to be back to the central bank, the only central bank. So, that’s where the issuance of CBDC’s comes in because through CBDC’s the central planners are thinking it’s a declaration of war against the banking system. CBDC is really literally the central bank saying we’re going to open current accounts, ordinary banking for the ordinary public at the central bank. In other words, the bank regulator is suddenly saying we’re going to compete against the banks now because the banks have no chance. You can’t compete against the regulator.
CT: Peki bu senaryoda ademi merkeziyet mümkün mü?
RW: Yes, it is, but only if we create many local community banks, proper full-blown banks with a banking license because a banking license is a license to print money, literally. When a bank gives a loan, you know where that money comes from for the loan? It doesn’t come from deposits. That’s just breakers of what the bank owes you the money for. The new loan is newly created by the bank and added to the money supply, and that’s allowed when you have a banking license.
A banking license is a license to print money, and if we have many community banks, that is a decentralized system. They lend only locally to the local area, local small firms. That’s productive lending, that’s sustainable, non-inflationary. Then you get growth and prosperity, employment, job creation, stability, no inflation. But when you get a centralized system and bigger banks, they buy up the small banks, or you only have one central bank.
They also want to do only big deals. The bigger banks get, the bigger the deals they want to do, but big deals are usually asset lending where the bank creates money. People buy assets, which creates asset inflation and the asset bubble. That’s why we have them. And then you get a banking crisis because it’s always, you know, dependent on money creation continuing.
CT: Blockchain'in buradaki rolü nedir?
RW: It does usually mean the potential for decentralization by definition because it is a distributed ledger. Why? Where does this expression come from on distributed ledger? The ledger is the account double entry, accounting, asset liability, the balance sheet of a company and a bank.
Standart sistem, merkez bankası ve daha sonra bankalar tarafından tutulan merkezi bir defterdir. Çünkü ne kadar çok bankanız varsa, o kadar merkezi olmayan yönetime de sahip olursunuz, ancak tamamen merkezi olmayan bir defter, herkesin işlemler için teknolojiyi kullanarak kontrol edebileceği yerdir. Bu yazıya ve kontrole sahipsiniz ve dolayısıyla sorumluluk sizde. Bu yüzden ilginç bir araçtır. Doğru şekilde kullanıldığında bu şeffaflığı ve yerel hesap verebilirliği sağlar. Bir kez daha düşünüyorum ki, bu, blockchainlerin ideal bir kombinasyonu ve bunu yerel bankacılıkla birleştirmek, çünkü o zaman hizmeti en üst düzeye çıkarırsınız.
Source: https://cointelegraph.com/news/cbdcs-are-a-declaration-of-war-against-the-banking-system-claims-economist