Today’s happy picture

And something important (from google/wikipedia):

Was Austria-Hungary Catholic?

According to church membership data, in 2023 50.6% of the population were Catholics and 2.7% adhered to Protestant churches. Austria was historically a strongly Catholic country, having been the centre of the Habsburg monarchy (1273–1918) which championed Catholicism.

Kinsey:

Dear reader of baardach

Right now I will just write something. So, reallll stupid I got another stock today. Raiffeisen International AG from the Wiener borse. And I googled, It’s not the Habsburgers anymore in Austria. Or so.

So.

Shortly after I received the stock certificate, I opened the Bible randomly, and this came: (in Dutch):

Niet geeft op woeker, noch overwinst neemt, zijn hand van onrecht afkeert, waarachtig recht tussen den een en den ander oefent; Ezechiël 18:8

Current value:

Raiffeisen Int AgEUR29,41

Photograph of Empress Elisabeth of Austria, the day of her coronation as Queen of Hungary, 1867. (picture from https://en.wikipedia.org/wiki/Empress_Elisabeth_of_Austria)

What was the CH national debt again?

Dit zijn resultaten voor how can i pay off a bit of the swiss national debt

AI-overzicht

You can contribute to reducing the Swiss national debt by making a direct payment to the Swiss government, or you can participate in the economy through taxes or by supporting economic growth. A more practical approach for individuals is to pay any personal debts they may owe, which indirectly supports the economy. While individual citizens cannot directly “pay off” the national debt, their financial activities, such as paying taxes and avoiding personal debt, contribute to the overall national financial health. 

Answer from GOOGLE

ALPHA GEMINI REPLY google.com/gemini

The idea of digital cash, and specifically whether existing bank holdings could be considered an “upgrade,” is a complex and evolving topic. It’s not a simple “yes” or “no” answer, as it involves different concepts of what “digital cash” means and what the intended goals of such an upgrade would be.

Here’s a breakdown of the key considerations:

What is Digital Cash?

Digital cash is money that exists purely in electronic form. Your current bank holdings are already a form of digital money. When you use a debit card, make an online payment, or set up a direct deposit, you are using this form of digital money. The key difference between this and “upgraded” digital cash lies in who issues and controls it, and the underlying technology.

  • Bank-issued Digital Money (Current System): The money you have in your bank account is a liability of a commercial bank. It’s an IOU from the bank to you. While it’s digital, it’s not a direct claim on the central bank. Your transactions are recorded and processed by your bank.
  • Central Bank Digital Currency (CBDC): This is a new and distinct form of digital cash. A CBDC would be a digital form of a country’s fiat currency that is a direct liability of the central bank. It would be different from the money in your bank account because it would be a direct claim on the central bank, just like physical cash. This is the “upgrade” many governments and financial institutions are exploring.

Would Bank Holdings as Digital Cash Constitute an Upgrade?

The question isn’t so much whether bank holdings are an upgrade, but whether a transition from the current system to a new form of digital cash, like a CBDC, would be an improvement.

Potential Upgrades/Advantages of a CBDC:

  • Improved Payments: CBDCs could make payments faster, more efficient, and potentially cheaper, especially for cross-border transactions. They could cut out intermediaries, making transactions instantaneous.
  • Financial Inclusion: For people who are unbanked or underbanked, a CBDC could provide a more direct and accessible way to participate in the financial system without needing a traditional bank account.
  • Monetary Policy: A CBDC could give a central bank a new tool for implementing monetary policy, allowing them to directly inject or withdraw money from the economy.
  • Security and Resilience: A CBDC could offer a secure, government-backed form of digital payment that is less volatile and more secure than other forms of digital currency, like some cryptocurrencies.
  • Reduced Costs: It could reduce the operational burden and costs associated with producing, transporting, and securing physical cash.

Potential Disadvantages/Challenges:

  • Privacy Concerns: Unlike physical cash, which is largely anonymous, a CBDC could create a digital trail for every transaction. This raises significant privacy concerns about government surveillance of spending habits.
  • Security Risks: While more secure than some other digital currencies, a centralized CBDC system could be a single, high-value target for hackers, posing a national security threat if compromised.
  • Impact on Banks: The introduction of a CBDC could lead to a large-scale withdrawal of funds from commercial banks, potentially affecting their ability to lend and creating a “digital bank run” in times of financial stress.
  • Technological Literacy: Widespread adoption of a new digital currency would require a certain level of technological literacy, which could disadvantage some demographics.
  • Offline Functionality: One of the key advantages of physical cash is that it works without electricity or internet connectivity. Ensuring a CBDC has offline functionality is a major technical challenge.

In summary, the transition to a new form of digital cash, particularly a CBDC, is a potential upgrade in terms of efficiency, security, and financial inclusion. However, it also presents significant risks and challenges related to privacy, security, and the stability of the existing financial system. It’s a trade-off that countries around the world are currently evaluating. The money you hold in a bank is already digital, but a future “upgrade” would likely involve a new system that is a direct liability of the central bank, fundamentally changing the nature of how we use and hold money.