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Credibility Concerns — Gallop Poll Shows Fed Chair’s Confidence Ratings Slid by Double Digits

09/05/2022 by Idelto Editor

Credibility Concerns — Gallop Poll Shows Fed Chair’s Confidence Ratings Slid by Double Digits

According to a Gallop poll published on May 2, the public’s confidence in America’s current economic leaders has been deteriorating. Confidence in U.S. president Joe Biden managing the U.S. economy has dropped from 57% to 40%, and faith in Federal Reserve chair Jerome Powell has faltered from 55% to 43%. The April 2022 Gallop poll, published amid the highest inflationary pressure the country has seen in decades, indicates trust in economic leaders is at its lowest point since 2008.

Americans Are Not Confident in Current Leaders Managing the Economy

After the largest monetary expansion the country has seen in its entire lifetime, faith in America’s economic leaders is “flagging,” according to a recently published Gallop poll.

Credibility Concerns — Gallop Poll Shows Fed Chair’s Confidence Ratings Slid by Double Digits

The poll was conducted via telephone interviews on April 1-19, 2022, with 1,018 adult U.S. residents. The Gallop poll particpants resided in all 50 states and the District of Columbia. Furthermore, the survey was done before U.S. gross domestic product report, and the recent Federal Reserve rate hike. The Gallop survey authors state:

Public confidence in key U.S. leaders’ management of the national economy is shaken amid the highest inflation rate in more than 40 years and Americans’ increasingly bleak assessments of the national economy and their own financial situations.

Average Americans are not the only ones who believe the Fed and current economic leaders have lost credibility. A number of analysts, financial authors and economists like Peter Schiff, Robert Kiyosaki, Gerald Celente and many others don’t believe the Fed can save the day. As far as the Gallop poll is concerned, “confidence ratings for all leaders are below historical averages for each,” the report’s authors explain.

Powell Says He’s Not Concerned About Credibility, Gallop Poll Shows Faith in Democratic Leaders Is Lower Than the Confidence in Republican Leaders

On May 4, when Fed chair Jerome Powell was asked directly if he was “concerned about Fed credibility with the American people,” Powell said that he was not.

“No. I don’t,” Powell told the Bloomberg Television reporter Mike McKee. “A good example of why would be that, so in the fourth quarter of last year, as we started talking about tapering sooner and then raising rates this year. You saw financial markets reacting. You know, very appropriately.” The Federal Reserve chief added:

Not to bless any particular day’s measure. But the way financial markets, you know, the forward rate curve has tightened in response to our guidance and our actions really amplifies our policy. I mean, its monetary policy is working through expectations now, to a very large extent.

Credibility Concerns — Gallop Poll Shows Fed Chair’s Confidence Ratings Slid by Double Digits

Moreover, Powell also told the Bloomberg reporter that the U.S. central bank decided to choose the June 1 date to “begin letting securities roll off” on a mere whim. “It was just pick a date, you know, and that happens to be that happened to be the date that we picked,” Powell stressed to McKee. “[There] was nothing magic about it. You know, it’s not going to have any macroeconomic significance over time,” he added.

The Gallop poll shows that since U.S. inflation has risen a great deal, “Americans’ confidence ratings for Biden’s and Powell’s economic management declined by double digits.” The poll says less than half of American adults said they have “‘a great deal’ or ‘a fair amount’ of confidence” in Biden’s and Powell’s economic management. Powell scored a 43% and Joe Biden scored an even lower 40%. Moreover, Gallop’s stats indicate faith in Democratic leaders (38%) is currently lower than the trust in Republican leaders (40%) when it comes to managing the U.S. economy.

What do you think about the Gallop poll that shows trust in America’s current economic leaders is lagging? Let us know what you think about this subject in the comments section below.

Filed Under: 2008, Biden Economy, Bloomberg reporter, Bloomberg Television, Confidence, confidence lacks, credibility, Decade, democratic, economic management, English, Gallop Poll, Gerald Celente, inflation, jerome powell, Joe Biden, Mike McKee, News, News Bitcoin, Peter Schiff, Powell Economy, Republican, robert kiyosaki, US Central Bank, US Fed, US Federal Reserve

Joe Rogan Says Bitcoin Is ‘Freaking Out’ Government, the Latest on Inflation, and More — Bitcoin.com News Week in Review

08/05/2022 by Idelto Editor

Joe Rogan Says Bitcoin Is 'Freaking Out' Government, the Latest on Inflation, and More — Bitcoin.com News Week in Review

Another whirlwind week in crypto draws to a close, and of course there’s no shortage of spicy stories and new, compelling narratives in the world of innovative digital money. This week, Elon Musk gives investment advice, United States Securities and Exchange Commission chair Gary Gensler catches flack from SEC commissioner Hester Peirce, and Joe Rogan calls bitcoin a viable currency, noting that it’s got the government “freaking out.” Buckle up and look lively, this is the Bitcoin.com News Week in Review.

Rogan Says Bitcoin Is 'Freaking Out' Government, and the Latest on Inflation — Bitcoin.com News Week in Review

Joe Rogan: Bitcoin Is Now a Viable Currency and the Government Is Freaking Out

Famous podcaster Joe Rogan, the host of The Joe Rogan Experience, talked about bitcoin on his show, posted Tuesday. The show features an interview with UFC light heavyweight fighter Khalil Rountree Jr.

Noting that now bitcoin is “a viable form of currency” that “You can actually buy things with,” he said, “the government is freaking out.”

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Rogan Says Bitcoin Is 'Freaking Out' Government, and the Latest on Inflation — Bitcoin.com News Week in Review

Lawmakers, SEC Commissioner Slam Chair Gensler for Focusing on Crypto Enforcement

Several U.S. lawmakers and a commissioner with the U.S. Securities and Exchange Commission (SEC) have voiced concerns about the securities regulator expanding its crypto enforcement unit.

“The SEC is a regulatory agency with an enforcement division, not an enforcement agency.”

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Rogan Says Bitcoin Is 'Freaking Out' Government, and the Latest on Inflation — Bitcoin.com News Week in Review

Tesla CEO Elon Musk Gives Investment Advice He Says ‘Will Serve You Well in the Long Term’

Tesla and Spacex CEO Elon Musk has shared his recommended investment strategy, which he believes “will serve you well in the long term.”

Some people noted that Musk’s strategy is similar to one adopted by Berkshire Hathaway CEO Warren Buffett.

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Rogan Says Bitcoin Is 'Freaking Out' Government, and the Latest on Inflation — Bitcoin.com News Week in Review

US Central Bank Raises Rates by Half a Percentage Point, Fed’s Powell Says Similar Hikes Are on the Table

The U.S. Federal Reserve raised the benchmark interest rate on Wednesday and the increase was the biggest rate hike in two decades.

“Inflation is much too high,” the central bank’s chair Jerome Powell said after the Fed raised rates by 0.5%.

Read More

What are your thoughts on this week’s hottest stories? Let us know in the comments section below.

Filed Under: Bitcoin, Economic Freedom, Elon Musk, English, Gary Gensler, Government, hester peirce, inflation, Investing, Joe Rogan, News Bitcoin, SEC, The Weekly, week in review

Central Bank of Argentina Bans Private Banks From Offering Cryptocurrency Services

07/05/2022 by Idelto Editor

CEntral Bank of Argentina

The Central Bank of Argentina has taken steps to ban private banks from offering cryptocurrency services to customers in the country. The action comes after two banks had started offering cryptocurrency purchasing services from their apps. The measure is said to be directed at mitigating risks associated with cryptocurrency assets.

Central Bank of Argentina Closes Banking Crypto Offers

The Central Bank of Argentina is tightening its permissive attitude when it comes to the links between cryptocurrency assets and private banks. The institution has issued a document that deals with the offering of cryptocurrency purchasing and trading services through these institutions, banning them from facilitating such transactions for Argentinian citizens.

The document explains:

Financial entities may not carry out or facilitate their clients to carry out operations with digital assets, including crypto assets and those whose yields are determined based on the variations that they register, that are not regulated by the national authority and authorized by the Central Bank of Argentina (BCRA).

Furthermore, the institution argues that the objective behind this measure is to mitigate the risk that the users and financial institutions face when using these assets as investment vehicles. This announcement comes after two private banks in the country, Banco Galicia and Brubank, had announced they were introducing cryptocurrencies as part of their financial services offerings to their customers.

Other Motives

However, according to some local media reports, there may be other motives behind this prohibition by the central bank. The organizations reportedly already consulted the central bank in private, who gave them an approbatory nod, owing to the fact that banks operating with cryptocurrency assets is unregulated, and thus not illegal.

Per financial sources, the cryptocurrency operations might also cause a demand in dollars that would increase the breach between the official dollar price and the dollar on the black market, called the “blue” dollar. Argentina has exchange controls, and this could have influenced the decision to stop these operations before they became more important in the bigger economic picture.

The difference between the official dollar and the blue dollar has remained the same, with the latter being about 80% more expensive than the former, meaning that the volumes traded during these days did not exert any influence on this exchange rate.

Another possible reason for this measure has to do with the deal that Argentina inked with the International Monetary Fund to pay its debt, which includes a requirement stating the country will disincentivize the use of cryptocurrencies, and allowing private banks to offer these services would be contrary to this.

What do you think about the resolution issued by the Central Bank of Argentina that bans private banks from offering cryptocurrency to their customers? Tell us in the comments section below.

Filed Under: Argentina, banco galicia, blue dollar, brubank, central bank of argetina, cryptocurrency services, English, inflation, News Bitcoin, private banks, Regulation

Peter Schiff Warns Economic Downturn in the US ‘Will Be Much Worse Than the Great Recession’

06/05/2022 by Idelto Editor

Peter Schiff Warns Economic Downturn in the US 'Will Be Much Worse Than the Great Recession'

Following the Federal Reserve’s rate hike on Wednesday, economist Peter Schiff has had a lot to say since the U.S. central bank raised the benchmark rate by half a percentage point. Schiff further believes we are in a recession and says “it will be much worse than the Great Recession that followed the 2008 Financial Crisis.”

Peter Schiff Says ‘Fed Cant Win a Fight Against Inflation Without Causing a Recession’


While many analysts were shocked by the U.S. Federal Reserve’s move, since it was the largest rate hike since 2000, a report by schiffgold.com says the increase was hardly “aggressive,” and akin to a “weak swing that looks more like shadow boxing.” Moreover, the report explains Powell’s commentary this week contained some “subtle changes,” which suggest there might be “some economic turbulence on the horizon.”

Peter Schiff doesn’t think the Fed can beat the current inflationary pressure America is dealing with today. “Not only can’t the Fed win a fight against inflation without causing a recession, it can’t do so without causing a far worse financial crisis than the one we had in 2008,” Schiff explained on Thursday. “Worse still, a war against inflation can’t be won if there are any bailouts or stimulus to ease the pain,” the economist added.

I remember how strong #StockMarket pundits and economists thought the U.S. economy was right before the 2008 Financial Crisis, even though we were already in The Great Recession at the time. It wasn’t strong, it was a bubble about to pop. Today’s economy is an even bigger bubble!

— Peter Schiff (@PeterSchiff) May 5, 2022

Schiff’s comments come the day after the Fed increased the federal funds rate to 3/4 to 1 percent. Following the rate increase, the stock market jumped a great deal, fully recovering from the prior day’s losses. Then on Thursday, equity markets shuddered, and the Dow Jones Industrial Average had its worst day since 2000. All the major stock indexes suffered on Thursday and cryptocurrency markets saw similar declines.

“If you think the stock market is weak now imagine what will happen when investors finally realize what lies ahead,” Schiff tweeted on Thursday afternoon. “There are only two possibilities. The Fed does what it takes to fight inflation, causing a far worse financial crisis than 2008 or the Fed lets inflation run away.” Schiff continued:

The Fed created the 2008 financial crisis by keeping interest rates too low. Then it swept its mess under a rug of inflation. Now that the inflation chickens it released are coming home to roost, it must create an even greater financial crisis to clean up an even bigger mess.

Schiff Criticizes Paul Krugman, Fed Tapering Includes Monthly Caps


Schiff is not the only one that believes inflation can’t be tamed, as many economists and analysts share the same view. The author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, recently said hyperinflation and depression are here. The well-known hedge fund manager Michael Burry tweeted in April that the “Fed has no intention of fighting inflation.” While criticizing the U.S. central bank, Schiff also railed against the American economist and public intellectual, Paul Krugman.

“Back in 2009, [Paul Krugman] foolishly claimed that QE wouldn’t create inflation,” Schiff said. “Setting aside that QE is inflation, Krugman prematurely took credit for being right as he didn’t understand the lag between inflation and rising consumer prices. The CPI is about to explode higher.” Moreover, schiffgold.com author Michael Maharrey scoffed at the Fed’s recent tapering announcement as well. Maharrey further detailed how the Fed plans to reduce the Federal Reserve’s securities holdings over time.

“As far as the nuts and bolts of balance sheet reduction go,” Maharrey said, “the central bank will allow up to $30 billion in U.S. Treasuries and $17.5 billion in mortgage-backed securities to roll off the balance sheet in June, July, and August. That totals $45 billion per month. In September, the Fed plans to increase the pace to $95 billion per month, with the balance sheet shedding $60 billion in Treasuries and $35 billion in mortgage-backed securities.”

What do you think about the recent commentary from Peter Schiff concerning the Fed fighting inflation and the rate hike? Let us know what you think about this subject in the comments section below.

Filed Under: 2008 Financial Crisis, Central Banks, crypto, dow jones, Economic Downturn, Economics, English, Fed, Fed Chair, Fed Tapering, Federal Reserve, gold, Great Recession, inflation, Inflationary pressure, jerome powell, MBS, Monetary Supply, News Bitcoin, Paul Krugman, Peter Schiff, QE, Rate Hike, Schiff, Schiffgold, stocks, US Central Bank, US economy, us treasuries, Wall Street

Turkey Inflation Data Shows Annual 70% CPI Increase, Bitcoin Fixes This

05/05/2022 by Idelto Editor

Data analyzed by the Turkish Statistical Institute shows hyperinflation reaching as high as 105% for transportation costs as the Lira continues to diminish.

  • Turkey released data analyzed by the Turkish Statistical Institute showing 70% CPI annual inflation.
  • Transportation costs suffered the highest annual increase with 105% inflation.
  • The month-over-month data shows a CPI increase of 7.25%.

Turkey released inflation data analyzed by the Turkish Statistical Institute showing inflation is at a two-decade high with the consumer-price-index (CPI) rising almost 70%, which is a problem bitcoin can fix.

Transportation, which would include the prices of fuel, suffered an annual rise of 105.86%. Meanwhile, food and nonalcoholic beverages rose 89.10%, paired with a 77.64% annual increase for furnishings and household equipment. These were among the highest vectors reported, but even the lowest numbers are staggering.

Citizens of Turkey experienced annual increases of 35% for healthcare, 27% for education, 26% for clothing and footwear, and 18.71% in communication. These were among the main groups of goods and services that experienced the lowest amounts of inflation.

The lira’s month-over-month inflation rate saw a 7.25% increase. Turkey’s local currency has been in freefall for some time as President Recep Erdogan refrains from increasing interest rates, which is a standard tool used by central banks to lessen the burden of inflation.

Erdogan has reportedly referred to raising interest rates as “the mother and father of all evil,” according to BBC.

This issue of inflation data failing to be accurate was pointed out by the pro-bitcoin CEO of MicroStrategy, Michael Saylor when he stated:

“Inflation is a vector. A scalar index can be biased by choosing certain items. Your index assumes human beings don’t need food, energy, or home ownership, nor desire assets such as property, equity, bonds, or commodities.”

Bitcoin seeks to restore economies by separating economic controls from centralized entities who artificially increase the money supply to benefit their own regimes through a permissionless, peer-to-peer protocol that does not allow malicious practices commonly witnessed on the world stage.

Filed Under: Bitcoin, Bitcoin Magazine, CPI, English, inflation, Markets, News, Turkey

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