Fed’s “Direct Money Transfers” Are Coming: Brainard Says Fed Collaborating with MIT on “Hypothetical” Digital Currency

from Zero Hedge

One week ago, we published a remarkable interview with two former Fed economists – Simon Potter (who was also the former head of the Fed’s Plunge Protection Team for many years) and Julia Coronado – who have tremendous impact and influence on prevailing thinking at the Federal Reserve, and who hinted at the Fed’s last ditch reflationary strategy: wiring digital money into Americans’ financial apps, bypassing the reserve system entirely, and sparking an inflationary conflagration. As we said last Monday, “the two propose creating a monetary tool that they call recession insurance bonds, which draw on some of the advances in digital payments, which will be wired instantly to Americans.

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