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In an unprecedented monetary overhaul, the Federal Reserve is preparing to deposit "digital dollars" directly to every American.

According to Zerohedge, the Fed is preparing to "radically overhaul" its monetary system to reduce inflation and stimulate the economy amid pandemic shutdowns.

While the Democrats and Republicans bicker over how many more trillions to pay into another pandemic relief package, the Fed is proposing a monetary tool that they call recession insurance bonds, which will be wired instantly to Americans.

The Fed would activate a lump sum that would be divided equally and distributed to households in a recession, according to Zerohedge.

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The money would come from insurance bonds purchased by the Fed on the open market. The digital dollars would be deposited directly into household apps.

"It took Congress too long to get money to people, and it's too clunky," said former Fed official Simon Potter.

"The Fed could buy the bonds quickly without going to the private market. On March 15 they could have said interest rates are now at zero, we're activating X amount of the bonds, and we'll be tracking the unemployment rate -- if it increases above this level, we'll buy more [bonds]."

During a speech to the Chicago Payment Symposium on Wednesday, Cleveland Fed president Loretta Mester said, "legislation has proposed that each American have an account at the Fed in which digital dollars could be deposited, as liabilities of the Federal Reserve Banks, which could be used for emergency payments."

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But there's a catch. According to Zerohedge, the Fed giveth and the Fed taketh away (you drug dealers will want to pay attention to this part).

Once physically currency is replaced by digital dollars, the Fed would then be able to scrap "anonymous" physical currency entirely, and track every single banknote from its "creation" all though the various transactions that take place during its lifetime. And, eventually, the Fed could remotely "destroy" said digital currency when it so decides.*

Oh, and say goodbye to your banks, as the Fed would both provide loans to consumers and directly deposit funds into their accounts, effectively making the entire traditional banking system obsolete.*

*(bold emphasis mine)

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Americans who receive an extra $600 in federal unemployment benefits in addition to state benefits may get an extension after the extra $600 ends next month.

Some unemployed Americans receive a windfall of $1,000 a week when they collect an additional $600 in unemployment benefits on top of state benefits.

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The extra $600 was part of the $2.2 trillion stimulus package known as the CARES Act that President Trump signed into law in response to the coronavirus pandemic.

Some lawmakers are considering extending the additional $600 in federal benefits next month, but other say the extra $600 creates "a disincentive to return to work."

There are three proposals on the table for the next round of stimulus funding. Two of the proposals would allow Americans to continue receiving the extra $600 a week.

But one proposal calls for a return-to-work bonus to motivate people to return to work.

Republican Sen. Rob Portman, from Ohio, says extending the $600 weekly benefits past July would be a disincentive to return to work if Americans receive more money than they would if they were working.

The most recent unemployment report shows that 2.5 million Americans went back to work last month -- a sign that economies are rebounding as states reopen.

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BET founder Bob Johnson has the ear of the President of the United States. So when he announced his plans to ask the U.S. government to pay $14 trillion in reparations for slavery, he got everyone's attention.

Johnson and President Donald Trump are close friends. When Mr. Johnson talks, Trump listens.

Until now, reparations paid to Black people for slavery was just a pipe dream or a political talking point to draw in Black voters.

In an appearance on CNBC's "Squawk Box," Johnson said $14 trillion in "wealth transfer" to Black people is necessary to close the gap between the haves and the have nots.

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"Now is the time to go big" Johnson said on CNBC. "Wealth transfer is what's needed," he contended. "Think about this. Since 200-plus-years or so of slavery, labor taken with no compensation, is a wealth transfer. Denial of access to education, which is a primary driver of accumulation of income and wealth, is a wealth transfer."

Johnson said he had a plan for reparations on his website since last year. "I'm not new to this challenge," said the 74-year-old media mogul. "I'm talking about cash. We are a society based on wealth. That's the foundation of capitalism."

Presumptive Democratic candidate Joe Biden has voiced his opposition to slavery reparations. Which means Johnson will have his best shot at getting reparations approved while Trump is still in office.
 

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A second $1,200 stimulus check is on the way to Americans who qualify, President Trump's economic advisor Kevin Hassett said.

Hassett says the federal government will issue a second stimulus check to qualified Americans as the U.S. economy attempts to recover from the coronavirus pandemic.

"I think it's coming sooner rather than later, Hassett told CNN on Friday.

A second round of stimulus checks was included in the House Democrats' $3 trillion relief package. But the bill was dead on arrival on the Senate floor last week.

Hassett cautioned that there was a possibility of double-digit unemployment in November.

"We are getting back to normal," Hassett told CNN.

Treasury Secretary Steven Mnuchin also believes that American people and businesses will need another injection of financial support as the coronavirus pandemic eases.

"I think there is a strong likelihood we will need another bill," Mnuchin said on Thursday. "We're going to step back for a few weeks and think very carefully if we need to spend more money and how we're going to do that."

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Gabrielle Union (right) said the coronavirus shutdown is hitting Black entertainers hard. In a recent interview, the 47-year-old actress said she and her celebrity friends are just a paycheck or 2 away from going broke.

Gabrielle is pictured above with her "L.A.'s Finest" co-star Jessica Alba.

"For most certainly Black entertainers, Black celebrities we don't really... for all of the Oprahs and the people who have just a lot a lot a lot a lot of money -- most of us are one or two checks away from not having money to pay for all of our things, you know what I mean?"

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She added that some celebrities live beyond their means and are paying for everything on credit.

"So this stoppage of work and money is impacting marginalized celebrities the most. You know like all those influencers you see who take all the trips, they're in Dubai one week and they're in London in the next week in Paris next week and they seem to be everywhere. They may not have a lot of liquid income. And you can't charge your rent. You have to pay your rent. So if you don't have the opportunity to do all the things you need to do to be the influencer, your money's funny. And if your money is funny, you don't have much of anything."

Georgia, Florida and nearly 2 dozen other states have reopened or are opening and lifting restrictions so their residents can go back to work.

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A proposed bill would expand relief for hard-working Americans who are financially impacted by the coronavirus. The Emergency Money for the People Act would give Americans $2,000 a month until the coronavirus crisis ends.

Qualifying Americans over the age of 16 would receive $2,000 a month, according to House Democrats Tim Ryan and Ro Khanna who introduced the bill.

The bill allows individuals who don't have checking accounts to receive money via check, pre-paid debit card, or mobile money platforms such as Venmo, Zelle, or PayPal.

"A one-time, twelve hundred dollar check isn't going to cut it," said Rep. Ro Khanna. "Americans need sustained cash infusions for the duration of this crisis in order to come out on the other side alive, healthy, and ready to get back to work."

Under the Emergency Money for the People Act, monthly $2,000 payments would be guaranteed for at least 6 months and would continue until more than 60% of the population returns to work.

The payments would not count as income and would not be taxed. Hard-working Americans who earned more than $130,000 in 2019 but are currently unemployed would be left out.

Eligibility:

  • Every American adult age 16 and older earning less than $130,000 annually.
  • Married couples earning less than $260,000 a year would receive $4,00 a month.
  • Qualifying families with children will receive an additional $500 per child for up to three children.
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    Liberals hate it when Black people don't play along with their attempts to keep them "in a perpetual state of grievance in order to keep them as a one-party people in a two-party system," according to Walter E. Williams.

    Online activist Tariq Nasheed was canceled by Kickstarter because, among other things, he bashed the Harriet Tubman film, starring British actress Cynthia Erivo, before the movie could earn back its production costs at the box office.

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    Liberals love their slavery movies - and that sticks in the craw of anti-racists like Nasheed, who railed against the movie for twisting the historical facts and for making the film's villain a Black man named "Bigger Long".

    Tariq and his 266K followers on Twitter.com campaigned against the film, and they celebrated when the movie earned only $12 million on opening weekend - a flop by any other standards.

    "Can anyone point to any other time in modern history where Hollywood & the mainstream media praised a movie and called it a 'success' for making just $12 million dollars on opening weekend?" Nasheed asked his followers on Twitter.

    Nasheed blamed his Tubman movie critique as part of the reason for losing his Kickstarter crowdfunding to raise $200,000 for his Foundational Black American Conference 2020 in Atlanta.

    Nasheed took to YouTube to lash out at Kickstarter for not giving him a clear reason why the crowdfunding was canceled.

    Nasheed has since moved his crowdfunding efforts over to Indiegogo.com where he quickly raised $11,190 of his $200,000 goal.
     

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    Bargain website Vouchercloud broke down the Forbes 100 richest celebrities by their zodiac signs. Amazon founder Jeff Bezos, who is worth untold billions of dollars, is the highest-earning Capricorn.

    Of the 100 richest celebrities, 13 are Capricorns, 10 are Cancers, and 10 are Taurus, according to London's Dailymail.com.

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    Golfer Tiger Woods is a top-earning Capricorn; Taylor Swift is the highest-earning Sagittarius. She is followed by pop singer Ed Sheeran as the best-paid Aquarius.

    Photo: WENN.com

    Kim Kardashian-West is the highest-earning Libra, and her half sister, Kylie Jenner is supposedly the best paid Leo sign.

    Why do zodiac signs matter? They matter because studies have shown there are differences between people who are born under certain zodiac signs.

    For instance, Capricorns (born between December 22 and January 19) tend to be highly intelligent, least narcissistic, and the richest (see how those attributes go together?).

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    Famous Capricorns include actors Denzel Washington, Samuel L. Jackson and Jane Fonda, NBA star LeBron James, Amazon founder Jeff Bezos, conservative talk show hosts Sean Hannity and Rush Limbaugh, R&B singer Mary J. Blige, celebrity spawn Blue Ivy Carter, and dead notables Muhammad Ali, Martin Luther King, Jr., and Elvis Presley.

    Geminis (May 22 - June 21) tend to be more successful, rich, and more narcissistic.

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    Famous Geminis include U.S. President Donald Trump, rap producer-turned gospel singer Kanye West, rapper Busta Rhymes, actresses Angelina Jolie and Joan Collins, R&B singers Patti LaBelle and Gladys Knight, and dead superstars Tupac Shakur and Marilyn Monroe.

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    The most romantic zodiac signs are Pisces (February 19 - March 20), Aries (March 21 - April 20) and Virgo (August 23 - September 22). Actress Lupita Nyong'o (pictured left with singer Janelle Monáe) is a famous Pisces. People born under the Pisces, Aries and Virgo star signs tend to stay married longer and take their relationships a bit more seriously.

    Which zodiac sign ranks amongst the poorest celebrities?

    Out of the top 100 richest celebrities, the Scorpios (October 23 - November 21) and Pisces (February 19 - March 20) are the least richest signs, with only 5 people each, according to Dailymail.com.

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    Wendy Williams cut the purse strings to estranged husband Kevin Hunter who reportedly used her money to finance his double life. The daytime talk show diva recently filed for a divorce from her husband of 22 years after he welcomed a baby with his mistress last month.

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    After inking the richest contract extension in NFL history, Seattle Seahawks quarterback Russell Wilson surprised his offensive linemen with shares of Amazon stock currently worth $12,000 each. That's about 6 shares of stock for each lineman at today's current price ($1,919 for each share).

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    Jeff Bezos is a single man after 25 years of marriage and 2 kids. The Amazon founder just settled the most expensive divorce in U.S. history. He will keep 75% of his stock in Amazon, while his soon-to-be ex-wife, MacKenzie, will walk away with stock worth $36 billion.

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