Global Currency Reset

[yota691]

US Treasury to Recommend Issuing Digital Dollar if in National Interest: Source

The Treasury Department, in what may be its most important recommendation spurred by President Joe Biden’s executive order on crypto, will suggest how to move forward on a CBDC.

By Jesse Hamilton

Sep 8, 2022 at 4:02 p.m. EDT

Updated Sep 8, 2022 at 4:03 p.m. EDT

 

 

The U.S. Department of the Treasury (Jesse Hamilton/CoinDesk)

 

The U.S. Treasury Department will advise the federal government to press forward on work to issue a digital dollar, though it should only take the final step if there’s sign-off that the government-created tokens are in the “national interest,” according to a person familiar with a report emerging soon.

The question of national interest will depend on further approval of the Biden administration and – potentially – action by Congress, said the person, who requested anonymity because the Treasury’s “Future of Money” report hasn’t yet been released. This national-interest decision is made murkier by the question of whether U.S. legislators need to pass a law to authorize the Federal Reserve to create a central bank digital currency (CBDC) – a question that may be answered soon in a separate analysis.

President Joe Biden’s executive order this past March called for crypto recommendations from several corners of the federal government, and many of those reports have come due. The Treasury’s document on how to handle the question of a digital dollar – expected to be released in the coming days – is among the most eagerly awaited, because issuing such a token could upend the digital assets industry and have major implications for consumers’ relationships with traditional banks.

 

A spokesman with the Treasury Department declined to comment on the report.

Still, the final decision on issuing a CBDC belongs with the Fed board, and Chair Jerome Powell – along with other senior Fed officials – has repeatedly stated the central bank won’t move without support from the administration and Congress. So far, the Fed has been reticent to clarify what congressional approval needs to look like, despite Republicans’ best efforts to dig out a response.

The Department of Justice may soon answer whether the project requires the backing of a new law when it issues its own crypto report. If Justice says the president is the only one who needs to decide whether a CBDC is in the country’s best interest, Powell and the board will have a choice to make: What signal of support do they need from Congress?

While the “Future of Money” report won’t explicitly provide an administration endorsement for the digital dollar, it will suggest potential ideas for how it could be designed, the person said. It will also highlight work being done on a government real-time payments system expected to begin next year, which may take some pressure off the CBDC decision.

 

Long-term project

Though other nations – such as China – have moved ahead with CBDCs, President Biden hasn’t yet made his view known on whether he’d favor issuing a government token.

Even if Biden, Congress and the Fed eventually decide to put out a digital dollar, it could take as much as five years to design and launch one, according to Fed Vice Chair Lael Brainard. That would give the crypto industry a long time to establish private stablecoins as an alternative for users. Fed officials have said they believe there would be room for the private sector to operate dollar-pegged cryptos alongside a public token.

The industry inadvertently shoveled some fuel into the CBDC fire this year when one of the largest stablecoins – algorithmic terraUSD (UST) – imploded and sent damaging shockwaves through the rest of the crypto infrastructure. Since then, regulators and lawmakers have been wary of stablecoins, which are meant to be the steadiest part of the crypto market because of their ties to underlying assets such as the dollar.

CBDCs have also been praised as a possible solution for widening financial access to consumers who don’t, or can’t, use banks.

“Unlike private digital assets, a CBDC issued by the Federal Reserve would be backed by the full faith and credit of the U.S. government, like the dollar bills in our wallets,” said Rep. Maxine Waters, (D-Calif.), the chairwoman of the House Financial Services Committee, in a statement earlier this year. She said a digital dollar could “hold the promise of deepening financial inclusion for underserved communities as more economic activity moves online.”

 

Fed officials have assured the wider financial industry that it would still have the role of managing customers’ digital dollars, and that the central bank wouldn’t have direct digital accounts for consumers.

To date, Biden’s executive order has produced three reports – including one on Thursday that focused on crypto’s environmental record. That document made a splash because it called for environmental standards for the industry and suggested that a failure to improve could lead to recommendations that crypto’s proof-of-work mining be limited or even banned.

[yota691]

The Future of Money

[HowieC]

If this administration is able to push through a digital dollar as the sole system.......The citizens of this great Country are so s*rewed  forget about it.

For my own sanity...I have to believe it won't happen.

 

[msan]

It wont happen…. 💪🏼 There are others things in play… soon 🙏🏻🙏🏻🇺🇸🙏🏻🙏🏻🙏🏻

[yota691]

The World Bank warns of a global economic recession due to raising interest rates

The global economy is now undergoing its sharpest slowdown in the wake of the recovery that followed the recession of 1970

 September 16, 2022 12:26 AM

 

 

Mubasher: The World Bank warned, in a study today, Thursday, that the global economy is on its way to a global economic recession, with central banks around the world simultaneously raising interest rates to combat persistent inflation.

The World Bank added, in a new study to the world's 3 largest economies, that the global economy is now undergoing its sharpest slowdown in the wake of the recovery that followed the recession in 1970, and that consumer confidence has already fallen more sharply than in the period leading up to previous global recessions. , according to the Middle East News Agency.

He pointed out that the world's 3 largest economies, the United States, China and the eurozone, are slowing sharply.

“Global growth is slowing sharply, and there is the potential for a further slowdown as more countries enter recession,” said David Malpass, president of the World Bank, and expressed concern that these trends would continue, with serious consequences for emerging markets. and developing economies.

The bank stated that simultaneous increases in interest rates globally and related policy measures are likely to continue in the coming year, but they may not be sufficient to return inflation to levels it was at before the Covid-19 pandemic.

To push inflation down, central banks may need to raise interest rates by an additional 2 percentage points, on top of the 2 percentage point increase already achieved above the 2021 average.

Malpass said policymakers should shift their focus from reducing consumption to boosting production, including efforts to create additional investment and increase productivity.

[Longtimelurker]

23 minutes ago, yota691 said:

The World Bank warns of a global economic recession due to raising interest rates

The global economy is now undergoing its sharpest slowdown in the wake of the recovery that followed the recession of 1970

 September 16, 2022 12:26 AM

 

 

Mubasher: The World Bank warned, in a study today, Thursday, that the global economy is on its way to a global economic recession, with central banks around the world simultaneously raising interest rates to combat persistent inflation.

The World Bank added, in a new study to the world's 3 largest economies, that the global economy is now undergoing its sharpest slowdown in the wake of the recovery that followed the recession in 1970, and that consumer confidence has already fallen more sharply than in the period leading up to previous global recessions. , according to the Middle East News Agency.

He pointed out that the world's 3 largest economies, the United States, China and the eurozone, are slowing sharply.

“Global growth is slowing sharply, and there is the potential for a further slowdown as more countries enter recession,” said David Malpass, president of the World Bank, and expressed concern that these trends would continue, with serious consequences for emerging markets. and developing economies.

The bank stated that simultaneous increases in interest rates globally and related policy measures are likely to continue in the coming year, but they may not be sufficient to return inflation to levels it was at before the Covid-19 pandemic.

To push inflation down, central banks may need to raise interest rates by an additional 2 percentage points, on top of the 2 percentage point increase already achieved above the 2021 average.

Malpass said policymakers should shift their focus from reducing consumption to boosting production, including efforts to create additional investment and increase productivity.

Won't be long now.. I'm guessing by the end of October, possibly end of September 

[Luigi1]

1 hour ago, Longtimelurker said:

Won't be long now.. I'm guessing by the end of October, possibly end of September 

 

The NWO wants a global economic recession.   It gives them more power & control over all us slaves.

[Longtimelurker]

9 hours ago, Luigi1 said:

 

The NWO wants a global economic recession.   It gives them more power & control over all us slaves.

Agreed, the white hats need a crash too so why not let it happen under (fake) Biden 😎

Edited September 16, 2022 by Longtimelurker

[Longtimelurker]

Biden will be un-masking soon according to Julie Green 👍

[HowieC]

This is what the QFS IS BEING RUN ON! 

[screwball]

On 9/12/2022 at 11:55 PM, msan said:

It wont happen…. 💪🏼 There are others things in play… soon 🙏🏻🙏🏻🇺🇸🙏🏻🙏🏻🙏🏻

Correct 

[yota691]

The World's Currencies Are Falling Against The Dollar's Intransigence

01/10/2022

9

Earth News/ The dollar made huge gains at the end of the third quarter of this year, despite its decline last week. This wild rise of the US currency raises fears of greater collapses of other currencies, and threatens a major crisis that the world has not witnessed since the Asian crisis in 1997.

The dollar index - which measures its performance against a basket of major currencies - rose by 7.1 percent, during the third quarter of this year, to reach about 112.1, maintaining its highest level in 20 years.

Since the beginning of the year, the dollar index has risen by about 17.9 percent, to be the only winner among the major major currencies, supported by a series of interest increases by the Federal Reserve to curb inflation.

On the other hand, the euro fell by 6.5 percent in the third quarter, deepening its losses since the beginning of the year, which amounted to about 13.8 percent, and to remain below the level of parity with the US currency at $0.9802.

Because of the rise in the dollar and the increase in interest, gold "loses its luster"

The British pound was not spared from these declines against the dollar, and it fell by 8.3 percent in the third quarter, to reach about $1.1170. Its losses since the beginning of the year amounted to about 17.5 percent.

And during the past week, the pound sterling fell to its lowest level in its history, before recovering some of these losses, after the British government announced a stimulus plan that raised fears of the country’s debt inflation and exacerbation of inflation.

The Japanese yen was worse fortunate this year, as it fell during the third quarter by more than 6.2 percent to about 144.74 dollars, and its losses in the first nine months of the year amounted to about 20.5 percent.

Big gains in the dollar have also hit the currencies of many emerging markets, sending the Indian rupee, the Egyptian pound and the South Korean won to levels never known before.

The decline in the currencies of some countries, such as China and Japan, raised fears of a repeat of the 1997 Asian crisis caused by the devaluation of the Thai baht currency, which was followed by Malaysia, the Philippines and Indonesia, which panicked foreign investors and led to mass withdrawals, to the extent that several drowned Countries on the continent into recession and bring South Korea to the brink of default.

 

[HowieC]

Will H.R. 9157 Put America Back on the Gold Standard? (usgoldbureau.com)