Iran, Russia planing the token of the Persian Gulf backed by gold

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News Date: January 16, 2023

Iran and Russia want to issue a new stablecoin backed by gold.
The potential stablecoin aims to enable cross-border transactions instead of fiat currencies like the U.S. dollar, the Russian ruble or the Iranian rial.
The "token of the Persian Gulf region" would serve as a payment method in foreign trade.
Sources: cointelegraph.com

H.R.25, A bill to repeal the income tax

H.R.25
A BILL To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled.
Source:https://www.congress.gov

Philadelphia FED researchers suggest gold standard

Researchers at the Federal Reserve Bank of Philadelphia say switching to the gold standard could stabilize prices.
In their February working paper, researchers at the Federal Reserve Bank of Philadelphia suggest that adopting a gold standard could lead to long-term price stability.
Jesus Fernandez-Villaverde and Daniel Sanches argue that inflation and deflation would become temporary events in a hypothetical small open economy operating under the gold standard.
> Centralbanking

H.R.5404, a bill to define the dollar as a fixed weight of gold

H.R. 5404 is a bill introduced by Rep. Alex Mooney (R-WV2) that would bring the U.S. back to the gold standard once and for all. It would take effect exactly 30 months after the bill was passed, to allow an adjustment period in the American economy. Interestingly for a Republican-introduced bill, if the bill was enacted any time after July 2018, that 30-month window would come under the administration of the 2020 election.
Source:congress.gov

Trump vows to End Taxes on Overtime

Donald Trump announced the extension of his tax cuts program during a rally in Tucson, Arizona, following his recent pledge to end taxes on tips.
"As part of our additional tax cuts, we will end all taxes on overtime";
"The people who work overtime are among the hardest working citizens in our country";
"When you pass 40 hours a week, your overtime hours will be tax-free", Trump said.

The FEDs independence Days Are Numbered

Sometime back in March, the Federal Reserve began quarantining cash bills arriving from Asia. The move was meant to protect Americans from the coronavirus, but it was not entirely necessary. Cash usage was already at an all-time low.
The Fed is going to buy stocks. I do not know precisely when , but it will happen, and probably soon. It does not want to buy stocks but knows it is too dangerous to rule out. Since financial markets are like teenagers - continually testing boundaries - expect the Fed to keep getting pressed on this issue.
Sources:www.forbes.com, www.barrons.com