Digital Dollars: A Solution in Search of A Problem?

With cryptocurrencies posing a possible threat to the currency monopoly enjoyed by national governments, Adam and Jeff discuss the possible advantages and disadvantages of a digital currency backed by the full faith and credit (or whatever is left of it) of the United States.  Both are skeptical that there is any real benefit to be obtained by a full-blown switch to a digital currency because it would allow well-meaning nosy government bureaucrats to track every expenditure made by every citizen.  More to the point, if the government knows how you spend every dollar, then they can tax every dollar as well.  Adam and Jeff are not overly confident that the government would use the additional tax dollars any better than they have in the past.  They are also concerned that such information could be used to construct a social credit system similar to that now being used in the sunny worker's paradise of China in which each individual's actions can be penalized or rewarded based upon the favorability with which they are viewed by the all-knowing government overlords.