Free Republic

Ten members of the banking community are working with the New York Innovation Center (NYIC), which is part of the Federal Reserve Bank of New York, to explore the feasibility of the regulated liability network (RLN) — an interoperable digital money platform. The proposed RLN would use distributed ledger technology to improve financial settlements and would include central banks, commercial banks and regulated non-banks, the participating firms said Tuesday (Nov. 15) in a press release. “The 12-week PoC [proof of concept] will test a version of the RLN design that operates exclusively in U.S. dollars where commercial banks issue simulated...

WASHINGTON (TND) — Now is a good time to check that $2 bill stuffed away in a drawer or old wallet. The unique currency has been in circulation since the 1860s but some people are finding them to be upwards of $4,500, according to U.S. Currency Auctions. Several editions of the bill have been in circulation with the most recent being designed in 1963, the U.S. Treasury Department notes. Some feature Thomas Jefferson's face, Alexander Hamilton or America's first secretary of the treasury. A bill's worth depends on several factors including if it was in circulation. Uncirculated bills with red...

Iraq will ban the US dollar from the start of next year as the global movement against the greenback gathers pace, one of the country's top financial policymakers told Reuters. People won't be able to withdraw cash in dollars or use the greenback in transactions from January 1, 2024, Iraqi central bank director-general of investment and remittances Mazen Ahmed said in an interview with the outlet.

New report from industry researchers finds that 95 percent of the once-hyped crypto assets have hit rock-bottom valuation NFTs, or non-fungible tokens, once vaunted as a revolution in crypto and digital art, are largely worthless. Upon analysis of 73,257 NFT collections, the authors found that 69,795 have a market cap of zero Ether (ETH) The study estimates that some 23 million investors own these tokens of no practical use or value. What’s more, supply vastly outstripped demand for NFTs. Just 21 percent of the collections included in the study can claim full ownership, meaning around four out of every five...

The Group of 20 leaders have agreed to a plan to eventually impose digital currencies and digital IDs on their respective populations, despite fears that governments will use them to monitor their peoples' spending and crush dissent. The G20, which is currently under India’s presidency, adopted a final declaration on the subject over the weekend in New Delhi. The meeting, which included the world’s leading economies, announced last week that they had agreed to build the necessary infrastructure to implement digital currencies and IDs.

Biden’s executive order gave the game away by stating that a U.S. digital dollar must ensure ‘financial inclusion and equity’ and monitor or mitigate ‘climate change and pollution.’President Joe Biden issued a sweeping executive order last year on Central Bank Digital Currency (CBDC), which “places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.” The Biden administration and its corporate media echo chamber want Americans to focus only on CBDC’s many benefits. But experiences in China, a nation that launched a digital currency in 2020, have shown that a...

According to Russian media, the BRICS Summit in South Africa was supposed to initiate the creation of a common gold-based bloc currency. Nothing like that happened. Moreover, a representative of one country said that the initiative had never been discussed. Russian propaganda television RT reported in early July that the BRICS group would announce an initiative to create a single currency in August. Its purpose was to be used in international trade, and thus reduce the role of the dollar in the world. The money was to be backed by gold or, according to later reports, backed by a basket...

Are the BRICS a threat to the U.S.?The summit of the so-called BRICS (Brazil, Russia, India, China, and South Africa) has closed with an invitation to join the group extended to the Emirates, Egypt, Iran, Saudi Arabia, Argentina, and Ethiopia.The summit has generated a lot of headlines about the impact of this widespread group of nations, including speculation about the end of the U.S. dollar as a global reserve currency if this group is perceived as a threat to the United States or even the International Monetary Fund.Several things need to be clarified.Many political analysts believe that China lends, invests,...

It’s official: the Brazilian Central Bank has announced the introduction of its CBDC (Central Bank Digital Currency). It’s called DREX, the acronym for Digital Real Electronic X (real is Brazil’s currency), and the finished logo reveals the project is, in fact, quite advanced. Here’s the meat of the Central Bank’s press release: DREX is coming to facilitate the life of Brazilians. With a new face, our Central Bank Digital Currency project – created and operated by the Brazilian Central Bank – has its own name. Previously called Real Digital, it will provide a safe and regulated environment for new businesses...

The government will set unlimited fines for banks that fail to protect access to cash, the Treasury said, in a major move against the march towards a cashless society campaigner Nigel Farage has called a “big win”. Banks in the United Kingdom will have to provide free-to-access cash withdrawals and deposits within one mile of a person’s home in urban areas and within three miles in rural areas according to new laws and rules being rolled out by the government to protect cash. Yet some pro-cash campaigners point out the change doesn’t go far enough, as retailers are still perfectly...

The use of the US dollar as a reserve currency is under threat — and the greenback is headed for a vicious cycle that will further erode its dominance, according to the Australian think tank the Lowy Institute. That's because the declining use of the dollar could lead to hyperinflation, which would, in turn, lead to higher interest rates as central banks combat high prices. And those rate hikes will weigh on asset prices like stocks, researcher Michael Roach said in a recent op-ed for The Interpreter, a publication run by the think tank. This outlook is furthered by speculation...

People in the eurozone area have until the end of August to help choose a theme for the next generation of euro banknotes, as the European Central Bank prepares to revamp single currency for the first time in 20 years. (Euro banknotes are due to get a new look, as the European Central Bank prepares to overhaul their famously dull design.) The bank launched an online survey this week to get Europeans' views on seven potential themes for the new notes, which aren't expected to enter circulation until after 2026. The choices include birds, rivers and culture, as well as...

The Fed is becoming quite crafty when it comes to digital currency. They’re aware that it’s not popular, mainly because Americans are wary about handing control of their finances over to a government that could cut them off with a flick of a switch. So, in typical globalist fashion, they plan to “coax” you into using it by introducing the infrastructure as an option they know you’ll love. That’s precisely what they’re doing as we speak with this new FedNow program. This payment system, recently rolled out by the Federal Reserve, sets the foundation for the US government to essentially...

The Federal Reserve is about to launch its new FedNow Service, allowing banks to transfer money instantly. But what many describe as just back-end plumbing for real-time payments could be a slippery slope to an "evil" central bank digital currency (CBDC), according to Rich Checkan, President and Co-Founder of Assets Strategies International. "I'm a big fan of FedNow. But I don't like that it's a slippery slope that leads to the evil of CBDC," Checkan told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. "This is not happening tomorrow, but the cornerstone is being laid, and now is the...

China urged U.S. to fire Pacific Command chief Harris in return for pressure on North Korea BEIJING – China urged the United States to sack the head of the U.S. Pacific Command in return for exerting more pressure on North Korea amid concerns over its growing nuclear and missile threats, a source close to U.S.-China ties said Saturday. The Chinese leadership headed by President Xi Jinping made the request, through its ambassador in the United States, to dismiss Adm. Harry Harris, known as a hard-liner on China, including with respect to the South China Sea issue, the source said. China’s...

Of all the declared Republican presidential candidates, none has taken a tougher stance on the Federal Reserve than Governor Ron DeSantis. He’s criticized monetary policymakers for permitting rampant inflation. He’s defended the rights of crypto enthusiasts to own and transact digital assets free from heavy-handed regulators at the Fed and elsewhere. And he’s come down hard against a central bank digital currency (CBDC), which poses great threats to financial privacy and freedom. Except for inflation, these might seem like esoteric policy concerns of little interest to average voters. But the issue profiles are waxing. Americans are increasingly aware just how...

This addresses some of the questions I've had about the pros vs. cons of a reserve currency. (Source article has links)

The original idea of the “independent” administrative agencies was to place the details of governing a complex economy in the hands of wise experts. These experts would be removed from tawdry and corrupting political influences, and would straightforwardly apply neutral principles to achieve fairness and justice in our society. In the real world, every federal administrative agency, with especial emphasis on the supposedly “independent” ones, becomes larger, more power-hungry, and more corrupt with every passing year. Somehow, it’s in the nature of the job as federal bureaucrat to believe that you can perfect the world by seizing ever more power...

Here's a Tweet that caught my eye regarding the "fundamental problem" in China. What about the US and EU?Fundamental Problem in China"The fundamental problem — that Chinese people paid excessive prices for real estate because they thought the price would always go up — remains. And that means that someone will eventually have to take the losses."@Noahpinionhttps://t.co/I7m7fd3eWc — Michael Pettis (@michaelxpettis) June 3, 2023"The fundamental problem — that Chinese people paid excessive prices for real estate because they thought the price would always go up — remains. And that means that someone will eventually have to take the losses."Someone Will...

International Man: In practically every country, the allowable limit for cash withdrawals and transactions continues to be lowered. Further, rampant currency debasement is lowering the real value of these ridiculous limits. Why are governments so intent on phasing out cash? What is really behind this coordinated effort? Doug Casey: Let me draw your attention to three truths that my friend Nick Giambruno has pointed out about money in bank accounts. #1. The money isn’t really yours. You’re just another unsecured creditor if the bank goes bust. #2. The money isn’t actually there. It’s been lent out to borrowers who are...