Only shortly after bankers aligned with the IMF called for a globalized central bank digital currency platform, the Bank for International Settlements (BIS) has unveiled its "game changing" blueprint for privatized, unified control over global CBDCs. The Daily Hodl staff reports: The global central bank umbrella organization known as the Bank for International Settlements (BIS) has released a blueprint for the future of central bank digital currencies (CBDCs). In its new annual economic report, the BIS deploys the language of the blockchain and smart contract industry, saying the … [Read more...]
Gold, Silver, and Currencies
Young Research & Publishing has been providing research and insights on precious metals and currency markets to institutional investors, corporate financial officers, business owners, and individual investors for over four decades. Richard C. Young started Young Research & Publishing in the 70s to publish the authoritative Young's World Money Forecast, a 50-page monthly investment report on the precious metals and currency markets. Today, our research on gold, silver, and currencies is geared toward investors in or nearing retirement who are looking to preserve and protect wealth.
Markets Not Convinced by Turkey’s Attempt at a Reset
After winning reelection as Turkey's President, Recep Tayyip Erdogan replaced his central bank governor and finance minister with highly regarded personnel, aiming at a "reset" of sorts for his economic policy. The market so far has been unconvinced and has continued to punish Turkey's currency, the lira. Reuters reports: Turkey's lira weakened as much as 3.3% to a record low on Friday, extending losses a day after the central bank's large rate hike failed to assure markets that President Tayyip Erdogan was abandoning his long-held unorthodox policies. The lira touched a record low of … [Read more...]
DeSantis Calls CBDC Central Authority an Obvious “Wolf”
In a recent interview with John Stossel, Gov. Ron DeSantis explained that some wolves come dressed in sheep's clothing, so you don't see them until it's too late. Others are obvious. DeSantis says the problems with the central authority granted by central bank digital currencies (CBDCs) are obvious. In his words, "This is a wolf coming as a wolf." Stossel reports: President Joe Biden and the media are excited about something new: a Central Bank Digital Currency, or CBDC. It's a currency like Bitcoin, except controlled by the federal government. Not everyone is a fan. "Sometimes … [Read more...]
U.S. Senator Warns Against CBDCs
Sen. Bill Hagerty of Tennessee has warned against the dangers of implementing a central bank digital currency. Bitcoin.com reports: U.S. senator Bill Hagerty has warned about what he thinks are the true objectives behind the recent legal actions against exchanges like Binance and Coinbase, which have been charged by the Securities and Exchange Commission (SEC) with violating securities laws. Hagerty, a long-time critic of the SEC’s stance against crypto, believes that the organization is purposefully leading platforms out of the U.S. with a single objective: to establish a single central … [Read more...]
Republican Congressman Moves to Outlaw CBDC Tests in America
A bill introduced by Congressman Alex X. Mooney (R-WV) would "prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability of issuing a CBDC.” Mooney's press release introducing the bill follows: WASHINGTON, DC – Rep. Alex X. Mooney introduced H.R. 3712, the Digital Dollar Pilot Prevention Act to close the Federal Reserve’s Central Bank Digital Currency (CBDC) pilot program loophole. Specifically, this bill would prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability … [Read more...]
Is the Regulation Reaper Coming for Crypto?
Is regulation about to kill cryptocurrency? No one knows, but it is obvious regulators are ramping up the attention they're paying to crypto after the SEC accused Binance and Coinbase Global of violating the law. Barron's Jack Denton reports: Doomsayers have called the death of cryptocurrency many times since Bitcoin launched 14 years ago. This week provided another opportunity after the Securities and Exchange Commission accused two leading exchanges of violating a slew of U.S. laws. The crackdown against Binance and Coinbase Global COIN +1.41% (ticker: COIN) darkens long-term prospects … [Read more...]
China Increases Its Gold Reserves for Seventh Month Straight
China has been on a gold-buying binge, and has now increased its gold reserves for seven months straight. Sybilla Gross reports for Bloomberg: China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks. China raised its gold holdings by about 16 tons in May, according to data from the People’s Bank of China on Wednesday. Total stockpiles now sit at about 2,092 tons, after adding a total of 144 tons from November through last month. Central banks bought a record volume of gold last year as nations … [Read more...]
CBDCs Not “Just Another Form of Money”
At the Cato Institute, Norbert Michel and Nicholas Anthony explain that a "CBDC (central bank digital currency) is not 'just another form of money,' as some of its supporters have claimed." No other form of money gives governments the ability to control what you spend your money on, how much you spend, or even to take money back out of your account at a moment's notice. Michel and Anthony slam the recent defense of CBDCs by Paul Krugman. They write: This April Forbes column describes why central bank digital currencies (CBDCs) are a fundamental issue related to Americans’ freedom and much … [Read more...]
Does the Government Have a Plan to “Sneak Through” CBDCs?
In a recent podcast on Kitco.com, Robert Breedlove and Mark Moss suggest that resistance to central bank digital currency (CBDC) implementation is futile because governments will find ways to "sneak" them through. Watch: … [Read more...]
A Cashless Society Is A Debacle for Americans
UPDATE 3.21.23: Florida Governor Ron DeSantis has proposed a law banning the use of central bank digital currencies in the state of Florida. CoinDesk's Stephen Alpher reports: A legislative proposal from Florida Gov. (and possible Republican U.S. presidential candidate) Ron DeSantis would prohibit the use of a national central bank digital currency (CBDC) as money within his state. "Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a 'centralized digital dollar' which will stifle innovation and promote government-sanctioned … [Read more...]
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