Back in 2017, the IMF published a creepy paper offering governments suggestions on how to move toward a cashless society even in the face of strong public opposition. It hasn’t been in the news a whole lot lately, but the war on cash undoubtedly continues. In fact, the Chinese Communist Party (CCP) may be planning to embrace the idea as another weapon to wield against its people.
In August, the People’s Bank of China said it was close to launching a digital yuan. This could take the first step toward pushing China toward a cashless society.
Last week, Pres. Donald Trump nominated Marvin Goodfriend to fill a vacancy on the Federal Reserve Board of Governors. When we reported the news, we called him “another swamp creature” – a member of the Washington D.C./Wall Street clan Trump promised to drain away.
We’re not alone in our thinking. In an article on the Mises Wire, Tho Bishop called Goodfriend’s nomination “a dangerous act of outright betrayal to Trump’s core constituency of working-class voters.”
It’s true Goodfriend’s views on monetary policy don’t fit in with the current Fed status quo. But that’s not a good thing. Goodfriend isn’t a fan of the conventional radical policy of quantitative easing. He’s actually a proponent of an even more radical policy.
Following is Bishop’s analysis in its entirety.
Pres. Donald Trump has nominated another swamp creature to sit on the Federal Reserve board of governors.
Marvin Goodfriend does not come from the ranks of politicians. He’s an academic – an economics professor at Carnegie Mellon University. But he’s perfectly suited for the role of central planner. He fits right in with the other central bankers running what investment guru Jim Grant once called “the Ph.D. standard” monetary system, as opposed to the gold standard.
Australia is moving toward regulating cryptocurrencies like Bitcoin and Ethereum under new anti-money laundering legislation.
According to the Australian Broadcasting Corporation (ABC), Parliament will vote on the measure this week. If it passes, it will place Bitcoin and other cryptos under the auspices of Australia’s financial regulatory agency.
