CATALYST #4 & 5: FedNow Reduces Default Risk… Main Street Americans are suffering, folks — from the effects of runaway inflation… from abysmal policymaking at the federal, state, and local levels of government… from the devastating impacts of higher interest rates… from the collapsing U.S. housing market… from the ongoing labor shortage… from out-of-control energy prices, etc.
As a result of such dire economic circumstances, 63% of Americans are now living paycheck to paycheck, which is fiscally unsustainable. When surprise expenses hit, these same folks are forced to tap their savings or plunge into debt.
“Being employed is no longer enough for the everyday American… wage growth has been inadequate, leaving more consumers than ever with little to nothing left over after managing monthly expenses,” notes an article from CNBC.
In such cases, the existing U.S. banking system isn’t all that helpful… removing the “float” — i.e. the two-day period it takes deposited funds to settle in a bank account — FedNow gives Main Street Americans instant access to their hard-earned paychecks, which should lessen some of the dependence on credit cards.
Real-time transactions also lessens the risk of overdraft and late fees.
CATALYST #5: FedNow Gives Money and On/Off Switch… The digital explosion of the last 20 years has gifted us some incredibly simple life pleasures — pleasures we can’t imagine ever losing.
For example, can I interest you in returning to handwritten checks?... or borrowing books from the library? or thumbing through the yellow pages? or making collect calls… or hailing a taxi?… or finding a payphone?... or booking a vacation through a travel agency?… or unfurling maps when you’re lost?
Not a chance!
Yet those same digital pleasures come at an extremely high cost.
See, with every advancement of digital technology…
Our personal sovereignties further erode.
FedNow is economic Darwinism at its finest… Still need more convincing that killing the existing banking system, payroll system, and the paper greenback serves a higher purpose?
Well, as a renowned economist for over 30 years, I’ve witnessed the power of creative destruction hundreds of times during my career.
Through this firsthand experience — as the #1 ranked economic forecaster on Bloomberg… as an advisor to top-20 hedge funds… and as a pioneer in the financial publishing industry — I can confidently say that my livelihood… my personal investments… my weekly paycheck… my family’s well-being… my mortgage payments…
They all depend on acts of creative destruction.
See, without creative destruction, we’d be forced to live inside a static economy.
MIT, creative destruction accounts for over 50% of economic productivity.
In terms of GDP, creative destruction is worth roughly $11 trillion to the U.S. economy, and $45 trillion to the global economy.
To anyone who thinks creative destruction and the economy are mutually exclusive…
You’re very… very… very wrong!
Creative destruction and the economy are codependent.
Circle July 1 on your calendar… The Federal Reserve has been vigilant in its (planned) act of creative destruction.
In tandem with its handpicked banking partners — i.e. financial juggernauts like American Express, Bank of New York Mellon, Capital One, Goldman Sachs, JPMorgan Chase, and Wells Fargo — the Federal Reserve is rolling-out FedNow in three phases… =====================================================
Market Data 
Markets 
AI
