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China Could Force Donald Trump And The Fed To Destroy The U.S. Banking System


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https://www.forbes.com/sites/billybambrough/2020/06/08/china-could-force-donald-trump-and-the-fed-to-destroy-the-us-banking-system/#369a0dca4f5f

Donald Trump has reignited his long-running battle with China, something that's likely to heavily feature in his re-election campaign.

Meanwhile, China is poised to launch a digital version of its yuan and could be about to create serious problems for the U.S. banking system—potentially forcing the U.S. to digitalize the dollar to compete.

Now, the Federal Reserve has warned central bank digital currencies might one day replace commercial banks, creating "a deposit monopolist" and playing "havoc" with the banking system.

"The introduction of digital currencies may justify a fundamental shift in the architecture of a financial system, a central bank 'open to all,'" Federal Reserve of Philadelphia researchers wrote in a 32-page paper titled "Central Bank Digital Currency: Central Banking for All?"

The paper examined the potential effects of "giving consumers the possibility of holding a bank account with the central bank directly"—something that could potentially replace commercial bank checking accounts.

 
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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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