web analytics
a

Facebook

Twitter

Copyright 2015 Libero Themes.
All Rights Reserved.

8:30 - 6:00

Our Office Hours Mon. - Fri.

703-406-7616

Call For Free 15/M Consultation

Facebook

Twitter

Search
Menu
Westlake Legal Group > Posts tagged "cryptocurrency"

Squad Member Ayanna Pressley Discovers Economics and Other Adventures From the Facebook Cryptocurrency Hearing

Westlake Legal Group AP_18019789501804-620x439 Squad Member Ayanna Pressley Discovers Economics and Other Adventures From the Facebook Cryptocurrency Hearing Social Media Politics Maxine Waters Massachusetts Mark Zuckerberg Libra Illinois Front Page Stories Featured Story facebook douchebaggery democrats cryptocurrency Congress California Ayanna Pressley Allow Media Exception Al Green

File-This Nov. 9, 2017, file photo shows Facebook CEO Mark Zuckerberg meeting with a group of entrepreneurs and innovators during a round-table discussion at Cortex Innovation Community technology hub in St. Louis. Facebook is announcing its second major tweak to its algorithm this month, saying it will prioritize news based on users’ votes. The company said in a blog post and Facebook post from Zuckerberg Friday, jan. 19, 2018, that it will survey users about how familiar they are with a news source and if they trust it. (AP Photo/Jeff Roberson, File)

Yesterday’s hearing on Capitol Hill before the House Committee on Financial Services, was supposed to focus on Libra, a cryptocurrency Facebook is trying to develop. The members had a lot of concerns and rightfully so. The monopoly on the use of deadly force and the monopoly on currency are two things which nearly define the existence of a nation. Give up either and you probably deserve what happens next. But, as happens so often in Nancy Pelosi’s House, a substantive hearing was rapidly turned into something farcical by the lackwits in the Democrat caucus.

The Squad member, Ayanna Pressley probably won the internet for the observation that cryptocurrency isn’t of much use to people with no money.

“This is not about authentication,” she told Zuckerberg. “This is not about banking costs. This is about a tsunami of hurt that millions are experiencing because of a $1.6 trillion student debt crisis, because of rising health care costs and people having to use GoFundMe pages to pay medical bills. This is because of the racial and gender wealth gap.”

Pressley, who often says the “people closest to the pain should be closest to the power,” added that Zuckerberg “represent[s] the power, but I don’t think you understand the pain.”

“There’s underbanking because people are broke,” she said.

Pressley then moved on to ask if Libra would be free to users. Zuckerberg said that was the intention of the initiative, though it is still far from being established.

“So there is no fee?” Pressley asked.

“Congresswoman, that’s the goal, is to make it so that —” Zuckerberg said, as Pressley repeated the question.

“Congresswoman, the goal is to make it —” he began.

“Moving on,” Pressley cut him off.

During her questioning of Marcus over the summer, Pressley made the point that even without fees there would be inherent costs to using Libra, such as needing a smart phone and the fact that, unlike savings accounts, the money stored on the platform would not earn interest.

“If it costs money to buy Libra and cost money to use the Libra money, I fail to see how this helps people with virtually no money,” she told Zuckerberg. “You are attempting to use technology to solve what is inherently an issue of wealth.”

Know what else isn’t of any use to you if you don’t have money? Food. Clothing. Shelter.

Maxine Waters was drumming up business for whatever race hustlers are still in the business (truth be told, I keep expecting Jesse Jackson to come out as a trans-sexual lesbian and kick off another professional shakedown organization like Rainbow-PUSH.

And Al Green got into the crazy-pants act demanding to know how many sexual deviants of various stripes Facebook employed. Zuckerberg should have just answered “a sh**load” and let it go, but then we wouldn’t have this comedy classic.

Are there any members of the LGBTQ+ community associated with this association, Mr. Zuckerberg?

Presumably white, male cryptocurrency works differently from other kinds.

There is a silver lining here. The left has convinced itself that Facebook is a conservative platform because a lot of conservative media use Facebook. The hostility Zuckerberg faced was based on this misconception that because Zuckerberg is at least trying to rein in the Social Justice Warriors that he employs that he is some kind of closeted Proud Boy or something.

Expect to see more of this in the future. Facebook is going to get more interest in Congress as the election gets closer and these assclowns are not going to get even a little bit smarter.

=========
=========
Like what you see? Then visit my story archive.

I’m on Facebook. Drop by and join the fun there.
=========
=========

The post Squad Member Ayanna Pressley Discovers Economics and Other Adventures From the Facebook Cryptocurrency Hearing appeared first on RedState.

Westlake Legal Group AP_18019789501804-300x213 Squad Member Ayanna Pressley Discovers Economics and Other Adventures From the Facebook Cryptocurrency Hearing Social Media Politics Maxine Waters Massachusetts Mark Zuckerberg Libra Illinois Front Page Stories Featured Story facebook douchebaggery democrats cryptocurrency Congress California Ayanna Pressley Allow Media Exception Al Green  Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

What Next for the Federal Reserve? ‘Printing’ Cryptocurrency?

Westlake Legal Group usd-2874026_1280-620x349 What Next for the Federal Reserve? ‘Printing’ Cryptocurrency? The Federal Reserve The Fed Technology rtp real time payments Private Sector Front Page Stories Front Page Economy cryptocurrency central bank Business & Economy banks Banking

The Federal Reserve is rightly a bit of a hobgoblin for us less government types:

“The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system.”

Yes.  Because when I think of government – “a safer, more flexible and more stable” anything leaps to mind.

The Fed is also a hobgoblin because – as with all things government:

“Over the years, its role in banking and the economy has expanded.”

When you have government – you have mission creep.  Because – the entirety of human history.

The Fed is ultimately a hobgoblin – because it allegedly exists in some quasi-independent “Fourth Branch of Government” nether world:

“The Federal Reserve, like many other central banks, is an independent government agency….”

Which means…The Fed doesn’t seem to actually be constitutional.

The Constitution creates – three branches of government.  The Executive, the Legislative and the Judicial.

Which means one of two things:

Someone in one of those three branches – has to have direct oversight over The Fed…and can directly order it to do things.

Or…

The Fed is unconstitutional.

Congress cannot create an independent fourth branch.  You have to amend the Constitution to do that.

Attempts by less government types to at least rein in The Fed are always welcome – and have occasionally occurred.

Meet Kentucky Republican Senator Rand Paul.

Dr. Rand Paul: Time for Congress to Pass ‘Audit the Fed’:

“S. 148 would require the nonpartisan, independent Government Accountability Office (GAO) to conduct a thorough audit of the Federal Reserve’s Board of Governors and reserve banks….”

Yes, please.

Because – speaking of The Fed’s “role in banking and the economy” expanding….

Fed to Launch Real-Time Payments System in 2023:

“The Federal Reserve announced Monday it would create and implement a system that would allow consumers and businesses to send and receive money instantaneously by 2023.”

Well that certainly sounds like something the private sector – not the government – should be doing.

Oh look – the private sector is doing it.

Meet North Carolina Republican Congressman Ted Budd.  Who recently, rightly penned:

“In 2015, the Federal Reserve realized this problem needed to be addressed, and to their credit, they encouraged the private sector to develop a solution to the deposit/access time gap.

“Four years later, through American innovation, a real time payments (RTP) system came to fruition and currently reaches over 51 percent of the demand deposit accounts in the country. This allows immediate payment and withdrawal for consumers.”

The United States’ international banking system – is what we’re talking about here.  Because the US banking system – is international.

It ain’t easy to get an entire international banking system – fully online with instantaneous coin availability.

Yet here the private sector is – doing it.

Let’s extrapolate this time frame, shall we?

In four years, the private sector has delivered instantaneous money availability – to half of us.

Which means in another four years – give or take – the private sector will have delivered it…to all of us.

Four years from now – is 2023.

Just as the private sector has finished solving the problem, The Fed – in the name of “solving” a problem already solved by the private sector – will begin creating a whole slew of new problems.

Because that’s what government does.

Government-expanding Obamacare was supposed to increase health insurance access – and reduce premiums and deductibles.

Obamacare killed insurance for ten-plus million Americans – and doubled premiums and tripled deductibles.

The Fed’s plan – is Obamacare for the banking industry.

For yet another reason: Obamacare was designed – to kill the private health insurance sector.

The Fed’s RTP system – could very well kill the private sector RTP system.

In reality, there can be only one RTP system.  For the real time payments to actually be real time payments – every bank will have to be on the same system.

And as we’ve seen since time immemorial – when government and the private sector butt heads…government wins.

And as we’ve seen since time immemorial – that’s an awful outcome.

The government competing with the private sector – is like having a baseball umpire…also pitch for the opposing team.

You have the guy calling balls and strikes – calling balls and strikes for himself.

Guess how all judgement calls going forward will go?

For those too young to remember, we used to have phone books – in which you looked up phone numbers.

The White Pages contained residential numbers – the Yellow Pages business numbers.

We less government types have long had The Yellow Pages Rule:

“If you can find it in the Yellow Pages – government shouldn’t be doing it.”

Economist Steve Moore – is a really bright dude.  He gets all of this – and highlights yet another huge problem with the concept….

Why the Fed Shouldn’t Compete With Private Banks

“No private firm can safely charge as low a price as the Fed or absorb high costs.

“The Fed has an obvious advantage in any venturing into activities now conducted by private lenders: It has effectively the lowest borrowing costs in the world because the full faith and credit of the U.S. government stands behind it.

“The Fed can’t go bankrupt and by its enormous size and stature is the behemoth in the banking universe.”

It’s like competing with Communist China.

The Fed can obnoxiously warp the marketplace to its advantage – in about a million different ways.

Congressman Budd’s bill – doesn’t prevent The Fed from doing getting into the RTP business.

What Budd’s bill does do – is require The Fed to examine how much private sector damage they’ll do if they do this.

Which is certainly a very good idea (for the entirety of government).

Hint: The prospective damage is HUGE:

“It…could cost Americans who are already struggling to live paycheck to paycheck approximately $100 billion over the next five to seven years in unnecessary overdraft and penalty fees.”

But while we’re waiting for Congress to not be Congress and pass Budd’s bill….

President Donald Trump and his Office of Management and Budget (OMB) – can likely require The Fed to do for what Budd’s bill calls.

That is – if we’re going to thankfully, finally end the unconstitutional charade of The Fed’s alleged independence.

For me, I’ll take whatever oversight I can get – any constitutional way I can get it.

So here’s to Budd’s bill.

And here’s to President Trump – trumping Budd’s bill.

The post What Next for the Federal Reserve? ‘Printing’ Cryptocurrency? appeared first on RedState.

Westlake Legal Group usd-2874026_1280-300x169 What Next for the Federal Reserve? ‘Printing’ Cryptocurrency? The Federal Reserve The Fed Technology rtp real time payments Private Sector Front Page Stories Front Page Economy cryptocurrency central bank Business & Economy banks Banking  Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Noted Economics Experts AOC Apparently Doesn’t Know What the Federal Reserve Is

Westlake Legal Group Untitled-6 Noted Economics Experts AOC Apparently Doesn’t Know What the Federal Reserve Is Uncategorized Libra House hearing Grand-Standing Front Page Stories Financial Services Committee Federal Reserve Featured Story facebook Economics Expert ebay cryptocurrency Congress AOC Alexandria Ocasio-Cortez

One of the worst parts of Congress are the public hearing. They almost never accomplish anything, nor reveal new information, and simply serve as a visual medium for egotistical, press hungry members to grandstand.

Naturally, that means Alexandria Ocasio-Cortez absolutely loves them.

Because big government is always inherently good, despite millennia of evidence to the contrary, she decided to to go after cryptocurrency.

Now, it may be true that big corporations are motivated to build the Libra as a currency to buy their products. The question should be, so what? As American companies, they’ll still be regulated just like they’ve always been regulated. She might as well have been asking McDonald’s if they serve breakfast burritos. The answer would of been yes and it would have been just as meaningful as this supposed “gotcha” moment.

I say supposed because AOC, despite claiming to have an economics degree and wanting to remake the whole economy in her image, apparently doesn’t how the Federal Reserve operates.

Her defenders will now rush and tell us “well, ACKSHUALLY the President appoints the board of governors for the Federal Reserve and that’s totally what she meant.”

Quick thought exercise. Would any Democrat or AOC herself consider Brett Kavanaugh democratically elected? I’m going to go with a no on that with a confidence level of so high that it’d make Cheech and Chong envious.

The overarching point is that the Fed has essentially no accountability whatsoever. It’s a bunch of a people from the business world with fourteen year appoints that basically do whatever they want and voters can’t check like they can other positions. We can’t even get a bill through that will allow an audit of what they are doing. But AOC thinks he’s just entered the gotcha hall of fame by pointing out that private companies aren’t democratically elected. Well no, but they are subject to market forces, which serve as a much better check on power than a bloated federal government that can’t manage anything properly.

The reason cryptocurrency is gaining popularity is precisely because it’s more open and transparent compared to the secretive gyrations of the Fed. But because it would place monetary policy outside of AOC’s hands within government, she’s against it. That’s really her litmus test for everything.

————————————————-

Enjoying the read? Please visit my archive and check out some of my latest articles.

I’ve got a new twitter! Please help by following @bonchieredstate.

The post Noted Economics Experts AOC Apparently Doesn’t Know What the Federal Reserve Is appeared first on RedState.

Westlake Legal Group Untitled-6-300x169 Noted Economics Experts AOC Apparently Doesn’t Know What the Federal Reserve Is Uncategorized Libra House hearing Grand-Standing Front Page Stories Financial Services Committee Federal Reserve Featured Story facebook Economics Expert ebay cryptocurrency Congress AOC Alexandria Ocasio-Cortez  Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com