Narrow money is a category of money supply; it is physical money such as coins and currency, demand deposits, and other ...

All forms of money are not equal. The highest rung is occupied by cash. The only digital asset capable of replicating such a safe position is a CBDC. Safe in terms of liquidity and counterparty risk.

The Biden administration has been something of a disappointment on financial privacy and central bank digital currencies (CBDCs), but it’s not as though their policies are a break from the past. The ...