Free Republic

If the Chinese yuan were to become the global reserve currency, it would, in essence, give the CCP the ability to cripple entire nations.In July 1944, 44 delegates from Allied countries came together during World War II in Bretton Wood, New Hampshire. The goal? Devise an international currency system to manage foreign exchange that would disadvantage no country and effectively facilitate post-war rebuilding and commerce. The outcome: The U.S. greenback would be the world’s reserve currency.It has been almost 80 years since, and all nations have been better off with a United States dollar-dominated world. World gross domestic product (GDP)...

The giant investment company's global influence on politics and economics is enormous. BlackRock is one of the most powerful organizations in the world, and its nefarious role in global economics and politics is becoming more apparent. The investment giant is pushing woke politics in the form of corporate social credit scores (ESG), which includes the dangerous “net zero” and LGBT agenda. BlackRock is also responsible for rigging the financial systems and has control over a significant portion of the world’s wealth. In order to fight back, we need to know what we are dealing with. In this article, we take...

While much of the financial transactions in the U.S. and globally are digital, a CBDC would be digital only and not available in a tangible form.. Florida could become one of the first states to reject via legislation plans by the Federal Reserve to implement a central bank digital currency. House Bill 7049 and related bill Senate Bill 7054 both define the terms of central bank digital currency and money for the purpose of the U.S Uniform Commercial Code, which is a uniformly adopted state law for the transaction of interstate commerce. Both bills would prohibit the use of both...

Ninety years ago, Franklin Roosevelt told Americans they had less than a month to hand over their gold or face up to ten years in prison. December 7, 1941 will forever be remembered as, in the words of Franklin Delano Roosevelt, “a date that will live in infamy.” Another infamous date is April 5, 1933—the day that FDR ordered the seizure of the private gold holdings of the American people. By attacking innocent citizens, he bombed the country’s gold standard just as surely as Japan bombed Pearl Harbor. On this 90th anniversary of the seizure, it behooves us to recall...

Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday that the U.S. central bank likely has more interest rate rises ahead amid signs the recent banking sector troubles have been contained. To keep inflation on a sustained downward path to 2% and keep inflation expectations anchored, Mester said she sees monetary policy moving “somewhat further into restrictive territory this year, with the fed funds rate moving above 5% and the real fed funds rate staying in positive territory for some time.” “Precisely how much higher the federal funds rate will need to go from here and for how...

The “novel” coronavirus pandemic marks the greatest turning point in U.S. monetary history since the creation of the Federal Reserve in 1913. In large measure, the “novel” coronavirus pandemic narrative serves as a convenient cover story that distracts from and even masks the Federal Reserve’s unprecedented maneuvers in 2020—maneuvers that happen to have been planned and discussed in August 2019 some four months prior to the first mention of any “novel” virus in Wuhan, China. What marks the Fed’s maneuvers in March 2020 as unprecedented really is not its sudden creation of $3.5 trillion in reserves; that amount, $3.5 trillion...

A major global outlet funded by leftist billionaire George Soros published scathing criticism by two economists blasting the Federal Reserve’s role in creating the pretext for the bank failures that rocked U.S. markets. Project Syndicate, which dubs itself as the “World’s Opinion Page,” published an op-ed by economists Raghuram Rajan and Viral Acharya headlined: “The Fed’s Role in the Bank Failures.” The authors iterated Silicon Valley Bank’s (SVB) historic collapse isn't merely linked to the fact that 90 percent of its deposits were “uninsured.” The problem, said Rajan and Acharya, “may be more systemic,” and it involves the Fed’s recklessness....

Economist Peter Schiff blasted the media aversion to acknowledging that the ongoing banking turmoil is in fact a “financial crisis” that could be worse than 2008. Schiff highlighted America’s record high credit card debt and the failing banks and noted that it wasn’t a coincidence that “both the borrowers and the lenders are broke.” The “reason for that,” said Schiff on the March 21 edition of One America News’ Real America with Dan Ball, “is the Fed. The Fed kept interest rates artificially low for more than a decade, encouraging people to go deeper and deeper into debt and banks...

Wokeness has replaced competence and merit across the banking sector, and San Francisco Fed Chief Mary Daly is the poster child of this pernicious trend. A protege of Treasury Secretary Janet Yellen and short-list candidate for Federal Reserve vice chair, Daly was supposed to be supervising Silicon Valley Bank but apparently was too busy playing politics and pushing woke agendas to regulate rogue banks like SVB, the second-biggest bank failure on record. ... Daly missed all the warning signs of runaway inflation, which led to the steep interest-rate hikes that made SVB’s investments worthless. ... she said inflation didn’t affect...

The United States Federal Reserve has confirmed a July launch date for its long-awaited instant payments system, seen by some as an alternative to central bank digital currencies and stablecoins. The instant payment network will settle payments in seconds and can support transactions between consumers, merchants and banks. It does not rely on blockchain technology. It’s a significant step for the government, as it is controlled by the Federal Reserve. Clearing House’s RTP network, which also offers real-time payments, is operated by a consortium of large banks. According to a March 15 announcement, the U.S. Fed said the debut of...

Sen. Elizabeth Warren (D-Mass.) on Sunday argued that the Federal Reserve should stop hiking interest rates in an effort to control high inflation. “I do not think he should raise rates,” Warren said of Federal Reserve Chair Jerome Powell on NBC’s “Meet the Press.” “I’ve been in the camp for a long time that these extraordinary rate increases that he has taken on these extreme rate increases are something that he should not be doing.”

Federal Reserve announces July launch for the FedNow Service For release at 5:00 p.m. EDT Share The Service will Debut with Financial Institutions and the U.S. Treasury on Board CHICAGO – The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch. The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system. Certification encompasses...

CNBC host Jim Cramer just can’t stop saying dumb things. The Mad Money personality is now claiming the recent banking fiasco in the past week means the Federal Reserve is turning a corner on inflation. Cramer apparently hadn’t learned from the mockery he received for his horrific February call that Silicon Valley Bank was a buy at $320 a share before the stock collapsed a month later. During the March 14 edition of his CNBC show, Cramer fawned how he had been a big “supporter of Jay Powell, our Fed Chief” — the same person who tried to hoodwink Americans...

BOTTOM LINE: SVB invested too much of its capital in U.S. government-backed bonds and then became a victim of the government’s irresponsible policies. Silicon Valley Bank (SVB), the 16th-largest bank in the U.S., collapsed last Friday, becoming the second-largest bank failure in U.S. history after the downfall of Washington Mutual in 2008. Unlike Washington Mutual, SVB’s failure is not due to reckless lending but has much to do with our government’s monetary and fiscal policies. Headquartered in Santa Clara, California, SVB was once the largest bank in Silicon Valley. Its geographical location meant that most customers were tech startup entrepreneurs...

Fallout from the Silicon Valley Bank collapse has directed attention to a $620 billion ticking time bomb in the banking system that has the potential to spell doom for the financial system. SVB's meltdown was partly caused by a chasm between its assets and what they were worth in the market. Eventually, SVB sold some of those assets, spooking investors and triggering a run on the bank. But SVB isn't alone, as banks across the United States were sitting on $620 billion in unrealized potential losses at the end of last year, per the Federal Deposit Insurance Corporation. That hole...

As America's economic turmoil continues to spread fear among consumers and depositors, U.S. Rep. Thomas Massie (R-KY) took to Twitter to explain how the clumsy hand of government — specifically the Federal Reserve — enabled both the "malfeasance" and "failure" of Silicon Valley Bank. First, Massie explained the Fed's role as "Santa Claus" by setting and keeping interest rates "artificially low" for years. That spurred economic growth and "nudged" those with cash to spend into venture capital which in turn necessitated an institution like Silicon Valley Bank. Let’s review the Federal Reserve Bank’s many roles, & how each of them...

Under this new digital currency, any transfer of funds to family, friends, charities, or clients would be able to be tracked by the nation's central bank that issued this virtual money. Big Brother will be in your wallet every hour or every day. You will not be able to buy a stick of gum without a Federal Reserve computer knowing where, when, and to whom you just put down a buck. We should be rightfully concerned about inflation, energy independence, aggressor nations armed with nuclear weapons, and woke public policies that denigrate the very foundation of this great country. But...

The Federal Reserve Chairman’s testimony to Congress next week is likely to be very succinct and can be summed up neatly as ” the risks of doing too little are far greater than the risks of doing too much,” economists said Friday. “The Fed is getting a little more hawkish than we pictured them at the end of last year,” said Michael Gregory, deputy chief economist at BMO Capital Markets. Powell will testify on Tuesday to the Senate Banking Committee and on Wednesday to the House Financial Services panel. Both hearings are set to begin at 10 a.m. Eastern. Recent...

In response to your recent December news release statement concerning “Principles for Climate-Related Financial Risk Management for Large Financial Institutions” and request for public comments, I have the following comment to your board. The intended purpose of the Federal Reserve is formulating U.S. monetary policy through the control of currency and interest rates, as well as promoting financial stability through the regulating of financial institutions. If members of the Federal Reserve are so concerned about climate, environmental and energy policies, then I strongly suggest that those members resign from the Federal Reserve. These former members could then simply seek other...

Before we get started this week, I want to show you a chart:Now, if this chart showed the stock price of a company, would you want to invest in it?If it’s the price of a commodity, would you be a buyer?What if you were already heavily invested in this enterprise? Would you hold on and hope for better days ahead? Or would you look at that long downward slide and cut your losses, just walk away?Now, when I say “long downward slide,” I do mean long. Here’s a bit more information…The chart above includes data for over a century –...