State Issued Crypto Currency Propaganda Continues

Bloomberg published a new article, On Digital Currencies Central Banks Should Lead, discussing central bank issued crypto currency.

A few key points were noticed. First, they refer to it more as digital currency rather than crypto currency, even though it is clear they are referring to the latter. This is likely to ease readers into the concept.  Readers will think "what's the big deal, we already have digital currency".  Second, they frame China as leading the charge, a situation which will compel American’s to wonder why the Fed isn’t showing more progress with this innovation. Finally, the article makes state issue crypto currency seem more like an inevitability rather than a possibility.

These points smack of propaganda rather than informative news.

For a warning from this path rather than propaganda watch The Reset’s original video on the subject below.

Is r > g Really the Reason for Recent Income Inequality

Meet Thomas Piketty the new poster child of socialists that supposedly proves the unfairness of capitalism with his book Capitalism in the 21st Century.

The Financial Industry Just Held A Secret Meeting to Test a Crypto Dollar

The Reset Original Video 

This site has been discussing the possibility of the E Dollar to get us out of the monetary and economic mess we find ourselves in for a while now.

The E Dollar is simply a digital currency that has an exchange rate with cash. The central bank would set a rate at which old paper dollars would lose value against E Dollars held in a bank account. Under an E-Dollar system any physical cash removed from the banking system would lose value against the E Dollars retained in an account, this would effectively eliminate the zero lower bound. Central banks would be free to implement significantly negative rates.

Ultimate Insider Larry Summers Joins Bitcoin Firm

Larry Summers, former US Treasury Secretary and Fed president contender, has just joined the Digital Currency Group along with bitcoin developer Gavin Andresen as senior advisors. Digital Currency Group studies blockchain technology and finance and has recently acquired Coindesk, the largest bitcoin news site as well as Consensus, the largest bitcoin conference in the world.

Larry Summers is the ultimate insider and one of the most respected personalities in the Keynesian economic world. In 2013 he was the far and away favorite to become the next Federal Reserve president as Ben Bernanke’s successor. For some reason he declined the coveted and most powerful position in economics opening the door for Janet Yellen. This is his statement for declining the nomination: "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery."

Socialism is a Kneejerk Reaction to Rising Income Inequality but Does Nothing to Address the Root Cause

Recently I stumbled across an LA Times story entitled: America's Explosion of Income Inequality, in One Amazing Animated Chart. The chart shows what many of us know, there is rising income inequality, but beyond a huge picture of Bernie Sanders to start off the story, does little to identify a solution. I actually appreciate very little meaningful commentary; the data point is quite enough as long as you're willing to do your own research. And while the Sanders pic was a thinly veiled hat tip to the author's solution, Socialism, he did nothing to address the root cause. Luckily I had done my own research, and feel confident that I know the cause and thus I should be much more equipped than the author to determine the best solution. Instead of making a snarky comment I took the opportunity to reach out to the author with the email and questions below.