Fiat destruction. Crypto or gold?

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News Date: December 26, 2020

The world stands on the threshold of monetary hyperinflation with the US dollar leading the way. The final months of fiat money are coming into view.
The final solution is bound to be with central banks and government treasury departments retaining their control as issuers of money by the only means at their disposal: deploying their gold reserves to back their currencies, not as fiat, but as credible gold substitutes.
The crypto cohort is likely to have an important effect, in that it sparks an early realization in a growing part of the wider population about what government is doing with money. That is likely to speed up the collapse of fiat currencies compared to what would otherwise occur.
The flexibility in the supply of monetary gold and the stability of prices allows the original rate of interest to be both low and stable. It allows entrepreneurs to do business calculations with a high degree of certainty, knowing in terms of goods the value of money. And savers, who provide the monetary capital for future production can be confident of the future capital value of their savings when lending them for business investment purposes.
Sources: kingworldnews.com, www.zerohedge.com

Russia to test payments in digital currencies

Russia is ready to start testing payments in digital currencies with China or countries of the Eurasian Economic Union and will promote the idea with its partners,
Russian Finance Minister Anton Siluanov told state media in remarks published on Monday.
Siluanov: "We discussed this topic at the end of last year at the inter-ministerial dialogue."
He restated that any foreign acts involving Russian assets would be met with an equal response from Moscow.

Egypt to trade in local currencies with BRICS

Egypt will abandon the US dollar, establishing trade with BRICS countries in local currencies. Egypt has announced that they are ditching the US dollar in their trade with China, Russia, and India.
"Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China," Egyptian Supply Minister Ali Moselhy told Reuters.
Last year, Egypt formally applied to join BRICS and the SCO.

Donald Trump vows big tax cuts again

February 6, 2025:
Treasury Secretary Scott Bessent calls for Trump's tax cuts package from 2017 to be extended permanently before their expiration this year, rather than a temporary extension.
October 24 update:
Wall Street Journal: Trump Treasury pick Scott Bessent to prioritize tax cuts.
Older news:
Donald Trump promised big tax cuts for all Americans if elected president, while discussing a range of economic strategies during a large rally held in New Jersey on May 11th.
"Instead of a Biden tax hike, I'll give you a Trump middle class, lower class, business class, big tax cut. You're gonna have the biggest tax cut.", he stated.

FED Rigged the Game... And, they got caught

Dallas Fed President Kaplan to retire early on Oct. 8, citing trading disclosure distraction.
Boston Fed President Eric Rosengren To Retire After Ethics Issue.
Rosengren retires because of health issues. From a week ago: He made as many as 37 separate trades in the four REITS while the Fed purchased almost $700 billion in mortgage backed securities.
Federal Reserve Chairman Jerome Powell has ordered a review of ethics rules for the central bank after an outcry over officials owning individual securities.
Fed Chief Powell, other officials owned securities central bank.
Sources: www.cnbc.com, www.zerohedge.com

Basel III endgame strikes the Federal Reserve

U.S. Federal Reserve officials, led by Fed Vice Chair Michael Barr, are exploring changes to the 'Basel III endgame' overhaul for bank capital regulations.
This includes reconsidering operational risk calculations and potential offsets for mortgage servicing.
It marks a significant shift as the Fed acknowledges concerns from the banking industry about the policy's impact on lending.
Here is Michael Barr's statement:
'We want to make sure that the rule supports a vibrant economy that supports low - and moderate-income communities, that gets the calibration right upon things like mortgages.
So the public comment that we're getting on this is really critical for us getting it right. We take it very, very seriously.
That program was really designed in that emergency situation. It was designed for that emergency to say, we want to make sure that banks and creditors of banks and depositors banks understand that banks have the liquidity they need.'