The current craze over all things digital, including calls for official crypto currencies, may have similarities with an unfortunate fashion fad, a top Federal Reserve official said Monday.
While “America’s centuries-long enthusiasm for novelty” has been mostly beneficial, Fed Vice Chair Randal Quarles warned that “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.”