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central banks around the world are now openly discussing creating a new financial system with a digital currency a lot of my viewers have been knowing this has been coming for years and now the time has come central banks like the federal reserve the bank of england and the european union the imf and the world bank are all calling saying we need a new digital currency central banks have been printing trillions and trillions of dollars and it's devaluing your money and as soon as people lose confidence in a currency if they print too much money then eventually the currency becomes worthless now if you're thinking the money used today like the notes and coins you use has always been money it hasn't throughout australia's history we've had multiple different currencies so let's now have a look at a couple of articles about how central banks would implement digital currencies so first i'll look at what the rba has to say on this and then i'll get into what the federal reserve is saying on this issue and if you think look i'm not going to listen to federal reserve that's in america doesn't you know it's not relative to us it definitely is because the federal reserve is the biggest central bank in the world and what they do other central banks may follow the reserve bank of australia says the case for creating a digital version of its banks notes and coins for the retail market has not been made out despite the shift away from cash during the pandemic so i have seen a lot of places aren't accepting cash anymore they want digital currency and look to be honest i mostly use digital now just tapping with my phone or with a mastercard it's a lot more easy convenient or you should have that option to be able to use cash if you want to and it expressed confidence existing laws will fend off any threat to fans currency from private stable coins like the one facebook is struggling to get off the ground so there we go they're saying it's a threat so they're they're now admitting you know it's a threat these stable coins because all you know of all sudden a lot of people start picking up these and not using fiat currencies you know it's supply and demand if there's less demand for the australian dollar less people using it it could devalue the australian dollar the bank revealed in a research paper it was closely monitoring the global debate about the pros and cons of central bank digital currencies cbdc's but remained skeptical about the idea and of course they always say this they said this about zero percent interest rates they said we're skeptic about zero percent interest rates they said that about quantitative easing but guess what they did it so you know when they say they're skeptic i think they may be skeptic at the...