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Any thought on FedNow? Good/bad
Posted on 4/7/23 at 8:43 pm
Posted on 4/7/23 at 8:43 pm
The Federal Reserve said Wednesday it will launch its long-awaited instant payment service FedNow in July.
The instant payment network will settle payments in seconds, with the capability to support consumer-to-consumer, consumer-to-merchant, merchant-to-merchant, and bank-to-bank transactions.
The instant payment network will settle payments in seconds, with the capability to support consumer-to-consumer, consumer-to-merchant, merchant-to-merchant, and bank-to-bank transactions.
5
Posted on 4/7/23 at 9:36 pm to Stamps74
It can lick my nuts and die in a fire. frick anything operated by the federal government.
Posted on 4/7/23 at 9:48 pm to Stamps74
FedNow is a redundant channel to make the payment network more resilient to business disruption.
We already have wire transfers from our phones, same day ACH up to $1MM, and albeit smaller, but zelle P2P.
We already have wire transfers from our phones, same day ACH up to $1MM, and albeit smaller, but zelle P2P.
Posted on 4/8/23 at 12:52 pm to Stamps74
Posted on 4/8/23 at 4:35 pm to Stamps74
quote:
Any thought on FedNow? Good/bad
Hopefully, it snaps everyone out of the hallucination that decentralized crypto (BTC and ETH) is the problem instead of the lifeline.
This post was edited on 4/8/23 at 4:36 pm
Posted on 4/8/23 at 4:36 pm to Stamps74
These responses are more Poli Board than Money Board
Posted on 4/8/23 at 4:46 pm to The Baker
quote:
Hopefully, it snaps everyone out of the hallucination that decentralized crypto (BTC and ETH) is the problem instead of the lifeline.
Lol what does Fednow have to do with crypto?
Fednow is just a replacement and more widely available version of fedwire. Instant payment system available to institutions 24/7.
It is not a CBDC, or using any sort of Blockchain.
Posted on 4/8/23 at 11:21 pm to PetroBabich
quote:
These responses are more Poli Board than Money Board
It happens to be on the money board. There are honest replies. So what? Money and politics are often inextricably connected.
Posted on 4/9/23 at 2:32 am to Thundercles
quote:
frick anything operated by the federal government.
You realize the Fed is not operated by the federal government right?
Posted on 4/9/23 at 7:14 am to Run DMC
The Federal Reserve is one of the biggest scams sold to Americans in the history of our country.
It's a private bank given the authority to print money out of thin air and set monetary policy in this country. They used the name "Federal" to trick people into supporting it. Without a central bank printing money, there is very little to no inflation. Life would be better for every working class American.
It's a private bank given the authority to print money out of thin air and set monetary policy in this country. They used the name "Federal" to trick people into supporting it. Without a central bank printing money, there is very little to no inflation. Life would be better for every working class American.
Posted on 4/9/23 at 9:45 am to Run DMC
The Fed is a farce too. They are so far gone-- Powell should not be making calculated public speeches that everyone analyzes for a week after even though the results leak a day or two before. They're too affected by public opinion and politics to begin to try do do their job correctly. The Fed's utter incompetence exacerbated what is going on today in the housing market and inflation.
Posted on 4/9/23 at 5:02 pm to tenderfoot tigah
quote:
The Federal Reserve is one of the biggest scams sold to Americans in the history of our country.
And a side note, this is the 3rd Central Bank the U.S. has had. The other two failed. This one will too. JFK was killed by the Fed for putting America back on the gold standard. Trump wanted to and if re-elected will probably follow through with it.
Posted on 4/9/23 at 5:36 pm to Run DMC
99.9% chance does not put the Us back on the gold standard if elected.
Posted on 4/9/23 at 7:51 pm to Run DMC
quote:No, they didn't.
this is the 3rd Central Bank the U.S. has had. The other two failed.
The first Bank of the United States had a 20-year sunset provision in its charter. It was founded in 1791 at the behest of Alexander Hamilton, then the Secretary of the Treasury. The law which created the bank stipulated its charter was for 20 years but could be renewed by an act of congress. In 1811 congress failed to renew its charter and therefore the bank ceased to exist as a branch of the U.S. federal government as a policy decision of the congress.
The Second Bank of the United States was founded by federal statue in 1816. When its 20 year charter came up for renewal in 1836 both houses of congress voted to renew the bank's charter for another 20 years.
However, President Andrew Jackson vetoed the law for charter renewal and congress did not have the votes to override his veto. So it also ceased operations because of political decisions, not because it "failed."
quote:Wrong again.
JFK was killed by the Fed for putting America back on the gold standard.
Months before he was killed JFK issued Executive Order 11110 to allow bank certificates backed by the U.S. government's silver holdings to be issued by the government not the Fed. These became known as Silver Certificates and I have bought a few of them for my "coin collection" although they are not coins. They look just like Federal Reserve Notes but at the top of the obverse side of the bill instead of saying "Federal Reserve Note" they say "Silver Certificate."
In June, 1963 JFK amended a 1951 executive order by President Harry S Truman. JFK's executive order had nothing to do with the gold standard but was an attempt by Kennedy to create a bigger demand for silver, which had lost almost 50% of its value since the end of World War II.
In 1964 the Secretary of the Treasury, C. Douglas Dillion, halted all redemption of Silver Certificates for silver dollars. This eventually stopped the outflow of silver from the U.S. Treasury and created a scarcity of available physical silver on the open market.
But Kennedy's E.O. had accomplished its purpose. The price of silver increased from $9/ounce before the E.O. to almost $13/ounce in 1964, a 44% increase followed by a increase in price to over $21/ounce by 1968.
I'd give your post a factual rating of 0.01 on a 10 point Accuracy Scale but you receive a 10.0 rating out of 10 on a Tin-Foil Hat scale.
Posted on 4/9/23 at 8:58 pm to LSURussian
FedNow is just the next step in moving towards the currency they can shut off if you aren't woke enough. There probably won't be one massive all encompassing law changing the way currency functions. It will be hundreds of small changes hidden in bills that slowly erodes your rights.
Posted on 4/9/23 at 9:49 pm to LSURussian
quote:
LSURussian
Posted on 4/11/23 at 7:41 am to Jag_Warrior
Posted on 4/11/23 at 7:53 am to tenderfoot tigah
quote:
The Federal Reserve is one of the biggest scams sold to Americans in the history of our country. It's a private bank given the authority to print money out of thin air and set monetary policy in this country. They used the name "Federal" to trick people into supporting it. Without a central bank printing money, there is very little to no inflation. Life would be better for every working class American.
This reads like someone whose understanding of the Fed is based on a couple Facebook posts.
This post was edited on 4/11/23 at 9:06 am
Posted on 4/11/23 at 8:51 am to tenderfoot tigah
Ah yes the mythical operation chokepoint to shake down those banks that were friendly to crypto.
Not sure why banks would not want to sign up to help out these exchanges anymore when it has been proven time and time again that they have no KYC/AML checks.
MCB and Cross River Banks will be the next ones to go.
Not sure why banks would not want to sign up to help out these exchanges anymore when it has been proven time and time again that they have no KYC/AML checks.
MCB and Cross River Banks will be the next ones to go.
Posted on 4/11/23 at 8:55 am to Run DMC
quote:
You realize the Fed is not operated by the federal government right?
Remind me who appoints the Fed president......
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