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Copyright © HT Digital Streams Limited All rights reserved. Whitmer: ‘If You’re Tired Of Lockdowns, Wearing Masks’ Or Not Attending Church, Vote Trump Out, Clemson University claims that wanting someone to be on time might be racist. (adsbygoogle = window.adsbygoogle || []).push({}); ©2020 by • The idea didn't seem to move very much three years ago, but now the idea of a central bank-controlled "Fedcoin" seems like it could be moving closer to reality, according to a Reuters report from February 5. It's easy to blast Federal Reserve money printing. Until that gets sorted out, you can consider other options to protect your retirement with a tangible asset that can't be converted into digital form. This is all due to the virus of course. If you're unfamiliar with blockchain technology, you're not alone. Originally, the "Fedcoin" idea appeared to be a security enhancement to a century-old system used for clearing checks and cash transactions called Fedwire. In terms of future individual freedom, this would be a nightmare. How does the Fed put money in the economy? Economists warned that the reading was especially worrying given that, apart from school closures, there had been no major European-style lockdowns put in place, indicating that the collapse in activity in Europe could worsen over the coming weeks. That’s the prediction of currency guru Doug Casey who has an uncanny record of … Discover more by clicking here now. The G7 intervention came as closely watched surveys of business activity revealed the early economic damage from the rapidly escalating crisis. What’s the Cantillon effect and how is it connected? FAIR USE NOTICE: This site contains copyrighted articles and information about environmental, political, human rights, economic, democratic, scientific, and social justice issues, etc. Pessimist. . It would put in the hands of the government the potential to create a digital currency with the ability to track all transactions in an economy---and prohibit transactions for any reason. . The world’s seven key western economies also sought to calm mounting fears of a global depression on Tuesday by pledging to do whatever it takes to get through the coronavirus pandemic. Lawmakers try to package and sell whatever ideas they come up with, no matter how intrusive or ineffective they might be. Here's how a piece on Motley Fool describes it: The digital and decentralized ledger that records all transactions. .authImage{float:left;margin-right:10px;height:60px;}.artPgByline,.artPgDate{display:block;margin:0 0 3px 0 !important;float:left;width:330px;}span.artPgByline:first-of-type {margin-top: 5px !important;}.cta_brand{display:none !important;}.an-summary{display:none !important;}.an-special{display:none !important;}div#nmWidgetInstream-text div.nmWidgetInstream-post {margin:0 !important;}div#nmWidgetInstream-text div.nmWidgetInstream-post a {text-decoration:underline !important;}div#nmWidgetInstream-text div.nmWidgetInstream-post a.nmTitle{padding:0;}div#dfp2 {left:-10px;}.DFPInArticleNMX a {font-size:16px;text-decoration:underline;}#mainArticleDiv p:last-child {font-size: 15px;line-height: 20px;}#mainArticleDiv p:last-child > a {font-size: inherit;font-weight: bold !important;} The Dow Jones recorded its best day since 1933 as it gained 11.4%, or 2,113 points, while the FTSE 100 posted its highest ever gain, of 452 points, as it rose 9% to 5,446. I do that pretty much every time I write an article on finance. The idea behind putting money into the economy was to drive down interest rates and hope that people and businesses borrow and spend more, and in the process revive the American economy. Current | Bio | Archive. Issuing a joint statement following criticism of some world leaders over the lack of a united response to the unfolding crisis, the group of wealthy nations said: “We will do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system.”. Possibly true tales of sanity-blasting horror also known as abject reality. . In case you can’t find any email from our side, please check the spam folder. “I’ve talked about the money issue, the push for a cashless […] Chris Williamson, chief business economist at IHS Markit, said the virus-fighting lockdowns meant the US economy, the world’s biggest, was probably already in a recession. Jerome Powell, Chairman of the Federal Reserve clearly does not think so. Thanks to the Federal Reserve, the idea that you can go into a store and anonymously purchase something with cash might soon be obsolete. “Jobs are already being slashed at a pace not witnessed since the global financial crisis,” he added. If you use cash at a grocery store, no one will know who you are or what you bought unless it was caught on video or you use a reward card. American. Sounds reasonable, if taken at face value. © 2020 Newsmax Finance. ( Log Out /  Last Minute Prepping Advice: Be Ready For Literally ANYTHING! In the last one month, the Fed has gone slow on money printing and its balance sheet size has gone up by a mere 3.4%. At what rate has money been printed since Feb? The Fed prints money (or actually creates it digitally) and then uses that money to buy bonds. Click here to read the Mint ePaperMint is now on Telegram. In a potential prelude to a deep recession around the world, Germany and France also plunged to record lows. Please log in using one of these methods to post your comment: You are commenting using your account. Newsmax, Moneynews, Newsmax Health, and Independent. A Federal Reserve created digital coin could be one of the most dangerous steps ever taken by a government agency. Enter your email address to receive notifications of new posts by email. ( Log Out /  “I’ve talked about the money issue, the push for a cashless society. This money was pumped into the economy by buying bonds from financial institutions. Our nations are working together to fight the Covid-19 outbreak and mitigate its impact, treat those affected and prevent further transmission,” the G7 said. © 2020 Guardian News & Media Limited or its affiliated companies. In other words, Friedman believed that while rising prices for a single item (such as hand sanitizer circa March 2020) might be caused by a spike in demand and/or a depleted supply, economy-wide inflation is primarily driven by changes in the amount of readily available money. 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According to NASDAQ in 2017: This technology will bring Fedwire into the 21st Century. n an announcement to customers who might like to get new bills to give as Christmas gifts, a California credit union explains that the Federal Reserve will not be printing … //--> The excuse offered is that by ceasing printing new currency, it helps to “meet demand”. Right now, Bitcoin is a popular form of cryptocurrency that operates using blockchain technology. Thursday, 20 February 2020 05:03 PM By Peter Reagan All rights reserved. /* 336x280, created 4/6/09 */ Change ), You are commenting using your Google account. Keep discussions on topic, avoid personal attacks and threats of any kind. Change ), You are commenting using your Twitter account. ... Tue 24 Mar 2020 17.16 EDT First published on Tue 24 Mar 2020 07.11 EDT. Along similar lines, the $3 trillion printed by the Fed seems to have first benefited those in financial firms, by driving up stock prices.

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