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But before we get carried away with the novelty, I think we need to subject the promises of a CBDC to a careful critical analysis. A wide range of experts and commenters have suggested that the Federal Reserve should issue-and in fact may need to issue-a CBDC. In recent months, public interest in a "digital dollar" has reached fever pitch. Which brings us to my topic today: central bank digital currencies, or CBDCs. But the consequences can also be more serious. Sometimes the consequences are in hindsight merely puzzling or embarrassing, like that year in the 1980s when millions of Americans suddenly started wearing parachute pants. But, especially when coupled with an equally American susceptibility to boosterism and the fear of missing out, it has also sometimes led to a mass suspension of our critical thinking and to occasionally impetuous, deluded crazes or fads. In the main, it has served us and the world well, by making America the home of so many of the scientific and practical innovations that have transformed life in the 21st century from that of the 19th. I have been reflecting recently, and in connection with this speech, on America's centuries-long enthusiasm for novelty.

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