Proponents hail bitcoin as the world’s first virtual currency, forgetting or unaware that 97% of today’s money is virtual. [i] Transacted without using physical cash, it is instead processed with bank money consisting of computer digits.
Negative interest rates started with central banks charging commercial banks for keeping excess reserves at the central bank.
Beginning in October 2019, the Federal Reserve started buying $60 billion a month of treasury bills, which are short-term government bonds.
Is the changing Fed story something that should concern you, or is it just growing pains adapting to the massive balance sheet inherited from the unconventional policy QE?
Capitalism uniqueness where private banks create the public’s money supply is in peril
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