Despite The Federal Reserve removing some of the monetary punch bowl, Bankrate’s 30-year mortgage rate declined to 6.77% yesterday.
Catch a rising yield and put it your pocket. European sovereign yield are up over 10 basis points today.
On this side of the pond, The Federal Reserve has begun their experiment with big banks using digital currency. This is a step towards going to a cashless economy.
Why is this terrifying? Blockchain technology is a fantastic innovation for processing payments given its ledger capabiliities. But that means that The Federal Reserve might be able to look at your complete history of expenditures. Or worse, perhaps even shut down your ability to make payments, This may lead to a China-style “social credit score” where the Fed and the Federal government punish people for driving “too much” increasing your carbon footprint or eating non-Federal government approved foods and lowering your social credit score.
Will there be safeguards? Allegedly, but remember the FBI hid Hunter Biden’s laptop prior to the Presidential election of late 2020. And HOW did our nation’s regulators completely drop the ball on Sam Bankman-Fried (or Spam Bankfraud)?
Thus, it is an Experiment in Personal Liberty Terror.
Sorry, the poster for Experiment In Terror looks like Biden sniffing a teenager girl.