Wolf Richter: What’s Behind the Fed’s Project to Send Free Money to People Directly

Wolfstreet, Released on 9/27/20

A lump-sum payment in digital dollars for all Americans during a recession or to raise inflation as an alternative to QE and negative interest rates, which have failed.

Wolf Richter is the founder of Wolf Street Corp and the publisher of WolfStreet.com. Wolf has over twenty years of C-level operations experience, including turnarounds and a VC-funded startup. He has a BA, MA, and MBA (UT at Austin). In his prior life, he worked in Texas and Oklahoma, including a decade as General Manager and COO of a large Ford dealership and its subsidiaries.

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Is that not empowering the Fed more? What hope is there of getting rid of the Fed and returning control to the Treasury? Would this not also be another step in replacing cash with digital money and by doing so horribly impinging on the private freedom of control an individual has over their money, their spending?
Banks now have little money reserves at their branches as it is kept in their individual accounts at the Federal Reserve. I do not think it wise to propose giving the Fed the ability to have citizens’ bank accounts at the Fed as well … am I missing something here??? Oversight of monies should be with the Treasury and banks should responsibly hold within their branches the proper reserves. AND, congress should (what a thought) become frugal in its spending and balance a budget each year by the end of September — they have the entire year to work it out, yet huff and puff weeks before the deadline each year and still don’t accomplish it. The founders of our country would be horrified by the majority of individuals that sit in congress today.