U.S. Congress Calls On The Fed To Create Digital Dollar. The EU Is Doing The Same. Jobless Claims And Unemployment Fall

Yesterday the Labor Department released the jobless claims filed for the previous week. They were the lowest since the start of the pandemonium, falling to 385,000 claims filed. The previous week was 406K jobless claims filed.

This weeks claims equate to a little less than 3.5 fully-packed University of Michigan Football Stadiums.

However, the job creation estimates for May fell short. The mainstream economists and experts forecast 671,000 jobs created, but the official numbers reported thus far sit at 559,000 for nonfarm payroll.

Nonfarm payroll is a measurement of jobs that do not include farmers, some government positions, non-profit employees, proprietors, and private households.

According to CNBC, the bulk of the jobs (292,000) were for the hospitality sector, mostly consisting of bars and restaurants (186,000). Private and Public education saw 144,000. 46K in health care and social assistance, 35K in professional and business services, 29K in information, 23K for manufacturing, another 23K in warehousing and transportation, and wholesale trade saw 20K.

However, The Hill reports that private payroll saw a 978,000 jobs created.

Additionally, the official government unemployment numbers fell from 6.2% to 5.8%. However, Shadow Stats reports a much a higher number factoring in additional data that the Labor Department does not. Just updated with the latest economic data, they report 26% for the United States, slightly up from the 25.7% since their previous update.

European Union To Create Digital Currency For Post-Covid World

According to a recent report from the Associated Press, The European Union (EU) publicly announced new plans for a new digital ID wallet that a 27-national bloc will have access to, as part of a new recovery strategy shifting more towards online commerce and security.

The EU’s executive commission proposed The European Digital Identity Wallet, a smartphone app that allows users to store electronic forms of identification and other important documents, such as a driver’s license, diplomas and degrees, and prescriptions.

450 million residents of the bloc will be able to utilize the wallet to gain access to public and private services online while still being able to control their personal data.

According to the AP, ‘Officials envision the wallet allowing a customer renting a car at an airport, for example, to complete the necessary ID checks and documents digitally and thereby able to skip the usual wait at an agency counter. Nightclub-goers could show the app to security guards at the door to prove their ages.’

Additional uses include opening bank accounts, enrolling to universities outside a person’s home country, or signing apartment leases.

[The digital wallet] will enable us to do in any member state as we do at home without any extra cost and fewer hurdles. And do this in a way that is secure and transparent.

Margrethe Vestager. The European Commission’s executive vice president for digital

Though they are not mandatory, all EU residents are more than welcome to the e-wallet, says the EU commission.

As part of the commission’s goals to better mitigate big tech companies’ control and power, these platforms would be required to use this new e-wallet.

Instead of accessing a social media account such as Facebook or Twitter, or Google, for example, Vestager explained people would be able to use their digital wallets to access their accounts. In other words, the e-wallet would be the placeholder to access all accounts and platforms with just one login.

Because of that, you can decide how much data you want to share – only enough to identify yourself.

This new initiative is part of a 750 billion-euro ($915 billion) stimulus fund where member countries must spend a fifth of the allocated funds on digital projects such as digitizing public administration.

Brussels is currently working on a similar project, and their wallet would be compatible with the The European Digital Identity Wallet.

The commission will be in discussion the 27 nations to try and get them to agree to all the technical details by Autumn of 2022 so trial runs can begin.

Congress Calls On The FED To Create A Digital Dollar

Viewing China’s new digital currency a major threat to the dollar, members of congress are urging the Federal Reserve to create a new digital dollar of their own.

In late May, a bipartisan bill titled the 21st Century Dollar Act seeks to keep the U.S. dollar in the continued level of supremacy it has had. This bill would require the Feds to report within the next six months on their efforts of a new cryptocurrency.

According to MarketWatch, ‘The measure also targets China’s global currency aspirations. The bill requires the Treasury to assess the risks to the U.S. posed by China’s new digital renminbi, launched last year in a domestic pilot program ahead of a broader rollout expected for the Beijing Winter Olympics in 2022.’

China is playing a long game to displace the dollar and our capital market system with a global economy that has China as the center. [The digital renminbi] contributes to the Chinese currency becoming more acceptable for commercial purposes, sovereign and consumer payments.

Rep. French Hill, co-sponsor of the bill

Rep. Jim Himes is the other co-sponsor for the bill.

Hill assets the digital Renminbi could potentially be used for repayment of China’s various loans to nations in Asia, Africa, and some other regions, which could displace the dollar. Additionally, ‘he says that China is developing telecom equipment and payment technology, including peer-to-peer mobile apps, aimed at extending the country’s geopolitical and economic influence.’

The evolution of payment technology in China is challenging the dollar-based monetary system in place since World War II. The Treasury and Fed need to have a key strategy and policies to maintain the dollar’s supremacy.

French Hill

According to MarketWatch they say the Renminbi is still far from challenging the dollar in international commerce. Factoring in other influential global currencies, the dollar still holds greater supremacy for trade and reserves held by banks and consumers.

We need a digital dollar to participate in that movement of commerce onto the blockchain in the years ahead.

French Hill

You can read more about it here:

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AUTHOR COMMENTARY

The rich man’s wealth is his strong city: the destruction of the poor is their poverty.

Proverbs 10:15

To start off with, I have noted in other other reports that these the new jobs are NOT “created:” they are almost entirely people returning to their old jobs because they were laid-off and furloughed from the draconian government restrictions. Additionally, these jobless claims are going down because more and more restrictions are being lifted across the nation and states are cutting off additional Covid-benefits that have been enticing people to sit on the couch and collect checks while many businesses are desperate for help.

Moreover, to be a bit acerbic here: if you believe the official unemployment numbers, you must also believe in the Easter Bunny! It’s impossible to know the true number, but Shadow Stats has it narrowed in. There is so much government red tape surrounding unemployment and inflation it is such a joke. We have said it many times over, there has never been a recovery nor will there be. The media on both sides are lying.

The Quickest Way To Know The Economy Is Broken Beyond Repair

Why Is The Housing Market On Fire? What The Media Never Wants To Talk About

Inflation Is Going Through The Roof. Literally

Evangelical Financial Advisor Dave Ramsey Says There Is No Market Bubble

Speaking of both sides, once again, America’s good-for-nothing politicians demonstrate who they really serve and submit to. ‘Public servant?’ -again, if you still continue to believe that ruse, you must also believe in the Tooth Fairy. They do not serve you and I (and have not for a very long time), but rather rub the feet of the bankster gangsters. Again, as mentioned in other reports, the FED WANTS a digital dollar and they have already been designing one. So the calls from BOTH Democrats and Republicans is just the dog and pony show formality to help usher it in.

The rich ruleth over the poor, and the borrower is servant to the lender.

Proverbs 22:7

[15] The simple believeth every word: but the prudent man looketh well to his going. [16] A wise man feareth, and departeth from evil: but the fool rageth, and is confident. [18] The simple inherit folly: but the prudent are crowned with knowledge. [20] The poor is hated even of his own neighbour: but the rich hath many friends.

Proverbs 14:15-16, 18, 20

The prince that wanteth understanding is also a great oppressor: but he that hateth covetousness shall prolong his days.

Proverbs 28:16

The FED Warns Of More Inflation. Yellen Favors Digital Dollar Governed By The FED

JPMorgan Chase Working To Create A Digital Bank

Is There A “V-Shaped” Recovery?

IMF Advocates That Credit Scores Be Linked To Internet Search History

As for the EU and what America’s is doing, has the coming mark of the beast written all over it. This was one of the primaries goals of this planned shutdown – says FED President Bullard, in our report explaining why Sweden did not lockdown – which had nothing to do with the virus, but because Sweden is almost entirely relying on digital currency and biometrics.

[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.

Revelation 13:16-18

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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