Walsh, President Trump, Federal Investor Education discussed on Ric Edelman


With a live here on the recommendation triple a plane wreck on ice storm and dot com earlier in the program we had jury Walsh the president of the Federal investor education foundation we were talking about the fact that Fenriz recent survey found that lots of Americans eighty five percent almost all are now familiar with bitcoin and a great many are already investing in it or thinking about doing it which is a huge difference from just recent year or two and there's no question that digital assets and to digital currencies are becoming more and more common in our daily dialogue as a nation now a study has just been released of sixty six central banks around the country these banks represent about ninety percent of the world's economic output you know everything from the fed to the feds equivalents that other nations one out of ten central banks according to this research say they expect to offer digital currencies within the next three years this they say could offer faster settlements of payments and the potential to allow people to bank directly with the central bank a year ago they did the same survey a year ago only one out of twenty said they were considering turning their currency into additional currency now your later it's one out of ten makes you wonder will say you're from now at the moment our federal reserve says they have no plans to release a digital version of the US dollar so we'll have to wait and see meanwhile the notion of going cashless which is what digital currency is really all about the notion of going cashless is getting it's light moment New York City last week the council there voted to require that all retail stores and restaurants accept cash at their stop with what's new Jersey Philadelphia San Francisco Austin they've all passed similar legislation of the city and state levels New York has also targeted uber and meal delivery apps according to Ritchie Torres who's a Bronx Democrat on the New York City Council he said quote I worry about the real world discriminatory effect that cashless business can have all new Yorkers especially in communities of color and this in fact is the crux of the issue so think about it you're a business and you choose not to accept cash you require people to use their apple pie or a credit card or debit card for that matter why is that bad why would the city council say no to that well as city councilman Taurus has noted because the only way you can use apple pay or debit card or credit card is for if you have a bank account and if you are in a low income family if you don't have a job if you have bad credit or no credit good luck getting a credit card there are millions of people in this country about a billion worldwide who are what we call unbanked people who have incomes that are too low to qualify for the establishment of a bank account if you have a bank account you can get a credit card or debit card let alone afford a smartphone which is like two apple pie and their attitude is if this business forces you to have a credit card or apple pie they're essentially discriminating and it's a specially issue is he noted in communities of color so we're seeing a backlash from the advance of technological innovation because it's leaving were threatening to leave people behind who don't have the opportunities of others now I get it this is understandable but I'm not in agreement that this is the correct solution I mean it's to me it's sort of like saying schools in rich communities have brand new textbooks every year we're as schools in poor communities can't afford text books so we're gonna tell those schools in the risk communities there for further books what that doesn't solve the problem in other words a fork knowledge sharing that people in poorer communities are unbanked let's address and solve that problem let's figure out a way to get them banked let's figure out a way to give them the technology so they can participate in our new technological society as opposed to saying well since they can't nobody can so yeah it's an issue and we're gonna have to address this and thousands of other issues just like it as we continue to develop these technological innovations so let's keep this one in mind in our efforts to move forward in the twenty first century we're taking telephone calls here on the red government show heading off to Westminster Maryland Kevin's with us on the air how are you Kevin I'm doing well Rick and good day to you as well thank you how can I help hi my question pertains to the secure act the wife and I will be seven and a half this year so we will not need to take are required minimum distribution to age seventy two correct on trying to plan for that but I'm not sure what to expect in terms of the Irish cables do you think the change remain the same and if they remain the same would we be required to take it as if it we're eighteen seventy two or OR one the Irish Kevin you're making a way too complicated the law delayed arbitrarily the date that you must begin to withdraw money from your Iraq the law cannot alter your life expectancy right I mean you're gonna die when you're gonna die there's nothing the law can do about that so the actuarial tables with the IRS uses to determine how much of your money you must withdraw annually are unchanged you simply don't have to begin using those tables for next year and a half okay so I'm sorry to say that they did not legislate you're going to live longer no I didn't mean to imply that died I just thought perhaps they would be expecting that since the I think the impact is behind the law was the fact that people are living longer if they might stretch the table so that the money would last longer no no no no they know their they didn't die dog rational thought on your part good good thinking but no they didn't do that all they did was delay the start of your required distributions okay alright well thank you if this will be helpful for my thinking about this well done I'm glad it was Kevin thank you so much for calling thank you that was Kevin and west Mr you can do what he did call us a triple.

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