The Real Story Behind the Fed’s “Soft Landing” Narrative | ZeroHedge

Authored by Ryan McMaken via The Mises Institute,

The Federal Reserve’s Federal Open Market Committee (FOMC) last week left the target policy interest rate (the federal funds rate) unchanged at 5.5 percent. The target rate has now been flat at 5.5 percent since July of 2023—as the Fed waits and hopes that everything will turn out fine. In his prepared remarks at Wednesday’s FOMC press conference, Powell continued with the soothing message he has generally employed at these press (more…)

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“It’s Just Not Right”: Major Venues Now Punishing People For Using Cash Vs. Plastic | ZeroHedge

Fans heading to Yankee Stadium hoping to pay in cash at the iconic ballpark for their favorite concessions have been thrown a curveball: go cashless or pay extra.

As the Wall Street Journal reports, Noa Khamallah, a 41-year-old New Yorker, found out the hard way. Looking to enjoy some popcorn and soda at a game, Khamallah was shocked to discover that his cash was as good as obsolete. Instead, he was directed to a "reverse ATM," where he inserted $200 only to receive a debit card with $196.50 – after he was hit with a $3.50 service fee for the 'convenience' of going cash-free.

"It's just not right," Khamallah told the outlet, echoing the sentiments of other New Yorkers shocked that what used to save you money – cash payments, now costs more. In some cases, transaction fees have soared more than $6 just for the privilege of spending your own funds.

Indeed, cashless venues and restaurants are popping up across the country, forcing cash lovers to either adapt or pay up as the war on cash continues.

And it’s not just about convenience or the speed of transactions. Critics argue that the move sidelines those who rely on cash – often the young, the elderly, or the poor.

"To let my 13-year-old go buy a slushy at the amusement park, I’m already out $6," said Prudence Weaver, 41, who said she would rather be able to use cash on trips to the zoo and other venues vs. paying fees for debit cards. "I understand that there is a place for electronic payment, but I don’t think it should be the only option."

Despite the digital dominance, cash is still king for a significant chunk of Americans. According to the Federal Reserve, a full 16% of all payments in 2023 were made in cash, down 2% from 2022.

"It’s unbelievable that we actually have to tell retailers, ‘This is U.S. currency and it’s something that should be accepted,’" said Jonathan Alexander, executive director of the Consumer Choice in Payment Coalition, a group of businesses and nonprofits lobbying for the continued acceptance of cash.

The backlash has spurred some action. States like Colorado and Rhode Island have pushed back, banning cashless retail establishments. On Capitol Hill, lawmakers are batting around bills that would make it mandatory for businesses to accept cash for purchases under $500.

But the future of these efforts remains uncertain. In the meantime, companies like RedyRef are cashing in, literally, doubling their shipments of reverse ATMs to keep up with demand from businesses ditching traditional cash transactions.

"It has been a pretty wild shift," said Will Pymm, senior vice (more…)

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The Crises And Sacrifices Yet To Come | ZeroHedge

Authored by Charles Hugh Smith via Substack,

The sense that we're approaching a tipping point into a crisis with no easy resolution is pervasive, a sense that beneath the veneer of normalcy (the Federal Reserve will lower interest rates and that will fix everything), we sense the precariousness of this brittle normalcy.

While many are uneasily scanning the horizon for geopolitical crises, others see the crisis emerging here at home, possibly a political crisis or a financial (more…)

Continue ReadingThe Crises And Sacrifices Yet To Come | ZeroHedge