16 Burst results for "Federal Reserve Building"
Simply Bitcoin
"federal reserve building" Discussed on Simply Bitcoin
"You'll know how to navigate it and use it the moment you pick it up. Get your Bitcoin off exchanges and into your into your own hands in just a few minutes. Experience a peace of mind that comes with taking ownership of your own keys after a massive sellout during Bitcoin Miami 2023. The passport is back in stock at foundation devices dot com. Bitcoin only open source, verifiable, completely air gap security model, gorgeous design craft, premium grade materials. If you're thinking about getting your Bitcoin off exchanges, this is the one for you. Check out the passport link in the show notes below to learn more. All right, everybody. Also, I made it incredibly easy for you guys. Scan the QR code on your screen right now. It'll take you directly to the foundation devices website where you can get yourself a passport hardware wallet. Definitely. Guys, remember, not your keys, not your Bitcoin. You want to take self custody of your generational wealth. So, guys, check this out. This is a shout out to the Human Rights Foundation. Also, we had C.K. who who just joined them. C.K. was general manager for Bitcoin magazine for many, many years. And then he joined the Human Rights Foundation and they came up with this amazing CBDC tracker. Right. And it's just so important because look at this. It's not only interactive. It gives you an idea of where, you know, what is the current development of CBDCs all around the world. And you can click on that. You can click on the certain countries. So first of all, let's start with the Bahamas and the Bahamas. The CBDC was launched. The CBDC model is retail and it gets into all the details of what it is. So but let's start off with let's start off with China. Right. Because I think China is really where a lot of the West is taking influence from specifically for specifically for their, you know, for rolling out their CBDCs. And I believe that they're trying to bring the China light model, so to speak, to the West anyways. So check this out. China is currently considered to be in the launch phase, although China's CBDC is technically labeled as pilot. This use of the term is misleading, where most countries use terms like pilot, proof of concept or experiment to describe CBDCs tested in closed environments. The People's Bank of China uses this term to describe a CBDC that is largely open to the public in comparison. China may have the longest running CBDC research. In 2014, the People's Bank of China was working on a project called the Digital Currency Electronic Payment. And at the end of 2017, the project was expanded and major financial institutions were brought in for further research and development. In 2020, the pilot was made public in four Chinese cities, Shenzhen, Suzhou, Jiangzhan and Chengdu. Citizens in the four selected cities gained access to the CBDC through a lottery system. For example, in Shenzhen, 1.5 million in CBDC was given to 50,000 participants spend at 3,389 locations. So clearly they're rolling it out. It goes on to say the CBDC itself is used via a mobile app. The app can connect to an individual's bank account, provide QR code for transactions and establish multiple wallets within a single account. However, individuals are restricted in terms of how much CBDC they can accumulate and spend based on how much personal information they're willing to provide. All right. So that's the basically the status update for the CBDC in China. Let's move on to Europe, you know, because that's it's a little bit more closer to home right in the West specifically. Let's see how the European CBDC program is moving. So here we have Spain is currently in the research phase, but it will likely shift to the pilot phase soon, according to a report by the Bank of Spain. After soliciting proposals in 2022, the Bank of Spain received 24 proposals for possible wholesale CBDC designs. In March 2023, the Bank of Spain announced that it would soon move forward with four of the proposed designs. However, it's presently unclear if those pilot programs have been initiated. So Spain is still recorded as being in the research phase. Additionally, it is important to note the Bank of Spain stressed that these projects are separate from anything taking place with the European Central Bank. All right. I think we can click on the Eurozone one, the Eurozone or EuroEros in the research phase. The European Central Bank announced in October 2023 that it would push forward to the next phase of its CBDC research after the past two years of broad investigations. The next phase, what is being called the preparation phase, will include establishing a legal framework, selecting technology providers and building the infrastructure. This phase will also include testing and experimentation, so the Eurozone will likely move to the pilot phase. In its October 2023 announcement, the European Central Bank repeatedly said that its CBDC, referred to as the digital euro, would be the, quote, electronic equivalent to cash. However, it's important to be clear that the CBDC would not be like cash at all. European Central Bank President Christine de Garde has said in the past that, quote, when we surveyed Europeans, the first concern that they had was privacy. Privacy is the first and foremost on their mind when we devi up the digital euro, but there would not be complete anonymity as there is in cash. So it's finally saying the quiet part out loud. I would say it's even worse than that. And then let's end it with the United States. What's going on in the United States? So here the Federal Reserve began its CBDC pilot with the Massachusetts, with MIT under the name Project Hamilton. The Federal Reserve Bank of Boston announced that it would build and test a hypothetical central bank digital currency for wide scale general purpose use. The Federal Reserve Bank of New York, under the name Project Setter, also stated initiative to research wholesale CBDC designs. The Federal Reserve Bank of New York later announced that it would to it that it too would engage in proof of concept project. Therefore, the United States is considered to be in the pilot phase. The Federal Reserve has also been unclear about its authority to issue a CBDC. Federal Reserve Chair Jerome Powell said the Federal Reserve would need congressional approval to issue a CBDC, but he was careful to note that is a different story when it comes to other forms of CBDC. The statement is concerning because the Federal Reserve built its proposal on the idea of an intermediate CBDC, which blurs the lines between a retail and wholesale CBDC.
Simply Bitcoin
"federal reserve building" Discussed on Simply Bitcoin
"First score is from sat wise. Janks. I give the memes 12 ETF applications being approved. Simultaneous by Friday. Okay. Janks is bullish. The P man van. I give the memes me watching simply Bitcoin while mixing punk rock. Be your own boss. Okay. All right. I see that. Matthew J. What gives a one Bitcoin hat? Coming soon. Tag wine. It gets him. Yeah. Tag wine. And tell me what the dad had to not just to snap on Twitter and complain to wine for any merch related stuff. Why Nick is at wine? A kiss wine. Elaine says Lizzie Warren took an ax and tried to give Bitcoin 50 wax. When Bitcoin saw what she had done, they laughed and counted to 21. Wow. Elaine coming in with the rhyming, uh, double X meme score fuel cell Bitcoin mining. It's coming. Exclamation mark. That's a great score. Roman Bitcoin expert. That doesn't hold. Bitcoin is not an expert. Yeah. All the Bitcoin skeptics turn into big corners. If they study it enough. Andrew Williams wine for when it gets wine for when it gets a son of Satoshi, one undeliverable simply, but couldn't give away hoodie. Dude. If you were, if you weren't here last week, it would have been yours, but you missed out. You fool. Oh man. Okay. Next one. Uh, Robert Vermonth. I give the memes one statue of Barry silver, uh, erected in front of the federal reserve building. Okay. Okay. All right. I don't know why Barry silver, but I will take it. Heafy boy. I give the memes a hard, not on eight 20, 23 ETF approval. It says hard not. I know, but under here, he says no. Okay. All right guys. All right. We're done with the meeting. Can you, can you cue up the fail music? Cause uh, Oh wait, I have it. I have it. Yeah guys. So usually I like to add value to the culture today. I'm taking an L so I'll figure we're going to give it away to you guys on Thursday. I dude, I couldn't figure it out. It's so much harder than I thought it was like legitimately so much harder than I thought it was troubleshooted on air. Anyway, dude, I troubleshooted all weekend and I still couldn't figure it out. So it's going to the chat. Sorry guys. I'll do four giveaways to you guys in the chat. Okay. Thursday, Thursday, we're going to be doing a giveaway guys. Thank you so much for tuning in. I think this is an all time high episode. Uh, and shout out of course, to our rumble audience. I think we get, we hit 70 on rumble as well. We appreciate you guys so much for tuning in supporting the show. Check out all of our, all of our sponsors and partners. Really, really helps us stay on the air and keep delivering great content for you guys. Uh, but yeah, Opti, uh, at least it was funny. At least it was funny. It was a bit of, it was definitely the dog in the house burning. Yeah, this is fine. You know, put a, put a red nose. I should have put a red nose on like a clown. Oh man. It's okay. Cheers. I'm a clown. Anyways, guys, if you enjoyed the show, you know what to do. Smash that like button. Consider subscribing. If you feel like we provided you value, but the number one thing you could do to push the peaceful Bitcoin revolution forward is share this content. In fact, share all Bitcoin content. Don't be exclusive. Be inclusive. Share Bitcoin art, share Bitcoin music, share Bitcoin culture. We must take over the culture. You take over the culture. That's how you win the politics game. Politics is downstream from culture after all. So that's how we win. We have to really, really change the minds of people to stop infighting, you know, because it's not left versus right. It's really just the party of orange versus the party of green, the party of CBDCs, slavery versus the party of freedom, the party of Bitcoin and uh, all those other things are just distractions. It's a divide and conquer, uh, machine. It doesn't matter if we vote Republican or Democrat, they essentially do the same exact thing. Anyways, guys, we love you all. Thank you much. Thank you so much for tuning in. We will see you tomorrow for a brand new episode of simply Bitcoin live. Peace out everybody. Okay.
The Café Bitcoin Podcast
"federal reserve building" Discussed on The Café Bitcoin Podcast
"Question mark. What has been the effect that you guys have seen as a business from this? Like, I'm sure that it's brought a lot of attention to the brand. Have you seen, I mean, I can imagine like the sales of the shirts themselves and just the readership. Have you seen a decent uptick in that from the attention has gotten outside of the hardcore Bitcoiners? Well, I would say more. You know, sure, there's been some of that for sure. But I think more importantly, it's been cool to see the comments and emails. People reaching out being like, you know, we've done a lot of controversial shit in terms of the Bitcoin community, you know, with, you know, covering ordinal shit and whatever. And just a lot of people have, you know, we're really upset about that, which, you know, to some degree, I understand, but it was really nice to just see a lot of people reach out that were like, hey, you know, you know, I've had some, you know, maybe some difficulty sort of, you know, balancing, you know, you guys kind of engaging in some of that stuff. And, but this was a really nice reminder that, you know, you guys really care a lot about the Bitcoin community and want to do the best for, you know, standing up for, you know, journalism in general and media companies, you know, retaining the right to, you know, to parody the fucking Federal Reserve. So yeah, I think just in general, it's been really sweet. You know, there's been a couple comments that, you know, hey, you know, you guys are gonna lose this taste doesn't make any sense. It's clear trademark violation, which of course, we reject and don't agree with. But for the most part, it's been really overwhelming support across, you know, a very, you know, I think this this idea of a homogenous Bitcoiner, you know, is kind of a joke. And to see, you know, you know, people all across in different areas of Bitcoin, you know, kind of coming out and showing some support for us for standing up against this. I mean, to me, it seems just like a very obvious like, of course, we would do this. But, you know, I'm sure there's a lot of people that wouldn't, that wouldn't take this risk. So definitely, you know, hats off to DB for, for agreeing to go to go into the trenches. And obviously, everybody on the staff that helped kind of make everything happen. But yeah, I would say in general, the feedback has been really nice, really sweet. And yeah, we're here to fight for you guys. Here to fight for us here to fight for Bitcoin, here to fight against the Federal Reserve. You know, fight for sound money. And yeah, and just in general, not be intimidated by giant government agencies. That, you know, there was a lot of funny things in that letter, you know, a lot of funny little lines. You know, they they refer to the Fed now, you know, as an invaluable asset. I think that's very interesting. What exactly do you mean by that? What is an invaluable asset? Why do you need to protect your brand and sue a media company for shirt t-shirt sales? You know, when you hold this, you know, invaluable brand? What part of the mandate does that cover? So yeah, but in general, the feedback's been really, really kind, really, really sweet. So we're very thankful for that. And something you mentioned earlier that deserves a highlighting is that this proves that the Federal Reserve is reading Bitcoin magazine. So when are we going to see the money printers fire up for some Bitcoin here? Let's go USA, right? Yeah, the Fed is just a brand, Mark, and that brand is looking bad right now. Their credibility is in the trash. So it's so surprising for me to see this right now. I mean, it just shows like the hubris of the central bankers and like, don't the lawyers at the Federal Reserve, like, shouldn't they be thinking about the legality of some of the things they did during COVID instead of worrying about a little cop-in? Right issue with Bitcoin magazine, like, I just, the whole thing's really ridiculous. And I think you made a great point in terms of bringing the unity of the community, because you've seen a couple of things. You saw this attack on you guys from the Fed, and then the whole Hamas, you know, Wall Street Journal fake news piece, it just kind of brought the community together, stop the infighting and kind of focus our attention on I think, the true enemy, so to speak. And I love that. Like, I think when we unite, we're really powerful. And we like to bicker in the bear market. But then like, events like this kind of refocus our attention in the right spots. So kudos to what you guys did, and what you're doing. Thanks, Sam. Appreciate that, brother. I'm convinced that the Fed was planning on launching a merch line and then got all pissed off when they realized we beat them to it with a parody. Get your central bank digital currency hoodie here now for 20% off. Well, we know that's not true, because they don't hold the trademark for merchandise sales of the FedNow branding. But good theory. I appreciate that. That's very good. Yeah, if they sold some merch, maybe they'd be operating that, you know, not in the red. Dude, they'd have to sell a lot of friggin' merch. Trillions. Trillions. The whole thing is just beyond, like, absurd and ridiculous. Like, I really can't think of anything except just like they seriously miscalculated how scared we would get and just fold without even thinking at all about, like, how standard or sound of illegal standing we had. Like, it's completely ridiculous. Joe, did you read the letter response that Bitcoin Mag sent? Excuse me. Joe's on the phone. I'm sorry, what was the question? I was asking you if you read the letter, the response that was written to the Federal Reserve from Bitcoin Magazine. Mr. Shapiro's letter? I guess. Who wrote it, Mark? Yeah, our legal response was by Mr. Shapiro. Joe's exactly right. Yeah, I can't comment on this. I'm involved in some active litigation, so I really can't say anything further than this. Sorry. All good. I understand. So what happens next, Mark? Well, I mean, ideally, you know, they realize that we have a very, very good case for First Amendment protected parity, and hopefully, you know, they respond to us and say that, you know, we drop our threat of litigation. That would probably be the most ideal. But, you know, we'll find out. As far as I know, we haven't heard anything back yet. There has been no response from their end. But, you know, we're all geared up, ready to go. We're really thankful for Zach and Raines and, you know, the legal counsel that we've gotten on this. We're prepared to do whatever we need to do here to, you know, defend, you know, our right to parity the Federal Reserve. But obviously, you know, we hope that we don't have to spend any time, you know, really being distracted and kind of off our mission by spending a lot of man hours, you know, defending ourselves in any sort of actual litigation. But of course, you know, yeah, we're prepared to do that. So yeah, I don't have a really clear answer right now. We're just waiting. Waiting to hear back, you know, from how they, how they, you know, respond to our letters and the general community feedback on it. So I think, you know, yeah, we're in a bit of a waiting game right now. I know DB is in the audience. I don't know if he has any comments, if he wants to come up and say anything. But as far as I know, yeah, we haven't heard anything back yet. And as soon as we do, I promise that we will let you know. Absolutely. Fantastic. DB, if you're in the audience and you want to come up, request to come up. We can't see everybody all the time. So if you want to come up, please do. Yeah, I tossed DB an invite. So he's welcome to come up if he wants. Thank you. Go ahead, Joe. Yeah, I was just gonna say, without commenting on any specific case, one of the things that occupies a lot of lawyer man hours, and I've sent out these letters, many people have sent out these letters, you know, are these types of trademark infringement demands. It's very, very common for people to fire these off and be vigorous and trying to protect what they perceive to be their IP. And in reality, because of the expense involved, because the manpower is because of the questionable, you know, viability of a suit, a lot of these things never get filed. Just to give you sort of some context, I'm pretty sure that my firm alone is sent, you know, somewhere between 150 to 300, you know, trademark infringement letters in the last year, you know, and they don't always result in suits. In fact, it's far more probable that there's never a suit filed than there is one. Real quick, Mark, since the Fed prints the money for free, stealing from me, I'm effectively paying for this legal action. Is there a place I can make a comment about it? A place you can make a comment about it? I'm sorry, say that one more time. Is there a way that I can comment on this since effectively I'm paying for it? I think what he's getting at, Mark, is you know how like FinCEN came out with their proposal to expand their regulatory authority over various aspects of the digital asset market, so to speak. They have a comment period where, and by the way, this is something else I was going to say, is it's really fascinating to me how Bitcoiners can be bickering with each other one day, and then someone comes at Bitcoin and Bitcoiners just sort of spontaneously unite to attack the thing that's attacking Bitcoin. It's really an interesting immune response system that's completely, seems to me, completely uncoordinated. It just goes, you know, and so the comments on that proposal, there's like something like 700 plus now, and some of them are really well written. I think that's what he's asking. I don't think there's a chance to give public comments because the Federal Reserve, unlike FinCEN, is not a federal agency or a government institution, it's a private business. It's not right. You can write Thaddeus Murphy. His contact information is provided. It's on the letter that was sent to Bitcoin Magazine. Anybody wants to write him, just write him a letter. Great idea, yeah. No, no, I'm not saying you should do this. Joe, that is one of the best ideas that you've had. That is a great idea. Oops. And that is legal advice from Joe. It is not. Well, I just wanted to like take a second and just, I just wanted to come and say some nice things about the Federal Reserve because there's a lot of negativity up here. You know, I'm very thankful for the Federal Reserve for this marketing partnership. And, you know, they really kind of went out of their way to help make these shirts successful, to really like press the pedal to the metal on promoting the conference and Bitcoin Magazine. So I'm really appreciative of that and thankful for that. You know, the next thing I wanted to say is like, I want everyone here to be comforted with the diligence that the Federal Reserve has, that the Deputy General Counsel of our monetary system is so detail oriented that he would take the time out of his day regulating the global monetary system to ensure that he is appropriately defending the FedNow trademark and taking $300 worth of previously sold merchandise. So we really have the best and brightest working, you know, every day, every night on our money. And I just want that to bring kind of confidence and comfort to everyone here that the Fed, you know, definitely knows what it's doing. It knows what it's doing. It, you know, it doesn't drop any balls. It's got its eye on the right issues. And I think we can all sleep a little bit better knowing that. Fix the shirts, fix the world. Amen. You know, it'd be absolutely hilarious as if the sales for that, the FedNow shirts just completely blew up. Do we have a link in the nest? We should throw one up there if we don't. You know, I will say that the sales of the shirt have 100 X'd since we launched it. Now it was starting from a very low base. I wasn't kidding when we, the inventory numbers we were told before this, we had sold 12 shirts and I was one of them. I had bought one of them. 11 to non-company affiliated people. So, you know, it's pretty crazy that this actually came up on their radar. But yeah, the, you know, when we were going into this, like I was wanting to make sure that we understood what our downside was. And, you know, kind of, if this escalates, you know, one of the primary risks we run is disgorgement of profits from the shirt. So, you know, now it's a little bit more, but at the time that they did this, it was $300. So I do want to say that, you know, the risk that we took on here is limited and measured. So many of us have been thinking about how can we get the normie crowd of the world educated on what CBDCs are and why they shouldn't just walk into this, what's almost surely to be, you know, some marketing scheme by the Fed. I can't think of a better way to possibly educate people than to just lean into this meme full force, just come out army of FedNow shirts and just like have people ask what it means and give them the truth. So thank you Fed. Yeah, and I just one last comment and I'll go back to Lister mode on this. But the, you know, we also as like a sign of good faith, we wanted to extend like the olive branch a little bit. And so we did create like an alternative shirt design if like they're really, really upset with the FedNow branding. We also have our new merch line. It's the in the FedNow branding. And so, you know, wanted to just, you know, I thought that was the right thing to do, like give them an option like FedNow and the FedNow, like let them kind of, you know, pick which one they like the most. Thanks for pumping my old bags, David. It would be hilarious if groups of Bitcoiners just started taking pictures of themselves wearing and the FedNow or FedNow t-shirts and posting them all over. Once a month, you know, I do walk past the Chicago branch on my way to BitBiz every month. Just pile up like, I don't know, 10, 20, 30, 50 people in front of the Federal Reserve building with a picture. Yeah, definitely a great idea. I'm very proud of my FedNow shirt and hat from the OG run. And yeah, I think it's definitely a good idea for people to go stand outside. Find your local of the 12 regional Federal Reserve banks and respectfully and legally take some photos up front. I think that's a great idea. You don't even have to step foot on the property, you know what I mean? Just do it out in the street without actually setting foot physically on the property. Yeah, I'll put out actually a challenge right now. If someone will take a selfie of themselves at any of the Federal Reserve branches wearing the FedNow or in the FedNow paraphernalia, I will send you $100 of Bitcoin. You just got to snap a selfie. So there you go, people. All right. Well, hey, I'm going to bounce out, but thank you, everyone, for the support on this. Truthfully, we chart our own way at Bitcoin Magazine and it is filled full of controversy and drama sometimes and really appreciate people supporting us in this effort. And I'm glad the OG ideas of Bitcoin still rally this community together. So it's awesome to see. Absolutely. Thanks for being here, David. If this thing does escalate, by all means, please come back and we will start doing our small part in rallying the troops, so to speak. Because absolutely, I personally can't stand that government institutions think that they can bully people around like that. That's quite nonsense. Well, they can try, you know, they certainly can try. They can intimidate us and they can try to de-incentivize political commentary and media companies and individuals flexing their First Amendment protected rights. So all they can really do is try. And, you know, I would say, you know, regardless of how this goes, ultimately plays out, we should all be standing up against, you know, these centralized, powerful entities that dictate so much about our lives. And we should have every encouragement, every bit of energy behind, you know, making commentary in any of the ways that we can with any of the platforms that we have in our local communities online. If we work for media companies, if we write, if we speak, you know, on platforms, it's, you know, we can say whatever the fuck we want. And we should, especially if it's prudent, well articulated, well researched, and, you know, just in general, well thought out. But we should be able to do that. We should be encouraged to do that. I personally encourage you all to do that. You know, I think if we all just get, you know, intimidated and bullied, you know, that's really how they win, is us being afraid of pushing back and speaking publicly. That's what they want. They want us to be afraid. They want us to, yeah, to be fearful about making fun of these things, these infrastructures, these incentive structures, and this monopoly on monetary policy that they've created. And we all should stand up and say something. So appreciative of Swann having us here and obviously very appreciative of Bitcoin Magazine and DB for, you know, for letting us do this. Yeah, absolutely, man. It's been a great discussion. I'm again, I'm very glad to see you guys doing it. I admire it. And I 100% agree, man. The time for people to sit down and be afraid and say nothing has passed. And moving forward, we need to stand up, do what's right, say what's right, not be afraid to engage, because that's really, in my opinion, the only way, the only chance we've got. If people just keep sitting on their butts and letting these people do this kind of stuff, then it doesn't look good going forward into the future. Let's fix this. George, good morning. Hey, good morning. I just have a quick question and not to be remotely a defender of the Fed. However, I sort of feel like the story's not painted in the right limelight. Like, let's just switch the tables. Let's say I took Bitcoin Magazine's name and logo and I slightly adjusted it and then I began selling T-shirts. Would Bitcoin Magazine send me a cease and desist order for taking their brand and then manipulating it and selling it? Well, is that really one-to-one the same thing, though? I mean, like, where is your parody or commentary on the original thing? Like, if you actually had some type of commentary, then of course we would. Like, that's a completely, like, fair parody. Sure, if I was a journalist and I wrote columns or I was a comedian and I did comedy. However, if I was marketing and selling another entity's brand or logo, let's just say with Bitcoin Magazine. It's the context. It's the context you're using. If you literally just took the Bitcoin Magazine logo and used it for another completely serious news publication, then that's kind of fucked up. Like, on our end, the equivalent of that would be, like, if Bitcoin Magazine launched a digital payments, like, infrastructure or system and called it FedNow. But that's not what we did. We made a T-shirt making fun of their payment system. Like, it's a parody versus, like, we're not out there trying to fool people into using our payment network, claiming we're the Federal Reserve. You see what I mean? I get it. I get it. I am just I'm and dude, trust me, I am not trying to defend the Federal Reserve. However, I think that there's, like, strong ownership in branding and there's a strong, like, legal framework that says, you know, I can't just take McDonald's logo and slap it on a T-shirt and start selling a version of it without and then wondering why McDonald's would send me a cease and desist order. I mean, I think the same goes with Bitcoin Magazine. If I were to do that to Bitcoin Magazine, I would not be shocked if Bitcoin Magazine didn't send me a cease and desist order. However, you're conflating it with some kind of First Amendment right of free speech. And I mean, I read that that letter and that letter is not some kind of infringement of your First Amendment free speech to criticize the Fed. It is very clear saying, hey, we've developed a brand and a logo and you guys are using it to profit from it. So I mean, like, I'm all with you guys of like sticking it to the man and stuff like that. But this just doesn't seem that like things aren't adding up to me. Just my two cents. I'm nobody. I wear a backwards cap on my profile, so I'm retarded. So, yeah, there's that. I think there's some fair points in there, George. I obviously would, you know, I think the general flexing of licensing and copyright stuff from us in general, I would really hope we do that as little as possible, if not ever. I mean, I really don't think that makes a ton of sense. But I do hear what you're saying. I would say that, you know, a little bit of what Shinobi was saying with the parody. But we didn't just take their logo and put it on a shirt. We modified it, added an I, which was a direct part of the commentary on the consolidation and centralization of these financial rates and making the Federal Reserve Partner Banking System kind of flow towards. You know, we've just seen this huge movement towards consolidation away from regional banks and tons of deposits going into, you know, the big four and these FedNow partnered banks. For sure. No one's arguing your criticism. I think it's super fair. I think it was the profiteering from it that probably they object to. Yeah, I mean, but again, I'm saying we didn't just put the FedNow logo on a T-shirt. It was a commentary, like we modified the logo and made a comment via the merchandise. You know, that was a direct criticism on the consolidation and centralization that comes downstream of, you know, the interbank network that is FedNow. But I hear what you're saying. I get it. I do think there's a huge difference between like, say, if someone just started a dropshipping company that just sold Bitcoin magazine logo T-shirts versus if they modified the logo, made a joke, were mocking us for doing something and doing parity. That would be very different than if they were just selling something as if they were, that was an accusation that was made in the letter from Thaddeus was that we were falsely trying to associate ourselves as partners with FedNow. And gaining sympathy off of the substantial goodwill that the Federal Reserve System has gained via their FedNow brand. And we were just like, well, that's obviously that's not true. I mean, we're not in any way trying to associate ourselves with you guys or your brand or whatever this goodwill is that you think you are. You know, we're making a direct commentary on your system and saying that it's not great. And so I think there is a pretty big substantial difference there. But personally, I would rather us kind of stay away from that in general and let people make the comments that they want to make. And I think in general, people talk a lot about Bitcoin magazine and I think generally we're fine with that. But I would agree. I just I think my only issue was shaping it as some infringement on First Amendment free speech when I don't think that's what the letter was. It wasn't saying, you know, shut up or else I mean, it was saying quit selling this merchandise. That's my only thought. But yeah, I think you have some really great points, too, as far as like, hey, parity should be allowed. And this wasn't you know, the way they framed it as well was somehow you pretending to be affiliation was absolutely ridiculous on their end, too. So I completely agree with that. Yeah, I mean, obviously, I just want to make one more comment. They didn't state in the letter, you know, we reject your criticism. It's not OK for you to criticize FedNow. I mean, obviously, they would never state that in a cease and desist letter because that would, you know, we would be able to point to that very clearly and be like, here's them doing that. But that was the intention of the cease and desist was to, you know, to prevent us from commenting on FedNow. But was it? I mean, you're a company that that has had tons of criticism that's gone out far and wide. They pinpointed one area where you were selling a branded T-shirt looking as though you were the Fed. It's not, though, that is an absurd, ridiculous. Yeah, that's or well, no one, no one on the planet believes nobody believes that that they're selling it as if they're the Fed. And George confirmation of this is that if CBS, because of that, that O with the I in it, if CBS is not writing them a letter about ceasing and desist, then the branding of FedNow shouldn't be in question. All right, look, we've got four minutes left in the show and I feel like this argument can go round and round. So I want to thank everybody for participating. I do want to thank Bitcoin magazine for being here. And I personally believe that standing up against what their threat to you guys is, is a great thing. Personally, I admire it. I think people need to stand up a lot more, as has already been mentioned. So we'll let you guys make some closing comments and then we will move to wrap up the space for today. Yeah, I'll start. I just want to say, Alex and the Swan team, thank you so much for having us, guys. You know, our goal is to end the Fed and we hope Bitcoin can do that. Us getting tangled up with the Fed, we find is quite funny. And hopefully in the history of everything, you know, when the Fed's no longer around, we can wear those shirts as a joke, as the parody that it is. Yeah, thanks again for having us. And I appreciate the comments, George, for sure. Not trying to dismiss it at all. And yeah, in general, very thankful for the support. Yeah, we're going to definitely keep fighting personally. I mean, I don't know. I don't know how to do anything else but that. So I'm going to keep doing that. I'm really thankful Bitcoin magazine decided to step up and push back as well. And really thankful for all the support across all the ways, whether it's comments, likes, subs, t-shirt sales, you know, I really appreciate it all. But really, I really hope that you take the, you know, that this is really just about expressing, you know, our criticism of these kind of monopolies. And we should be able to do that. We should be allowed to do that. It should be encouraged. We should all be helping each other do that in the safest and most articulate way possible. So yeah, really appreciate the opportunity. Thanks. Fantastic. And like I said before, if it escalates, make sure you guys come back. We want to hear what's going on. I love seeing the Bitcoin community rally around these kind of things, just like it did with that FinCEN proposal. 700 plus comments on that thing. Jan Pritzker from Swan had a really good kind of guide on how to make comments that you guys should all check out. Go to his feed to see it. But do love seeing it. It feels much better than fighting with each other. That Bitcoiners tend to do in the down to sideways thing going on. But anyway, thanks all for being here. A couple of quick housekeeping items. Bitcoin Veterans is recording again 7 p.m. tonight. We're going to be live and recording. We have Preston Pisser on the show. So don't miss that. Also, go to PacificBitcoin.com. You can get tickets for Pacific Bitcoin next year. Refundable through the end of February. You have nothing to lose. It is the best thing. So I hope you go do that. Look forward to seeing you there as well. You've been listening to Cafe Bitcoin, the place for your morning news. Prefer to hang out for some of the smartest minds in the industry. Also a podcast on Fountain Spotify and Apple if you can't catch the live show. Throw me or Swan a DM to be notified of when those drop. Thanks to Swan Bitcoin and Marathon, sponsors of the show. Crew, Ant, Peter, Sats for Life, Wicked, Dom Bay, and Producer Jacob. I'm your host, Alex Danzig. Work with Swan. Shoot me a name if you want to know more. Thanks again to Mark Goodwin, Bitcoin Magazine. All the speakers that come on here on the regular, teaching people about this bright orange future. Appreciate you guys. This is what we call getting on the mission. You get to know what that means. Hang out. You'll figure it out. Love you guys. Have a great day. Get out there and crush it.
Simply Bitcoin
"federal reserve building" Discussed on Simply Bitcoin
"The Daily News. I want to give a shout out to our sponsor, Foundation Devices. It's self custody done right. They built a premium grade hardware wallet called Passport right here in the US. It's fully open source and verifiable. It's the most intuitive Bitcoin wallet designed with the UX reminiscent of a simple feature phone. So you will know how to navigate it and use it the moment you pick it up. Get your Bitcoin off exchanges and into your into your own hands in just a few minutes. Experience a peace of mind that comes with taking ownership of your own keys. After a massive sellout during Bitcoin Miami 2023, the passport is back in stock at foundation devices dot com. Bitcoin only open source, verifiable, completely air gap security model, gorgeous design craft, premium grade materials. If you're thinking about getting your Bitcoin off exchanges, this is the one for you. Check out the passport link in the show notes below to learn more. All right, guys, I literally made it super easy for you guys. You could scan the QR code on your screen right now. I will take you directly to the foundation devices website where you can get yourself a passport hardware wallet. It's absolutely beautiful. They pay attention to detail. It's battery powered. It's air gapped. It's completely open source. I highly, highly recommend it. Remember, guys, not your keys, not your Bitcoin. And with everything going on, it should be incredibly apparent as to why you should take self custody of your Bitcoin. They don't want you doing it. They don't want you doing it. For what reason? Right. They're not even telling you the truth as to why you shouldn't be doing it anyways. So in other news, this is the separation of money and state. After all, things are heating up. Ladies and gentlemen, we are definitely entering the then they fight you stage. Right. Whether it's the attack on Bitcoin mining, the attack on self custody, which is the one I'm most worried about, to be honest with you. And then now, which I find this is comical, the Federal Reserve threatens to sue Bitcoin magazine. I'm going to say that again. The Federal Reserve, the Central Bank of the United States of America, has threatened to sue Bitcoin magazine. What were the reasons given? The U.S. Federal Reserve is threatening to sue Bitcoin magazine, alleging apparel that parodies its FedNow system is not protected speech, but copyright infringement. So they trolled the F out of the FedNow. They released merch trolling it. And guess what? The Federal Reserve wasn't taken lightly to that. They said, you can't make fun of our CBDC. How dare you guys? Anyways, it goes on to say the U.S. Federal Reserve is taking legal action against Bitcoin magazine in an attempt to silence criticism of its recently launched FedNow interbank clearing and settlement service in a letter sent to the publication by the Federal Reserve Bank of Chicago. The Central Bank of the United States is claiming that Bitcoin magazine merchandise that parodies its services are not protected speech, but rather an unauthorized infringement of its image and trademarks. The dispute centers around the use of the FedNow service image and trademark in a line of merchandise sold by Bitcoin magazine that seeks to criticize the surveillance capabilities of the FedNow system and how it threatens American civil liberties. The Federal Reserve alleges that Bitcoin magazine used the trademark without permission to mislead readers into believing a connection exists between the publication and the central bank. In response to the allegations, Bitcoin magazine has penned an open letter to the Federal Reserve and services deputy general counsel. That is a really interesting name, Thetis Murphy. Anyways, here's the letter written by Bitcoin magazine. They absolutely slayed it. So shout out to our friends over at Bitcoin magazine because they killed it here. It says on behalf of the entire team of Bitcoin magazine, I wanted to take some time to thank you for your thorough, thoughtful inquiry after having browsed our online store. Doing your Christmas shopping early, you love to see it. Let us know if we can send a box of merchandise to any of any of the 12 Federal Reserve Banks. You might enjoy our content from the latest print, Bitcoin magazine, which discusses the damages your policies have done to our economy and our country. Please don't hesitate to write with a list of coveted items and we will be sure to send them. We want to do our part to, quote, stimulate the economy onto business. I'd like to inform you that we receive your cease and desist requests. We refuse to comply. We will not be intimidated by your efforts to silence criticism. As you may know, our publication and our readership are deeply troubled by the new FedNow inter banking communication system. We believe not only that it is possibly unconstitutional, but that it threatens the very freedoms that all liberty loving American citizens should hold dear. With that in mind, we believe it is well within our First Amendment rights exercise speech on the issue. And to that end, we will be defending our right to sell merchandise that makes buyers aware through fair use imagery, our position that this system is a threat to civil liberties. I would like to make a few direct comments on quotes present in your letter in order to best articulate what I'm sure is to be considered a disappointing response. Quote, The Federal Reserve has extensively used and promoted the FedNow mark and has built up substantial goodwill in this invaluable asset. Financial institutions and consumer associate the FedNow mark with the Federal Reserve and its services. An interesting point. For starters, that goodwill has the Federal Reserve built up. Have you seen the state of the working class today? Perhaps you have already forgotten how Fed policy directly led to mismanaged bond portfolios in regional banks across the country, such as Silicon Valley Bank, Signature, Silver Gate or First Republic. Perhaps you have already forgotten about the historic inflation rates seen throughout the U.S. since government imposed lockdowns all but forced the Treasury's hand to stimulate the economy to the tune of trillions of dollars.
Bitcoin Audible
"federal reserve building" Discussed on Bitcoin Audible
"The Federal Reserve has extensively used and promoted the FedNow mark and has built up substantial goodwill in this invaluable asset. Financial institutions and consumers associate the FedNow mark with the Federal Reserve and its services. An interesting point. For starters, what goodwill has the Federal Reserve built up? Have you seen the state of the working class today? Perhaps you have already forgotten that Fed policy directly led to mismanaged bond portfolios in regional banks across the country, such as Silicon Valley Bank, Signature, Silver Gate, or First Republic. Perhaps you have already forgotten about the historic inflation rates seen throughout the U.S. since government-imposed lockdowns all but forced the Treasury's hand to stimulate the economy to the tune of trillions of dollars. There is no goodwill, Mr. Murphy, and certainly not substantial goodwill either. The Federal Reserve recently learned that Bitcoin Magazine is selling t-shirts, hats, and other wearables bearing the FedNow name as shown in the screenshot below. Bitcoin Magazine's use of the FedNow mark in this manner is likely to cause confusion, mistakes, or deception. Consumers are likely to believe that the gear is associated with, affiliated with, or endorsed by the Federal Reserve when no such association or relationship exists. This is false. Bitcoin Magazine is exercising its First Amendment rights to social commentary and parity. I'm sure you'll notice the all-seeing eye that symbolizes the state of total financial surveillance that your agency is seeking to impose on the American financial system. We do not believe that anyone that is familiar with our editorial guidelines and general stance on the world would ever associate Bitcoin Magazine with the Federal Reserve. We agree with your assertion that, quote, no such association or relationship exists. We have no interest in causing confusion, mistakes, or deception. That sounds more like a job for those responsible for telling the market they wouldn't raise rates after a massive monetary expansion and then went on to raise them faster than at any time in U.S. financial history. We look forward to defending our First Amendment rights and the opportunity to make clear to all Americans the difference between the open, free, and decentralized financial system that is Bitcoin and the centralized FedNow system that threatens our nation's founding values.
Crypto Voices
"federal reserve building" Discussed on Crypto Voices
"I think it's an interesting argument because Matt talked about this the other day on another podcast, but the idea that you have so much innovation in the banking and finance world in Europe as compared to the United States, that is in itself an issue and a problem and slows things down and those of us who hold a foot in both continents makes it much more difficult to transfer money. So I do think there will have to be advantages, but that's on the private sector side. That's on the bank side. That's on the financial apps and inclusion side. It's not up to the government to make it so that people can spend the money as easily as possible. They're doing a very good job of that on their own. But when it comes to the sort of consumer application of money, you should have private innovators come up with all kinds of different things. We see right now. I mean, this is related to the operation choke .2, but cash app and specifically square and block. I mean, they're sort of in the crosshairs for many different short sellers and who knows law enforcement, no idea. But there you've had a good financial product that a lot of people can use. They're able to use Bitcoin natively and the U.S. dollar natively. They're able to use the lightning network on there. And we just don't have that with so many other applications and apps. The only problem will be what are the on and off ramps. And that's where China just says, hey, we'll just control everything. From a to Z, but in the U.S., there's just all these different compliance things. It's very difficult to be able to actually send dollars if you don't have the correct permissions. So I agree there's got to be innovation. I just don't think it has to take place out of the Federal Reserve building
Marketplace with Kai Ryssdal
"federal reserve building" Discussed on Marketplace with Kai Ryssdal
"There are two main interconnected stories in the economy this week. Banks is one, the fed is the other. The Central Bank starts a two day meeting on interest rates tomorrow. And you don't have to be an economist to know that this meeting is going to be a doozy. But we have called an economist to talk banks in the fed and some other things. Nina hackers at the university of Rhode Island. Welcome to the program. That's great to be here. Before we get to the fed and the events of the last like ten days or so, give me your 32nd update on the state of this economy right now. What do you think? We are going through some big wobbles, but the Federal Reserve is doing everything it can in tandem with other big central banks, practically around the world to reassure banks in their respective countries that they will get them through the problems at hand. So let me get you to that problems at hand thing. You saw the news over the weekend. I'm sure lots of people have seen it. The fed and a lot of other central banks, the fed is going to expand to the benefit of other central banks rather. Dollar swaps availability. That is to say, the Federal Reserve is going to make dollars available to basically any Central Bank that wants it. That kind of smacks like 2008. And I wonder if people hearing that are going to go, oh my goodness, are we there again? We're not there again. Let's just be clear about that, right? I agree. I don't think we are there yet. Those central banks may appear to be acting heavy handed in this response what they seem to be demonstrating is an understanding that panics have escalated and by transitioning to this huge response, they are doing what they can to bring things back under control. Okay, so all of that said, let's teleport ourselves to Wednesday and Jay Powell stepping up to the microphones in the Federal Reserve building there on constitution avenue and saying, good afternoon, it's good to be here. And then having to walk a very delicate line depending on what the fed decides to do, whether raising rates or pausing, talk to me about the fed's communication challenge right now. So the fed since the start of 2023 has been really in huge damage control mode about inflation. It has been raising rates over most of 2022 in order to curb borrowing in order to curb spending, however, with all these banks in trouble. The fed is simultaneously engaging in massive relief efforts, actively lending out billions of U.S. dollars to banks. In order to keep them from collapsing. So these look like 180° difference. What I suspect the fed is thinking about is to what degree the current financial panics will do the job that rate hikes have been doing, banks are likely to dial back from lending in this moment. And in the process that may decrease the need for the fed to keep raising rates to the degree that it has. Let's talk next steps in the banking situation that we have now. I talked to Dan trujillo last week, a former chair of the committee on supervision and regulation at the fed as you know. And he said, look, I think there's more regulation coming. I think we may see broader insurance there for deposits above and beyond $250,000. What do you think we're going to see? I think it is a very bad look for bankers to lobby for deregulation and then fail, which is something that the head of SVB and signature bank had been a part of. I think that the fed is coming under a lot of scrutiny for not drawing more attention to these underlying risks in the financial system overall. And I think that it really is not a good look when other parts of the fed's strategy for cooling inflation have a parent impacts for homeowners that are trying to buy a house or for workers who may be at risk of losing their job for banks that have opposed regulation to look as though they are getting a free pass. In all of this. Let me get you back to where we started the wobbles that you've seen out. Do you suppose that this is a passing moment? And look, I understand this is a really tricky question, right? Especially when there's a microphone in your face. But do you suppose this is a passing moment or is it the precipice possibly of deeper problems in the larger economy, not just banking? I think that what it speaks to is a broader moment of uncertainty. And this was always a possible outcome when the fed started targeting rate hikes. I mean, the desired outcome of increasing rates is to make it harder for entities to borrow to discourage banks from lending. But that can create funding problems for the financial institutions themselves. I suspect we will continue to see banks come into trouble. But I really hope I maintain faith that these central banks know enough about the recent past and even the farther past if we look back to 2008 and 2009 to see the costs of not engaging in large action when it's called for. You know, a hacker is an assistant Professor of economics at the university of Rhode Island. Professor, thanks for your time. I do appreciate it. Thank you so much for having me.
Bloomberg Radio New York
"federal reserve building" Discussed on Bloomberg Radio New York
"Me now with a look ahead what to expect Bloomberg's global economics and policy editor Mike McKay Let me guess the Democrats are going to try to get him to blame Republicans the Republicans are going to try to get him to claim the Democrats You know too much about American politics Anything substantive coming out of this or what There will be substantive discussions but whether there will be anything we don't already know I would doubt because he just had a news conference for an hour last week and basically explained where the fed is Now he left some things uncertain One of the biggest questions is what do they do next 50 or 75 He said they could do either one To that he'll say we won't know and then maybe somebody asked him well what are you going to be looking at What will tell you that you need to go a bigger if that's indeed the case And so maybe there's something from the markets to learn there But other than that it's probably going to be more of an explanation of why the fed doesn't really know what's going to happen Okay that news conference is talking about some wise acre got up and asked if they can really control the type of inflation that we're seeing Yeah I wouldn't know that You know when I go to the gas station fill up for 70 bucks for my car and go buy groceries at the grocery store and that cost me $200 for a jar of peanut butter I asked him whether they were looking at the core rate or the headline rate because the headline rate I only buy and he said the consumer He said John Tucker in particular doesn't understand core inflation Because he pays for gasoline and food But that's really the argument is the has to look at the impact of headline inflation the impact of gasoline prices And food prices because they're particularly concerned about inflation expectations That's what drove them to change their minds and go 75 basis points to jump in the University of Michigan's consumer sentiment measure of consumer inflation expectations And can we stop there What's the big deal about the expectations from consumers far out The concern is that if expectations elevate and remain elevated then what people are going to do is expect inflation to occur and then take steps to mitigate it like going to their boss and asking for a raise and they'll say well the other cost of living sir I got to give you a raise but to pay for it I'm going to raise prices even more That's what we saw happen in the 1970s and central bankers everywhere have basically learned that less than and said we're not going to do that again You mentioned the 1970s There were some comparisons to the Volcker era We're not there Are we There are many differences between now and the Volcker era For one thing the central banks understand the problem better and are going to attack it Energy is not as central to the economy Yes you don't like paying 5 $6 a gallon For gasoline but in terms of the gasoline that you use you're using much less because cars are much more efficient And the same with power In our houses So there are differences between now and then The biggest difference that they don't seem to have been able to get across to the public yet is that they're coming out of the coronavirus pandemic And prices went up on a lot of things for a lot of reasons related to the pandemic When the pandemic shut everything down the rental car companies didn't need cars because nobody could travel So they sold off their car fleets And then we reopened And now everybody's going on vacation and needs a car And so rental car prices are way up And because they had to restock their fleets used car prices went way up Those things are going to disappear as inflation providers because the red car companies will have their fleets And they will have made back enough money when the fleets get big enough Somebody will start undercutting other people and prices will level off And that's what the fed meant by transitory The problem is COVID wasn't transitory It kept coming back And so the problem hasn't gone away yet Some of those things will disappear inflation will go down but is there a fundamental built in inflation that's what the fed is worried about that people are starting to think there's going to be inflation So prices are going to keep rising Yeah and there was a lot of spending on the part of the government and the Federal Reserve building up its balance sheet What was the alternative back in 2008 in the financial crisis What was the alternative Probably complete disaster There's two arguments One that there was no alternative at the time when they first started doing that And some people would say that when the Biden plan was put forward it was too large And they kind of knew that but as you said what's the alternative The other aspect and argument that's made is that even if you did that you should have recognized sooner that that was going to be inflationary and started taking steps to mitigate it The fed should have stopped buying bonds in QE much earlier and started maybe raising rates earlier So they wouldn't have to go as far as fast as they are now All right Mike always a pleasure Bloomberg global economics and policy editor.
Bloomberg Radio New York
"federal reserve building" Discussed on Bloomberg Radio New York
"Ahead what to expect Bloomberg's global economics and policy editor Mike McKay let me guess the Democrats are going to try to get him to blame Republicans the Republicans are going to try to get him to claim the Democrats You know too much about American politics I mean anything substantive coming out of this or what There will be substantive discussions but whether there will be anything we don't already know I would doubt because he just had a news conference for an hour last week and basically explained where the fed is Now he left some things uncertain One of the biggest questions is what do they do next 50 or 75 He said they could do either one To that he'll say we won't know and then maybe somebody asked him well what are you going to be looking at What will tell you that you need to go a bigger if that's indeed the case Maybe there's something from the markets to learn there But other than that it's probably going to be more of an explanation of why the fed doesn't really know what's going to happen Okay that news conference is talking about some wise acre got up and asked if they can really control the type of inflation that we're seeing Yeah I wouldn't know that You know when I go to the gas station fill up for 70 bucks for my car and go buy groceries at the grocery store and that cost me $200 for a jar of peanut butter I asked him whether they were looking at the core rate or the headline rate because the headline rate I only buy cool And he said the consumer he said John Tucker in particular doesn't understand core inflation Because he pays for gasoline and food But that's really the argument is the has to look at the impact of headline inflation the impact of gasoline prices And food prices because they're particularly concerned about inflation expectations That's what drove them to change their minds and go 75 basis points of jump in the University of Michigan's consumer sentiment measure of consumer inflation expectations And can we stop there What's the big deal about the expectations from consumers far out The concern is that if expectations elevate and remain elevated then what people are going to do is expect inflation to occur and then take steps to mitigate it like going to their boss and asking for a raise and they'll say well the other cost of living sir I got to give you a raise but to pay for it I'm going to raise prices even more That's what we saw happen in the 1970s and central bankers everywhere have basically learned that less than and said we're not going to do that again Okay you mentioned the 1970s There were some comparisons to the Volcker era We're not there are we There are many differences between now and the Volcker era For one thing the central banks understand the problem better and are going to attack it Energy is not as central to the economy Yes you don't like paying 5 $6 a gallon For gasoline but in terms of the gasoline that you use you're using much less because cars are much more efficient And the same with power In our houses So there are differences between now and then The biggest difference that they don't seem to have been able to get across to the public yet is that they're coming out of the coronavirus pandemic And prices went up on a lot of things for a lot of reasons related to the pandemic When the pandemic shut everything down the rental car companies didn't need cars because nobody could travel So they sold off their car fleets and then we reopened and now everybody's going on vacation and needs a car and so rental car prices are way up And because they had to restock their fleets used car prices went way up Those things are going to disappear as inflation providers because the red car companies will have their fleets And they will have made back enough money when the fleets get big enough Somebody will start undercutting other people and prices will level off And that's what the fed meant by transitory The problem is COVID wasn't transitory It kept coming back And so the problem hasn't gone away yet Some of those things will disappear inflation will go down but is there a fundamental built in inflation that's what the fed is worried about that people are starting to think there's going to be inflation So prices are going to keep rising Yeah and there was a lot of spending on the part of the government and the Federal Reserve building up its balance sheet What was the alternative back in 2008 and the financial crisis What was the alternative Probably complete disaster There's two arguments One that there was no alternative at the time when they first started doing that And some people would say that when the Biden plan was put forward it was too large And they kind of knew that but as you said what's the alternative The other aspect and argument that's made is that even if you did that you should have recognized sooner that that was going to be inflationary and started taking steps to mitigate it The fed should have stopped buying bonds and QE much earlier and started maybe raising rates earlier So they wouldn't have to go as far as fast as they are now All right Mike always a pleasure Bloomberg global economics and policy editor Michael.
Bloomberg Radio New York
"federal reserve building" Discussed on Bloomberg Radio New York
"Look ahead what to expect Bloomberg's global economics and policy editor Mike McKay Let me guess the Democrats are going to try to get him to blame Republicans the Republicans are going to try to get him to claim the Democrats You know too much about American politics I mean anything substantive coming out of this or what There will be substantive discussions but whether there will be anything we don't already know I would doubt because he just had a news conference for an hour last week and basically explained where the fed is Now he left some things uncertain One of the biggest questions is what do they do next 50 or 75 He said they could do either one To that he'll say we won't know and then maybe somebody asked him well what are you going to be looking at What will tell you that you need to go a bigger if that's indeed the case Maybe there's something from the markets to learn there But other than that it's probably going to be more of an explanation of why the fed doesn't really know what's going to happen Okay that news conference is talking about some wise acre got up and asked if they can really control the type of inflation that we're seeing Yeah I wouldn't know that You know when I go to the gas station fill up for 70 bucks for my car and go buy groceries at the grocery store and that cost me $200 for jar of peanut butter I asked him whether they were looking at the core rate or the headline rate because the headline rate I only buy cool and he said the consumer He said John Tucker in particular doesn't understand core inflation Because he pays for gasoline and food But that's really the argument is the panic has to look at the impact of headline inflation the impact of gasoline prices And food prices because they're particularly concerned about inflation expectations That's what drove them to change their minds and go 75 basis points to jump in the University of Michigan's consumer sentiment measure of consumer inflation expectations And can we stop there What's the big deal about the expectations from consumers far out The concern is that if expectations elevate and remain elevated then what people are going to do is expect inflation to occur and then take steps to mitigate it like going to their boss and asking for a raise and they'll say well the other cost of living sir I got to give you a raise but to pay for it I'm going to raise prices even more That's what we saw happen in the 1970s And central bankers everywhere have basically learned that lesson and said we're not going to do that again You mentioned the 1970s There were some comparisons to the Volcker era We're not there Are we There are many differences between now and the Volcker era For one thing the central banks understand the problem better and are going to attack it Energy is not as central to the economy Yes you don't like paying 5 $6 a gallon For gasoline but in terms of the gasoline that you use you're using much less because cars are much more efficient And the same with power In our houses So there are differences between now and then The biggest difference that they don't seem to have been able to get across to the public yet is that they're coming out of the coronavirus pandemic And prices went up on a lot of things for a lot of reasons related to the pandemic When the pandemic shut everything down the rental car companies didn't need cars because nobody could travel So they sold off their car fleet And then we reopened And now everybody's going on vacation and needs a car And so rental car prices are way up And because they had to restock their fleets used car prices went way up Those things are going to disappear as inflation providers because the rent a car companies will have their fleets And they will have made back enough money when the fleets get big enough Somebody will start undercutting other people and prices will level off And that's what the fed meant by transitory The problem is COVID wasn't transitory It kept coming back And so the problem hasn't gone away yet Some of those things will disappear inflation will go down but is there a fundamental built in inflation that's what the fed is worried about that people are starting to think there's going to be inflation So prices are going to keep rising Yeah and there was a lot of spending on the part of the government and the Federal Reserve building up its balance sheet What was the alternative back in 2008 in the financial crisis What was the alternative Probably complete disaster There's two arguments One that there was no alternative at the time when they first started doing that And some people would say that when the Biden plan was put forward it was too large And they kind of knew that but as you said what's the alternative The other aspect and argument that's made is that even if you did that you should have recognized sooner that that was going to be inflationary and started taking steps to mitigate it The fed should have stopped buying bonds and QE much earlier and started maybe raising rates earlier So they wouldn't have to go as far as fast as they are now All right Mike always a pleasure Bloomberg global economics and policy editor Michael McKee.
Bloomberg Radio New York
"federal reserve building" Discussed on Bloomberg Radio New York
"Ahead what to expect Bloomberg's global economics and policy editor Mike McKay Let me guess the Democrats are going to try to get him to blame Republicans the Republicans are going to try to get him to claim the Democrats You know too much about American politics I mean anything substantive coming out of this or what There will be substantive discussions but whether there will be anything we don't already know I would doubt because he just had a news conference for an hour last week and basically explained where the fed is Now he left some things uncertain One of the biggest questions is what do they do next 50 or 75 He said they could do either one To that he'll say we won't know and then maybe somebody asked him well what are you going to be looking at What will tell you that you need to go a bigger if that's indeed the case And so maybe there's something from the markets to learn there But other than that it's probably going to be more of an explanation of why the fed doesn't really know what's going to happen Okay that news conference is talking about some wise acre got up and asked if they can really control the type of inflation that we're seeing Yeah I wouldn't know that You know when I go to the gas station fill up for 70 bucks for my car and go buy groceries at the grocery store and that cost me $200 for a jar of peanut butter I asked him whether they were looking at the core raid or the headline rate because the headline rate I only buy cool and he said the consumer He said John Tucker in particular doesn't understand core inflation Because he pays for gasoline and food But that's really the argument is the has to look at the impact of headline inflation the impact of gasoline prices And food prices because they're particularly concerned about inflation expectations That's what drove them to change their minds and go 75 basis points to jump in the University of Michigan's consumer sentiment measure of consumer inflation expectations And can we stop there What's the big deal about the expectations from consumers far out The concern is that if expectations elevate and remain elevated then what people are going to do is expect inflation to occur and then take steps to mitigate it like going to their boss and asking for a raise and they'll say well the other cost of living sir I got to give you a raise but to pay for it I'm going to raise prices even more That's what we saw happen in the 1970s and central bankers everywhere have basically learned that less than and said we're not going to do that again Okay you mentioned the 1970s There were some comparisons to the Volcker era We're not there Are we There are many differences between now and the Volcker era For one thing the central banks understand the problem better and are going to attack it Energy is not as central to the economy Yes you don't like paying 5 $6 a gallon For gasoline but in terms of the gasoline that you use you're using much less because cars are much more efficient And the same with power In our houses So there are differences between now and then The biggest difference that they don't seem to have been able to get across to the public yet is that they're coming out of the coronavirus pandemic And prices went up on a lot of things for a lot of reasons related to the pandemic When the pandemic shut everything down the rental car companies didn't need cars because nobody could travel So they sold off their car fleet And then we reopened And now everybody's going on vacation and needs a car And so rental car prices are way up And because they had to restock their fleets used car prices went way up Those things are going to disappear as inflation providers because the red car companies will have their fleets And they will have made back enough money when the fleets get big enough Somebody will start undercutting other people and prices will level off And that's what the fed meant by transitory The problem is COVID wasn't transitory It kept coming back And so the problem hasn't gone away yet Some of those things will disappear inflation will go down but is there a fundamental built in inflation that's what the fed is worried about that people are starting to think there's going to be inflation So prices are going to keep rising Yeah and there was a lot of spending on the part of the government and the Federal Reserve building up its balance sheet What was the alternative back in 2008 in the financial crisis What was the alternative Probably complete disaster There's two arguments One that there was no alternative at the time when they first started doing that And some people would say that when the Biden plan was put forward it was too large And they kind of knew that but as you said what's the alternative The other aspect and argument that's made is that even if you did that you should have recognized sooner that that was going to be inflationary and started taking steps to mitigate it The fed should have stopped buying bonds and QE much earlier and started maybe raising rates earlier So they wouldn't have to go as far as fast as they are now All right Mike always a pleasure Bloomberg global economics and policy editor Michael McKee Just to Hannah Bloomberg daybreak weekend if you're traveling to the UK this.
Bloomberg Radio New York
"federal reserve building" Discussed on Bloomberg Radio New York
"Cable listings Right now with the inflation data the way it is and with the job market as strong as it is in many dimensions I do think that you know we have to be in a position that if we need to raise rates you know a couple of times next year we're able to do that So again quickening the tapering is a set optionality The Federal Reserve building in some flexibility that was Loren ambas the Cleveland Federal Reserve president catching up with Kathleen Hayes on Bloomberg Yesterday from New York City this morning good morning Tom Keane later parameters and Jonathan Ferro your equity market up 20 failing a bit then bouncing back at four tenths of 1% that's that 100 futures slightly negative softer down by about 6 points call it 5 We're negative 0.03% there Yields are higher by not much now by two basis points to one 42 on tens and your stock mover in the morning It's Apple in the pre market the reporting from our team here at Bloomberg the company telling its component suppliers The demand for the iPhone 13 lineup has weakened according to people familiar with the matter one 60 40 in the pre market down by 2.65% A snapshot of the analyst ratings two K just quickly 38 buys 8 holes two cells your big bull on the street right now is down knives of wet bush at 200 and mister forte over a DA Davidson looking for one 70 ton We are at one 60 right now And we look at the opportunity here right now as we will Also I want to point out we're looking for a miracle press conference out of Germany which could be of interest Tom forte joins us DA Davidson as well Tom let me cut to the chase Do you buy the dip Are you do you buy in the dip Although Tom I do worry a little that some of the $160 price of Apple is on a growing assumption that they're going to enter electronic vehicles But if you look at the multiyear upgrade cycle for 5G I think that's still intact potential softness and demand to me is consumers responding to all the news that they're not going to be able to get the product they want Apple's website You can see there's still a delay for the pro and the pro max the highest end of the 13 devices In your analysis and I'm talking about the fame four day spreadsheet How do you price in the price war a Verizon telephone and T mobile To me it's like 15 years ago It's absolutely stunning The price deals are giving people Is that in the stock It is in the stock because I do think as you pointed out it is Back to the Future to the extent that the carriers have invested billions of dollars to upgrade their networks want you to have a 5G phone And if you see the Verizon ads for example bring in your broken phone and will give you full credit It is remarkable because it wasn't that long ago where the carrier stopped giving the stipends and put more on the consumer and that's when you started seeing consumers buying their apple monthly payments and installments and things of that nature There's a gift by the carriers Apple Excuse me apologize Tom there is a question about whether this is an idiosyncratic issue having to do with people waiting for the 14 model of the iPhone four apple or whether this is actually a sign of how some of these supply chain disruptions actually dampens demand that people don't want to go to the stores if they don't know how long they have to wait which is it Great question and I think it's the latter of the two I think the consumer unfortunately is being trained that if you want a consumer electronics product this year you're probably not going to be able to get it So they're not trying Some of them are not trying Is there a larger takeaway than Tom about other electronic companies other companies that rely on the chip sector which has been particularly weighed upon by some of these supply chain disruptions Yes it's a great question The way I think about it is on the most optimistic front for supply chain disruption I think you can look at large scale retailers like Best Buy and they may realize they can't get products from Asia on the shelf in time for holiday and quit trying But if you're a company relying on chips that could be an issue for full year calendar next year We cover a headset manufacturer They've had to re-engineer their product three times to adjust for chips that are available So the chip situation could be a full year 22 issue but we may see some improvement in supply chain sooner rather than later independent of chips It's about 40 under your risk and folks in every southside research report There's a listing of risks Is president Xi and Beijing a risk for Cupertino I would say under Tim Cook's leadership it is less of a risk to the extent that he has done an amazing job managing China risk I think what you're seeing mostly unfortunately has been incremental pressure on Alibaba Tencent Some of the domestic technology companies there on data concerns Tim Cook has done amazing job managing the risk in China So I think it's a risk but it's less of a risk because of the excellent work Tim Cook has done Next year Tom what do you think is the biggest distinguishing feature for the likes of Apple for the big tech complex as we head into what a lot of people think will be a shift a rotation into the rest of the sectors that really have gotten beaten up or not really recovered to the same extent Well I do think that there's a perception that Apple and some of the large tech stocks Amazon Google and others are somehow a safe haven So maybe that view goes away next year But I didn't think we saw as much sector rotation out of technology as I expected in 2021 on an improving and reopening economy So I think there's still this 5G upgrade cycle I think could carry Apple stock independent of sector rotation in 22 Well do you want to announce a price increase right now We need to make some news here mister forte I'd love to but I'm sorry not at this point in time I think that again Tom my concern is that some of the 160 is an expectation that there's a mini Tesla for rivian or something like that in apple and that there's a call option embedded in the price So I'm going to continue to monitor the demand If you think about the quarter they had a $6 billion hits of revenue in September quarter related to supply chain in the December quarter that's like 6 lost days of revenue So look for additional details in the December quarter.
Grant’s Current Yield Podcast
"federal reserve building" Discussed on Grant’s Current Yield Podcast
"Him looking for high yields? That's never the case. He seek in 6% return. Slow and steady wins the race. When he checks his accounts just to see with their field and it's like driving in Marilyn ain't nobody yielding. What is he to do? He shouldn't be in a drought, so he visits his adviser just to sort it all out. Inflation's higher than your bond rate. That's what I was fearing. Well, this is grant's interest rate observer of the air, and the music you have heard is not count bassy, April and Paris, circa 1955. It is Remy. Just plain Remy, we have there's like Bono. There's what I don't know. Madonna. And there's Remy. And Remy Buddha sifi is our guest today. And what you heard was remmy doing a little riff on a dog money, which is, which is what the Federal Reserve produces under the name of Federal Reserve notes. Well, I'm super honored to have the intro music for this episode. Well, this is the first time ever we've been doing these things for what? 30 years? Just about. And we've always had count basically because your editor be Jim grant is rather stuck in 1955 and the Dodgers won the World Series and Count Basie produced from Paris and everything has been going more or less sideways at best since then, sometimes downhill. But we are with remi and as always, we are with the great deputy editor of grants, Evan Lorenz, we are with Henry and owain or engineers, and who else in the room? I guess that's it, right? It's just the four of us. Yeah. And what we are here to do is to talk to one of the terrific comedians, satirists, creators, videos, Remy is merely fantastic. He does all of this stuff, I think, not all of it, but much of it lately under the banner of reason, TV. And he does stand up as well and I was like perfect. It says here in Wikipedia, which is the ultimate authority and everything. Oh yeah. His videos have gained over 98 million views as of June, 2020 first. So extrapolating evidence we sometimes do in financial analysis if it was 98 million in June 2021. What is it now? A couple billion billionaire trillion maybe. Easy. Yeah. One of the grants t-shirts copyrighted grants t-shirts has the picture of the Federal Reserve building and a voice like a Pfeiffer voice in the old Village Voice cartoons come out of it and the voice is inquiring. Anybody here know what comes after trillion? So anyway, rumors got a trillion views. Yeah, it's like a hockey stick, you know? Everybody on YouTube. That's so straight up. Well, you watch after this after this, who knows what's going to happen? So remember I am tired of the sound of my own voice, which is frequently the case and I haven't even heard yet from Evan. But I would like you to tell us kind of what you're doing now..
Zero Credit(s)
"federal reserve building" Discussed on Zero Credit(s)
"Yeah why did they tranquilize anyone. If this was the plan all along just did they change it to tranquilizer darts because they wanted a lower rating but that obviously wasn't the case because it was written into the movie and then they just straight up killa butcher people later yeah it it just seemed very weird and the like out breeze showing up his what his character was doing made no sense the way people interacted with him. Made nelson's no character like talk like a human being in this entire at all. And like when i said the beginnings like okay you're setting up these brothers to be at odds with each other. They're gonna hate each other but then they don't hate each other that much. It doesn't doesn't take a lot for them to work together yet. Seems like somewhat grudging. And then they're kinda right back at it yeah it. It's it feels like that. Were breeze shows up in the boat to rescue really offer. The dominator is what most notable sentenced to be able to say. It seems like that's supposed to be this really big turning point this really big moment but like they've been kind of worried about each other and work to help each other out the entire time so it doesn't really have like a cathartic feeling yet just some versus whatsoever in fact willie freeze breeze. Willie freeze breeze. And then there's a whole other scene between willie and cassie were. They don't say his name at all. We does that. They seem to talk about turning the dominator into a car bomb. Yes does that happen. How why do they go. Get the fertilizer. The show off the giant wave. That hits i guess what a waste. What okay little. I'm focusing on the hurricane. Let's talk about what's happened. This town a church steeple gets ripped off by wind. Water destroys a plant shop and the it raises so high that they can't even the swim through it and so then you destroys half of it. Half of the town's underwater it drowns the town which like if you're on the coast. It's not like you have a lot of hills so like if you have flooding. That's that high. You would probably assume that all the city is under water at that point. The federal reserve building is undamaged throughout completely damaged completely undamaged..
Heartland Newsfeed Radio Network
"federal reserve building" Discussed on Heartland Newsfeed Radio Network
"You're going to get growth by. Tsa today deal with it like no or putting a microwave. Yeah the worst part of this unfortunate situation is the fact that no one else on the plane dared to stand up and back up the toddler parents against the insanity of forcing child to cover her face against her will. Well you know not. A lot of people are standing up for adults. Either this point but yes it is. It is particularly upsetting time and time again. We hear studies about how children are not a vector for infection. Y- everyone on. The plane was deluded into thinking that a two year old. Who refuses to put on a mask will kill everyone. Okay well objection evidence not in facts not in evidence we have. Why would that's a jump. They have just thought i best with the flight attendants. I'm going to have problems. They could just thought. I don't want to mess with what they called. The air marshal people like that doesn't follow from what happens. Objection noted in the midst of mandatory. Masking have you also noticed a glaring problem about people who get hysterical and those who refuse to wear masks. Why well yes i have. That's a matter of fact. The scientific fact is that if someone doesn't want to assume the risk of infection that person should be wearing a mask and they note the ninety five or ninety five well and as far as the evidence suggests it certainly shows that what they saw happening. They didn't consider worthy of stopping which means that they didn't think it was that unjust. No that's not true either. There's plenty of really. I been to boston. I haven't pulled over and opened fire on the federal reserve building. Because it's not gonna accomplish anything that's not a judgment of how unjust it is now but you do say you do say something about the federal reserve and no one no one says anything about it right walked in and told them off like you don't mind you haven't driven by flipped off like as you pass by the while it was okay. I think that you have Done everything in your ability to express your feelings regarding the federal reserve. It doesn't mean that. If i mean i say i say things about what i wouldn't do if i ever met this individual but that does not mean that if i was on a plane run by the federal reserve that i would try to stop what they were doing to my own detriment into no one's benefits. If if i happen to be in this situation i would. At least tern say seriously six zero three two eight three six one six zero. Are you suffering from mass delusion. As a result of the government's reaction to cove it more free talk live on the way. Look i'm sorry but you're in for a world of pain. If you use coin omi the reason is their wallet. Doesn't support payments. The solution is simple. Let them hear your voice message. Coin no me on twitter. It takes five seconds and tell them any pay sent you because they're on the fence right now and your voice will prove that people care about using bitcoin for payments. Go tweet at coin omi now or even better. Leave a review in the app store. They really pay attention there. Thanks.
Heartland Newsfeed Radio Network
"federal reserve building" Discussed on Heartland Newsfeed Radio Network
"Follow from what happens. Objection noted in the midst of mandatory. Masking have you also noticed a glaring problem about people who get hysterical at those who refuse to wear masks quite well. Yes i have. That's a matter of fact. The scientific fact is that if someone doesn't want to assume the risk of infection that person should be wearing a mask and they note the and ninety five or k and ninety five well as far as the evidence suggests it certainly shows that what they saw happening. They didn't consider worthy of stopping which means that they didn't think it was that unjust. No that's not true either. There's plenty of really under. I been to boston. I haven't pulled over and opened fire on the federal reserve building. Because it's not going to accomplish anything that's not a judgment of how unjust it is now but you do say you do say something about the federal reserve and no one and no one says anything about it right now walked in and told them off like you. Don't i mean come on. You haven't driven by flipped off like as you pass by the federal government while it was okay. I think you have done everything in your ability to express your feelings regarding the federal reserve. That doesn't mean that. If i say. I say things about what i wouldn't want new if i ever met this individual but that does not mean that if i was on a plane run by the federal reserve that i would try to stop what they were doing to my own detriment into no one's benefits. Like if i. If i happen to be in this situation i would. At least tern say seriously six three two eight three six one six zero. Are you suffering from mass delusion. As a result of the government's reaction to cove it more free talk live on the way frito. Freedom is the call of the untamed scotsman and all others. I wanna feel the wind and their kilts at free talk live. We love the breezy swinging. Feeling that only kilt from sport killed can give. 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Your first call should be to mark worden from porcupine. Real estate is more than just a real estate agent. Easier new hampshire concierge. Where are the best places to live. Do you want farm city the burbs or 'forest do you wanna duplex or multifamily buildings. So the renter's pay your mortgage their homes in all price ranges new hampshire and mark and help with financing to invest in liberty and property. Mark gordon can help real estate data com the lower end dot. Fm social media channels have been revamped. We've eliminated facebook and focused on other platforms like twitter and mastodon the decentralized alternative to twitter on our accounts you'll find posts from multiple dot. Fm show hosts together in one place us on twitter at twitter dot l. Our end on fm or better yet moved to the decentralized mastodon social media platform at toot dot l. r. n. dot fm. T. o. t. dot l. dot fm. I think you'll like it. You're listening to the heartland newsfeed radio network line at hartland. Newspeak dot com. This stream is supported by advertisers and contributions by follow us on facebook twitter and instagram's big storm setting sights on the northeast. I'm steve rappoport fox news. A winter storm expected to blanket parts of the region with up to eighteen inches of snow as it hit the east coast the mid atlantic and stretching up a little farther north where. We're going to be the most significant snowfall. Still some snow stretching back cost off across the great lakes. But we're beginning to see some of that snow through dc and this'll be lifting north of new york in the next couple of hours. Eventually up towards boston no surprise here. Winter storm watches and warnings across a very large area. Much of the east coast. Getting you up into new england. Were getting into a good heavy snow by early tomorrow morning. In new york city stretching farther south continuing perhaps in dc definitely in philadelphia areas where they will see very heavy snow. Fox news meteorologist. Adam clots senate republicans making a counteroffer to a proposed corona virus. Relief bill senator bill cassidy of louisiana. So we have a hundred sixty billion dollars we match his figure when it comes vaccination decree increase capacity to make more vaccine more quickly as well as to adapt to these variants. Which are coming across. The white house wants congress to approve nearly two trillion dollar plan. If we don't get this package as designed out the door quickly. We risk having four million fewer jobs at the end of this year. That's for moody's dot com. We risk taking a year longer to get to full employment council of economic advisers member. Jared bernstein both appearing on fox news sunday police in russia arresting more than forty seven hundred people in protest demanding the release of opposition leader alexei volley in the capital of moscow. People marched to the jail where navalny is being held as they gathered in the street. The group faced heavy law enforcement. Presence riot police hit some with batons. While chasing down and arresting others reports do indicate all these wife yulia was among those being detained as protesters show. They are willing to fight for what they see as justice. Fox's trae jinxed. America is listening to fox. News president biden plans to sign executive orders. Tuesday that the white house says will undo immigration policies enacted by former president trump. One order creates a task force to reunite migrant families separated at the border. The president is also expected to increase. Refugee admissions to the us. The president has already signed..