Loading ...I read it, and there is a lot I can say about it, but why bother. Re this one part:
“We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Jay Powell, Fed chair, said in a statement.”
Comment: The way I interpret paragraph is that he knows the system is too complicated and distorted and they don’t know what to do anymore, and want other people involved so they get off the hook.
They had no business gradually going off the Gold standard and fooling around with the invisible hand of capitalism. They are SCREWED and the whole system is VULNERABLE. There was zero inflation all thru 1800s and up to about 1930, prices were flat to lower for over 100 years. Maybe even in the 1700s I don’t know.
You didn’t need to ask for a pay raise, you could have the same Sears Catalogue for a hundred years, if you had a business, you never had to raise prices. The system had price stability with a Gold standard actual real money. What they did had growth advantages for the short term, 1913 until 9/11 and 2008, which ended the recent game, Bretton Woods 1945.
Actually, Bretton Woods ended in 1971.