having closed the US mint and halted production (blaming COVID-19) after a surge in demand for gold and silver coins, and warned about the dangers of using accounts (blaming the pandemic again and choosing “quarantine” for American health), Fed Chairman Powell calmly admitted to lawmakers this week that The federal government will standardize coins, because of a pandemic, monetary circulation in the US economy has stopped.
“What happened is that with a partial closure of the economy, the flow of coins through the economy … it’s as if stopped “ Powell told lawmakers.
He said the shortage was due to mass closures of enterprises that prevented people from spending their coinsand the lack of open places where people can exchange coins for paper bills.
“We knew about this, we are working with the Mint to increase supplies, we are working with reserve banks to deliver supplies to where they should be,” Powell said, adding that he expected the problem to be resolved. temporary.
Sure, Powell added that the problem will only be temporary, given that the economy has reopened, and institutions that traditionally deposit their money in banks have begun to resume their activities.
Until the deficit is resolved, the Fed accepts an unusual step to limit the number of quarters, cents, nickels and kopecks sent to banks ”to ensure a fair and equal distribution of coin stocks.“They issued a statement explaining the solution:
Distribution of a temporary order of coins in all branches of the Reserve Bank and points of issuing coins of the Federal Reserve from June 15, 2020
The COVID-19 pandemic significantly violated the supply chain and normal circulation patterns for the American coin. Over the past few months, deposits in coins from depository institutions to the Federal Reserve have declined significantly, and US mint production has also declined due to measures taken to protect its employees. Federal Reserve orders from depository institutions began to increase as the regions opened, as a result of which the reserves of the Federal Reserve System fell to below normal levels. While the US Mint is the issuing authority for the coins, the Federal Reserve manages the inventory of coins and their distribution to depository institutions (including commercial banks, public banks, credit unions, and charities) through cash transactions at the Reserve Bank and remote offices throughout country governed by the federal government. Reserve sellers.
The Federal Reserve is working on several areas to mitigate the effects of low coin holdings. This includes managing the distribution of existing Fed stocks, working with the Mint, as the issuing authority, to minimize restrictions on the supply of coins and maximize the production capacity of coins, as well as to encourage depository institutions to order only the coins that they need to meet the short-term demand of customers. Depository institutions can also help replenish inventory by removing barriers to consumer deposits of loose and rolled coins. Although the Federal Reserve is confident that problems with coin stocks will be resolved when the economy opens wider and the supply chain of coins returns to normal circulation patterns, we recognize that these measures alone will not be enough to solve the immediate problems.
Consequently, from Monday, June 15, reserve banks and federal reserve coin distribution points began to distribute coin stocks. To ensure a fair and equal distribution of existing coin inventory to all depository institutions, starting June 15, the Federal Reserve Banks and their coin distribution branches began to distribute available penny, nickel, kopek and quarter stocks for depository institutions as an interim measure. , The methodology for the temporary placement of coins is based on the historical volume of the order at the face value of the coins and the endpoint of the depository institution, as well as the current level of production of the US Mint. Limits of orders are unique at face value of coins and are the same in all places of distribution of coins of the Federal Reserve. Limits will be reviewed and possibly revised based on national levels of mint receipts, stocks and production.
This arrangement of coins is due to the fact that Americans collect cash in record quantities due to the COVID crisis. According to Decrypt:
Banks have more money than ever before – mainly because of the coronavirus pandemic, Federal Reserve data show,
Deposits have never been so high – in April alone they grew by $ 865 billion, CNBCreportedIn total, deposits have increased by $ 2 trillion since January after record cash was pumped into US bank accounts to help with the chaos of COVID-19. June figures show that money in bank accounts now amounts to a whopping 15.4 trillion.
Cash flow due to US government distribution trillions of dollars to help their citizens with economic difficulties caused by COVID-19 locks; unlimited bond purchase program Federal Reserve; and people save up money because of uncertain times.
This money is sitting in bank accounts. The largest US banks – JPMorgan Chase, Bank of America and Citigroup – experienced astronomical growth, CNBCreported. But there is such an excess of money, CNBC reports that banks do not quite know what to do about it.
We have already seen tricky steps to ban cash transactions in favor of the universal use of credit cards under the weak pretext that cash processing can spread the coronavirus.
As Viv Forbes warns in the Epoch Times, don’t let our cash be the biggest victim of COVID. Exchanging paper money for the monopoly of electronic money is a bad deal.
We should always be able to save our money and protect the value of our savings by investing in real assets or reliable money, such as gold and silver.
Real money is always measured by weight, such as pounds, grams, pennies, and ounces of gold and silver or carat gemstones. It cannot be easily tampered with or damaged. But the value of fiat money depends on the honesty and openness of the rulers.
Fiat money allows politicians to secretly steal your savings in order to wage another war with someone or something. Next we will see a war with “speculators” or “spears” and call for world currency.
The US cannot allow this COVID crisis to be lost. They dream of a single world government (the “National Cabinet”) without working capital and the mandatory use of digital money. (credit card currency). Climatologist alarmists would also like to use the monopoly on digital money to advance their carbon war. They could control and normalize what we buy and consume – salad, tofu, bicycles and only green energy, without any trips abroad and without the secret purchase of diesel, bacon or beef.
We have already seen the beginning of their cash war – digital money will combine with silky money, brilliant stucco and cubic currency in a long history of failed political money. While people focus on social distance and contact tracing, one-day secretly plan to withdraw banknotes and cash back. Then they can distribute the “money” available to each of us every month (cut it off for white males when they reach their “use by date”?).
For many people in the world, a store of gold coins, silver coins, gems or some productive land allowed them to survive or escape when their government became too cruel or lost the war, and local fiat money became a cubic currency.
Unless, of course, the story repeats itself … confiscation of gold?