Dire Consequences: Fed Anticipates Emergency Rate Cut by June, Leaving Only 6 U.S. Banks by 2025, Clearing Path for CBDC - Dowd
Edward Dowd, Founder of Phinance Technologies and former BlackRock fund manager, and Michelle Makori, Editor-in-Chief and Lead Anchor at Kitco News, discuss the Federal Reserve's latest rate hikes, and why Dowd thinks Fed Chair Powell will be "forced" to cut rates by June of 2023, leading to a "controlled implosion" of the banking sector. Dowd forecasts that as banks consolidate, only 6 major banks will be left standing by 2025, paving the way for Central Bank Digital Currencies (CBDCs), digital fiat tokens issued and controlled by central banks. This, Dowd claims, could lead to "total government control" and a potentially dystopian future . Dowd also sees the dollar losing its dominance on the world stage with a "kinetic war" breaking out as the BRICS countries launch their own reserve currency. 0:00 - Fed outlook 9:56 - Inflection point 12:00 - Banking crisis 16:02 - Six banks left standing 18:17 - Central bank digital currencies