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The Fed Has its Eyes on Stablecoinmises.org/power-market/fed-has-its-eyes-stablecoin
259 sats \ 4 comments \ @Rothbardian_fanatic 14 Feb conspiracy
With Central Bank Digital Currency (CBDC) banned by executive order, the Fed may have more incentive to explore alternatives in the cryptocurrency market. This week, Fed Governor Christopher J. Waller gave a speech titled: Reflections on a Maturing Stablecoin Market, sharing his thoughts on the potential role of the Federal Reserve in the private stablecoin market.
According to the Governor:
For the purposes of this speech, I define stablecoins as a type of digital asset designed to maintain a stable value relative to a national currency and backed at least one-to-one with safe and liquid assets.
Notice, he did not say one-to-one peg with the US dollar.
Specifically, a pool of assets is held in reserve so that stablecoins can be redeemed for traditional currency in a timely fashion.
This sounds similar to fractional reserve banking, whereby a “run” on the market becomes possible if enough people want to withdraw their money at the same time. To better understand, let’s look at Tether, the world’s largest stablecoin, which currently has a market capitalization of approximately $140 billion.
What?!?!?! The Federal Reserve Bank is conspiring to make Tether, a stable coin, part of the Babylonian Money Magic business? Are they trying to do us this way, too. I hope DOGE audits them a good one, then shuts them down.
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20 sats \ 3 replies \ @Undisciplined 17 Feb
I hope they try, because it will be a spectacular failure. Even better, though, would be DOGE just cutting the head off the snake.
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34 sats \ 2 replies \ @Rothbardian_fanatic OP 17 Feb
I think DOGE will try, but perhaps this one will have to be done by the President or Congress. I would like to see Trump send in the Marines assault teams to close them down in the most rude way possible: at the point of the gun, just like they have been robbing us.
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30 sats \ 1 reply \ @Undisciplined 17 Feb
It'll definitely be interesting, because they will obviously hide behind their "independence".
I think continuing the current PR campaign of general government revelations is the way to go. Once enough public sentiment is on their side, it won't matter what excuses and rationalizations the Fed engages in.
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22 sats \ 0 replies \ @Rothbardian_fanatic OP 17 Feb
Yes, I can just imagine and picture what the Federal Reserve System has hidden in the closet! The skeletons will come rattling out and scaring the bejesus out of the plebes, alright! They might get really pissed off about the confiscation of gold in 1933 and all of the great and good inflation from the men behind the curtains. I would suspect you could say, “Shock incoming, incoming!!!”
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