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Unprecedented Fed Action May Have Just Started a Global Currency Crisis
The Fed, likely acting on orders from the Biden administration, froze the US dollar reserve assets of Russia. Some may cheer this others not, but perhaps by the time I finish this post, those cheering now may have second thoughts. The Federal Reserve Act mandates that the Federal Reserve conduct monetary policy "so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates." Click on the link for the complete act. Nowhere does the act give the Fed the right or power to confiscate the reserves of sovereign nations. But that is exactly what the Fed did. In one quick ... (full story)
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