Democratic Republic of Congo (DRC)-based fintech startups have partnered with the government to launch an association. The goal of the collaboration is to accelerate financial inclusion in the African country. By partnering with the government, the association will play a crucial role in shaping “policies that encourage investment, competition, and access to financial services.” Bolstering […]
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Tether Assists US Government in Seizing $1.4 Million From Unhosted Wallet
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Nigeria’s Binance Impasse: Senior Executives Detained at Government ‘Guesthouse’ for 14 Days
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Binance Claims Ignorance of $10 Billion Fine Imposed by Nigerian Government
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The Nigerian Government and Binance: The Way Forward — CMO of Flincap
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Report: Nigerian Government Imposes $10 Billion Fine on Binance
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Max Keiser Warns of Government Seizing Bitcoin in ETFs — Predicts 1987-Style Crash as BTC Rises to $500K
Bitcoin proponent Max Keiser has warned of potential government seizure of bitcoin held in spot exchange-traded funds (ETFs). He additionally issued a stark warning about a looming 1987-style crash, while simultaneously predicting that the bitcoin’s price will surge past 0,000. Max Keiser’s Crash and Bitcoin Seizure Warnings Bitcoin advocate Max Keiser expressed concerns about spot […]
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Hashgraph Association Partners With Saudi Government to Launch Deep Tech Venture Studio
The Hashgraph Association, a nonprofit organization based in Switzerland, announced on Feb. 7 that it had partnered with Saudi Arabia’s Ministry of Investment to launch a deep tech venture studio. The venture studio’s objective is to assist both Saudi and foreign companies develop innovative solutions using deep tech, such as artificial intelligence (AI), blockchain, and […]
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Fed Chair Powell Says US Government Is on ‘Unsustainable’ Fiscal Path
Federal Reserve Chairman Jerome Powell says in the long run, the U.S. federal government is on an unsustainable fiscal path due to its ballooning debt growing faster than the economy. Moreover, the Fed chair cautioned that there will be some banks that have to be closed or merged out of existence.
Jay Powell on US Economy, Rate Cuts, Banking Crisis
Federal Reserve Chair Jerome Powell addressed issues concerning the U.S. economy, interest rate cuts, and potential banking crisis in an interview with 60 Minutes, published on Sunday. Replying to a question about whether the national debt is a danger to the U.S. economy, Powell said:
In the long run, the U.S. federal government is on an unsustainable fiscal path.
He noted that it means “the debt is growing faster than the economy,” emphasizing that “it is unsustainable.” However, Powell stressed: “I don’t think that’s at all controversial. I think we know that we have to get back on a sustainable fiscal path, and I think you’re starting to hear now from people in the elected branches who can make that happen. It’s time that we got back to that focus.”
The Fed chair continued: “I think the pandemic was a very special event, and it caused the government to really spend to ward off what looked like very severe downside risks. It’s probably time, or past time, to get back to an adult conversation among elected officials about getting the federal government back on a sustainable fiscal path.”
Regarding when the Fed will start cutting interest rates, Powell shared: “We want to see more evidence that inflation is moving sustainably down to 2% … We just want some more confidence before we take that very important step of beginning to cut interest rates.” He clarified: “Basically, we want to see more good data … It doesn’t need to be better than what we’ve seen, or even as good. It just needs to be good. And so, we do expect to see that. And that’s why almost every single person on the Federal Open Market Committee believes that it will be appropriate for us to reduce interest rates this year.”
Powell also addressed the likelihood of bank failures across the U.S. as seen in 2008. The Fed chairman opined: “I don’t think there’s much risk of a repeat of 2008. I also think, you know, we need to be careful about making proclamations, particularly about the future. Things have surprised us a lot. But no, on this, I do think it’s a manageable problem.” Nonetheless, he cautioned:
There will be certainly — there will be some banks that have to be closed or merged out of, out of existence because of this. That’ll be smaller banks, I suspect, for the most part.
What do you think about the statements by Fed Chair Jerome Powell? Let us know in the comments section below.