April 21, 2024

Opinion: US dollar more and more resembles a fraudulent scheme

Opinion: US dollar more and more resembles a fraudulent scheme

The US Congress has instructed the Federal Reserve to print an unlimited amount of cash in order tohelp the country cope with the current economic crisis.

Fed President Confirms Recession

Neel Kashkari, President of the Federal ReserveBank of Minneapolis, recently gave an interview to CNBC. He confirmed that the economy is in a state of recession, which may worsen in the future. Under these circumstances, Congress instructed the Fed to print new money – as much as it takes to avoid reaching the level of the 2008 crisis.

He said:

Congress literally told us – print money. We must print them and provide liquidity to the financial system.

Kashkari explained that this money will allow small and large businesses to take out loans without overloading the banking system. 

Some members of the cryptocurrency communityexpressed their dissatisfaction with this idea. IOHK CEO Charles Hoskinson on Twitter compared the US dollar to the OneCoin financial pyramid. He also suggested that the actions of the Federal Reserve could lead to a significant increase in inflation.

Opinion: US dollar more and more resembles a fraudulent scheme

Recall that last year, the former Governor of the Bank of England Mervyn King said that the world will face a financial crisis that will be even worse than in 2008. He said:

By adhering to the new monetary policy [uncontrolled cash injections] and pretending that the banking system is becoming safe, we are deliberately approaching a crisis. 

Based on materialszycrypto.com