by Gary Christenson
News from October 2024:
The Federal Reserve sold another $200 billion in perpetual bonds this week. These “Perps,” as the media refers to them, have no expiration date and pay interest forever, or until recalled.
Proceeds from the “Perps” sale will fund Fed-coins that are downloaded to digital wallets on government issued UBI-phones. Over 96% of adults have received UBI-phones that are loaded monthly with Fed-coin currency. The phones also track locations, movements, and spending. A second benefit is they enable contact-tracing for the COVID-19, 21, and 23 pandemics.
The official inflation rate for this week is 11.75% annualized. Prices may increase by that amount without requiring an exemption from the Bureau of Price Controls. Some consumer prices will rise much higher after nearly automatic exemptions.