Tag: Currency

Commentary: If the Fed Starts a Digital Currency, It Had Better Guarantee Privacy

RealClearWire

President Biden’s latest executive order calls for extensive research on digital assets and may usher in a U.S. central bank digital currency (CBDC), eventually allowing individuals to maintain accounts with the Federal Reserve. Other central banks are already on the job. The People’s Bank of China began piloting a digital renminbi in April 2021. India’s Reserve Bank intends to launch a digital rupee as early as this year.

A CBDC may upgrade the physical cash the Federal Reserve already issues — but only if its designers appreciate the value of financial privacy.

Cash is a 7th century technology, with obvious drawbacks today. It pays no interest, is less secure than a bank deposit, and is difficult to insure against loss or theft. It is unwieldy for large transactions, and also requires those transacting to be at the same place at the same time — a big problem in an increasingly digital world.

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Commentary: The Nihilism of the Left

Pennsylvania Daily Star Staff
Joe Biden and his administration sitting in the Oval Office at the White House

The last 14 months have offered one of the rare occasions in recent American history when the hard Left has operated all the levers of federal government. The presidency, the House of Representatives, the Senate, and the permanent bureaucratic state are all in progressive hands. And the result is a disaster that is uniting Americans in their revulsion of elitists whose crazy ideas are tearing apart the fabric of the country.

For understandable reasons, socialists and leftists are usually kept out of the inner circles of the Democratic Party, and especially kept away from control of the country. A now resuscitated Bernie Sanders for most of his political career was an inert outlier. The brief flirtations with old-style hardcore liberals such as George McGovern in 1972 and Mike Dukakis in 1988 imploded the Democratic Party. Their crash-and-burn campaigns were followed by corrective nominees who actually won the presidency: Southern governors Jimmy Carter and Bill Clinton.

Such was the nation’s innate distrust of the Left, and in particular the East Coast elite liberal. For nearly half a century between the elections of John F. Kennedy and Barack Obama, it was assumed that no Democratic presidential candidate could win the popular vote unless he had a reassuring Southern accent.

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Crypto Market Sees $130 Billion Sell-off over Last 24 Hours

Pennsylvania Daily Star Staff

The cryptocurrency market lost nearly $130 billion in value over the last 24 hours as major digital coins continue their extended sell-off, multiple sources reported.

Bitcoin dropped 4.81% to $33,693.63 over the last 24 hours while Ethereum slid 9.41% to $2,206.22, according to Coinbase. Both assets fell to their lowest level since July 2021, and each has lost roughly 50% of its highest value.

Cryptocurrencies have trended similarly to stocks, which have seen a sell-off since the start of 2022. Investors have dumped their assets, especially technology stocks, in preparation for tighter monetary policies from the Federal Reserve, including interest rate hikes and halting of the central bank’s asset purchasing stimulus program.

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