Feeds:
Posts
Comments

Posts Tagged ‘Dollar As Reserve Currency’

Once again, we find ourselves at the end of one year and the start of another.  As I write this post, the weather here in the Cincinnati area is slate gray skies, dry, and about 40 degrees.  In other words, it’s a typical winter’s day in southwest Ohio.   

I suppose most readers would find my description of the weather less than inspiring.  No blizzards and mountains of snow as in some places.  No palm trees swaying in the breeze as in others. 

But while it may sound odd for me to say this, I find this sort of weather oddly comforting.  While it isn’t beautiful or even interesting by most standards, it is familiar and comforting.  It’s the sort of weather I associate with Christmas much more so that the “white Christmases” we hear about in song or see in a Currier and Ives engraving. 

Familiar, comforting, and peaceful.  That’s how I’d describe today.   

I mention these things as I write this post on December 31, 2023, because if the prognosticators I read are even close to being accurate, there won’t be a lot that is familiar, comforting, or peaceful in the year to come.

There’s a friend of mine I meet every December for a Christmas lunch at Skyline Chili – if you’re not from the Cincinnati area, you probably aren’t familiar with Cincinnati-style chili, but it’s big here – to catch up on the past year.  During our lunch a couple of weeks back, he openly wondered what the world would be like in December 2024.  That’s a good question.  I don’t know and neither does anyone else.  We’ll find out when we get there. 

But with that said, we can see certain trends in place and make some reasonable conjectures as to what may transpire in 2024.  There’s value in considering what the future may hold.  The Scriptures commend those who exercise foresight when danger looms.  As Proverbs tells us, “A prudent man foresees trouble coming and hides himself, but the simple pass on and are punished.” Notice that the prudent man not only foresees trouble coming, but in light of the trouble he foresees, he takes action to protect himself.  If he foresees trouble but takes no action, he isn’t a prudent man at all, but “simple” and ends up being punished.  One must both foresee and act to be prudent.      

So, what are some of the “troubles” Christians should foresee in 2024?  How ought they to respond?

Read Full Post »

Federal Reserve Board Chairman Jerome Powell faces reporters at a press conference in Washington, DC., on June 15, 2022. REUTERS/Elizabeth Frantz

A prudent man foresees evil and hides himself, but the simple pass on and are punished.

  • Proverbs 22:3

For most of us, few things are more boring than central banks and monetary policy.  Those who run our monetary system know this and are more than happy to make sure this situation persists, for it very much works to their advantage.

Take, for example, Friday’s announcement of a digital dollar by Jay Powell, the Chairman of the Federal Reserve Jay Powell.  According to Powell, a U.S. digital dollar, “could…potentially help maintain the dollar’s international standing.”

All this sounds innocent enough.  Even downright boring.  But there’s a lot going on here that is far more profound than a quick glance may suggest, and it’s worth taking a little time to unpack it. In short, Powell is proposing a new form of the US dollar he’s calling, “A U.S. CBDC (central bank digital currency). 

So, who is Jay Powell?  As mentioned earlier, he’s the Chairman of the Federal Reserve, the central bank of the United States.  This is an extraordinarily powerful position.  Some people argue that it’s the second most powerful position in America, following only that of the President. 

The Chairman of the Federal Reserve heads up an institution that essentially runs the entire US financial system via its control over the US dollar.  Set up in 1913, the Federal Reserve System is in charge of the issuance of the dollar, controlling how many dollars – i.e. currency units – are in existence.  And since the US dollar is not merely the currency of the United States, but functions as the world’s reserve currency, one could argue that the Federal Reserve System (hereafter “the Fed”), though its ability to issue dollars, oversees the financial system of the entire world. 

Read Full Post »

One-Time
Monthly
Yearly

Make a NOn-tax-deductible donation to support the work of Lux Lucet.

Make a monthly donation

Make a yearly donation

Choose an amount

¤5.00
¤15.00
¤100.00
¤5.00
¤15.00
¤100.00
¤5.00
¤15.00
¤100.00

Or enter a custom amount


Your contribution is appreciated.

Your contribution is appreciated.

Your contribution is appreciated.

DonateDonate monthlyDonate yearly

Read Full Post »