This was a great comment, greatly appreciated. However, to respond to just your part at the end... I don't think congress will approve of a digital currency where all your transactions are knowable. Several in Congress have actually commented on exactly that recently, though I can't find the links off the top of my head...
Regarding much of the rest of your comment...
Nothing in there screams of not further can kicking and bailouts, should fit hit the shan. They will keep printing and bailing out until they simply can't anymore and I really don't think we are at the point yet. As long as people keep accepting the dollar (which they are as evidenced by its reserve currency status), the merry-go-round will continue to go round and round and the game goes on...
The US gov as well as most others would not want the records of money movements that would be recorded even in a centralized blockchain. This would create problems under a future administration. Also the funding of black ops would leave trails that most would not want. However in a centralized approach I guess you can do what you want. This is likely why the Pentagon has lost track of 35 trillion. source
I see many forks in the road on where this goes. But a total reset of the financial system is likely. As I note often, you only need to get the people to want it, similar to the method used on the movie The Hunt for Red October . And when people have not earned pay in 12 weeks and their 401k has dropped 88%, the people will want it.
The current financial system was created after a train ride to Georgia, I am curious who and where the next financial system will be spawned, as well as who will write that book.
Cheers
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