Jerome Powell: Regulate Crypto

Jerome Powell Money Quote saying cryptocurrency is similar to money market funds and should be regulated the same. Jerome Powell said:
 

 

“Stablecoins are like money market funds, they’re like bank deposits. But they’re to some extent outside the regulatory perimeter, and it’s appropriate that they be regulated” — Jerome Powell

In this quote, Jerome Powell seems to be expressing the view that stablecoins, a type of cryptocurrency designed to maintain price stability relative to assets like the U.S. dollar, effectively function similarly to traditional financial products but currently face less regulatory oversight. Specifically:

• Powell notes that stablecoins operate very much like money market funds or bank deposits by aiming to preserve value, yet they exist “outside the regulatory perimeter” to some degree.
• He appears to believe stablecoins effectively serve as cash-like assets for many users in how they are utilized, despite escaping certain regulations that govern comparable traditional financial instruments.
• Powell states it is therefore “appropriate” that stablecoins now experience increased “regulation” to bring them in line with the rules and safeguards applied to analogous mainstream monetary products and services.

The best interpretation is that Powell believes stablecoins have essentially become a substitute for cash and cash equivalents in practice, and to ensure fairness, financial stability and consumer protection, their regulatory treatment should be strengthened to be commensurate with the economic role they now play according to his perspective on the need to modernize oversight for evolving digital asset classes functioning like traditional monetary vehicles.

Here’s the money quote 💸#FederalReserve Chair #JeromePowell very clear that he has no intention to BAN #cryptocurrencies but they will regulate 👇#bitcoin #dogecoin #Ethereum #crypto pic.twitter.com/OAzJbh1pjk

— Susan Li (@SusanLiTV) September 30, 2021

Charles R. Swindoll: Memory Bank Deposits

Charles R. Swindoll Money Quote saying every moment with our kids should be valued to make them emotionally richer with each transaction we have with them for deposit into their memory banks. Charles R. Swindoll said:
 

 

“Each day of our lives we make deposits in the memory banks of our children” — Charles R. Swindoll

Charles R. Swindoll is suggesting that the interactions we have with children each day leave lasting impressions on them and become embedded in their memories. The “memory banks” he refers to are the recollections and experiences that children store away about the important people and events in their lives.

His point seems to be that parents and caregivers make continual “deposits” into how children perceive the world through everything we say and do in front of them each day. Our daily words and actions become part of the “bank” of memories that shape who children become as they grow.

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Josiah Stamp: Bankers Own The Earth

Josiah Stamp Money Quotation saying creation of money is controlled entirely by banks by manipulating their ledger to make it all from scratch. Josiah Stamp said:
 

 

“Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again” — Josiah Stamp

Josiah Stamp seems to be criticizing the power of banks, particularly their ability to create money through lending. He argues that banking originated from unethical means and practices.

Stamp suggests that bankers effectively own and control the world’s wealth since they can use credit and money creation to buy back any assets taken from them.

His remarks portray the money creation role of banks as giving them undue influence over the economy, since a “flick of the pen” is enough for them to generate the deposits (money) needed to regain control of seized property and assets.

Overall, Stamp appears to believe banks wield too much power and influence in the financial system through their ability to extend credit and create money out of thin air.

Birthday: June 21, 1880 – Death: April 16, 1941