The Federal Reserve aims to launch its new FedNow instant-money platform later this month. On the first episode of her Summer Series, Daniela talks with Rick Rule, founder and CEO of Rule Investment Media. Rick contends that central bank digital currencies off the back of FedNow will lead to less privacy as the Fed manipulates the bank accounts of everyday people. He says, "The idea that governments would have a tool that would allow them to eliminate people's savings, people's medium of exchange, [and] people's wealth if those people didn't behave the way the big thinkers wanted is terrifying." Furthermore, Rick balks at the threat of the BRICS' proposed gold-backed digital currency supplanting the U.S. dollar. "I think it's important to clear up a misconception...they are describing a currency backed by gold, but they don't have enough gold to back the quantity of transactions that they expect to have transpire - good luck with that," he asserts. Rick concludes by highlighting the Fed's ongoing battle with rampant inflation as a critical issue to monitor in order to understand how to navigate the markets moving forward. "The Fed has done a pretty good job... I'm astonished by the relative strength of the U.S. economy. We have been able to fashion these interest-rate rises without bringing home construction or the bond market, as an example, to a screeching halt," he explains. Video by Stansberry Research.
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