David Brady Jr. discusses his recent article at Mises.org, in which he argues that the newly launched "FedNOW" system isn't a CBDC. Even so, there are dangers from FedNOW, such as exacerbating bank runs. David also explains the new Mises Apprenticeship program, of which he is a member. David's Article on Mises.org: https://Mises.org/HAP406a George Selgin Cato Article on FedNow: https://Mises.org/HAP406b Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: https://Mises.org/Nashville23 Chapters 00:00 Against Our Limitless Regime 01:00 Introduction 01:54 What is FedNow? 06:05 FedNow and Commercial Banks 10:35 Do Private Banks want a CBDC? 14:22 Does FedNow Bring Us Closer to a CBDC 15:53 FedNow as an Alternative to Digital Currency 21:13 Should You Be Worried about FedNow? 28:02 Reserve Requirements and Interest on Reserves 36:15 What Banks Can Use FedNow? 44:42 Mises University and the Mises Apprenticeship Program ... https://www.youtube.com/watch?v=vXPE9ZLB6mA

Central banks — and central bankers — are in uncharted waters. They don't know how to create economic growth, they don't know how to fight the great bogeyman of deflation, and they don't know how — or if — they'll ever be able to return to a time of "normal" monetary policy. Their pretense of knowledge, of being able to effectively control currencies used by billions of people, is coming to an end. But it's not just an academic issue — all of us are affected by the possibility of negative interest rates, prohibitions on cash, and bank bail-ins. Will you be able to get cash out of your bank or money market account if the economy suffers another crash like 2008? Will governments force us into cashless, digital-only payment systems, tracking our every purchase and creating black markets in the process? Will you have to pay your bank, in the form of negative interest rates, for the privilege of holding your money? And will your deposits take a haircut if your bank suffers losses from its bad loans? Jeff joins Jay Taylor on his radio show to discuss how both central banks and commercial banks are poised to change your life in some very unpleasant ways. ... https://www.youtube.com/watch?v=jKKDvN2HLbQ