March 23, 2023

Opinion: US dollar more and more resembles a fraudulent scheme

Opinion: US dollar more and more resembles a fraudulent scheme

The U.S. Congress instructed the Federal Reserve to print an unlimited amount of cash in order to help the country deal with the current economic crisis.

Fed President Confirms Recession

Neil Kashkari, President of the Federal ReserveMinneapolis Bank recently gave an interview to CNBC. He confirmed that the economy is in a state of recession, which could worsen in the future. In such circumstances, Congress instructed the Fed to print new money - as much as needed to not reach the level of the 2008 crisis.

He said:

Congress told us literally - print money. We must print them and ensure the liquidity of the financial system.

Kashkari explained that this money will allow small and large enterprises to take loans, while not 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:

Adhering to the new monetary policy [uncontrolled infusion of cash] and pretending that the banking system is becoming safe, we are deliberately approaching the crisis.

According to the materials zycrypto.com