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The rise of central bank digital money calls for a new discussion about our money system. We need to take a critical look at the implications of this new money, especially if cash disappears as a result. So says George van Houts, actor and initiator of the theatre performance 'Normally speaking', in an interview with Holland Gold. This new form of money can work well, but only if people's concerns about privacy and security can be safeguarded.
Van Houts is concerned about the future of our money system, because many people do not realize the risks of central bank digital money. That's a new kind of money that central banks want to issue as an alternative to cash. In this new centralized money system, governments and central banks will have more control over the payment system. And therefore over society as a whole.
Van Houts wants to make people more aware of the impact that the money system has on our daily lives. In 2014 he did so with the theatre performance 'Door de bank nement', which focused on themes such as money creation and debt. This performance caused a lot of controversy at the time and eventually even resulted in an implementation report by the Scientific Council for Government Policy, entitled Money and Debt: The Public Role of Banks.
As a result, there was more social awareness about the role of banks and the workings of money creation. It then became clear to the general public that banks do not lend savings, but put money into circulation as credit. A form of public money such as central bank digital money could be a safe and accessible alternative, much like previous proposals for a deposit bank. People do not park their money at a commercial bank, but directly at the central bank.
However, it must be ensured that this new form of money is truly accessible to everyone. It should not become a programmable tool with which governments and central banks can control people's behaviour. Because of its digital nature, this is possible.
With a new theatre performance, Van Houts wants to make people aware of digital central bank money. According to the actor, we cannot leave the decision-making of this new digital money to governments and central banks. This new performance is the sequel to 'Taken by the Bank' and will be released in February next year. You can watch the full conversation with van Houts about money and money creation below.
This contribution comes from Geotrendlines
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On behalf of Holland Gold, Paul Buitink and Joris Beemsterboer interview various economists and experts in the field of macroeconomics. The aim of the podcast is to provide the viewer with a better picture and guidance in an increasingly rapidly changing macroeconomic and monetary landscape. Click here to subscribe.
