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‘Abu Zarafah’ and Corona

There is no doubt that the Corona epidemic has benefited many, ruined the homes of most and caused bankruptcies and the closure of profitable activities forever. Among its advantages is that it silenced the voice that was constantly claiming knowledge and predicting the unseen, and his claims hurt many.

He was the only one who stood with the re-election of ‘Trump’ as president, and that he would declare war on China before the US elections, specifically in October 2020, to win the presidency. The accountant, or thinker, doctor and economist then became silent after it became clear that all his predictions as well as his titles were false.

The Federal Reserve System in the United States is made up of several layers, governed by a president-appointed board of governors, which includes 12 Federal Reserve banks located in major cities, and oversees the banks of their region. Their combined role is to determine monetary policy.

There are also various advisory boards. Consequently, the Federal Reserve System contains public and private components, and has a unique structure among central banks. Nevertheless, it does not have the right to print and issue currency, as this is the task of the Treasury. The federal government fixes governors’ salaries and receives all annual dividends to the federal banking system after paying statutory shares of the member banks’ capital investment.

It is reported that the net profits of the Federal Reserve Bank are estimated annually at a hundred billion dollars, and its decisions are considered independent and not subject to the approval of the president or any other person in the executive or legislative branches of government, and it does not receive funding from Congress.

The motivation behind its unique position was the desire to provide it with maximum flexibility to address any banking panic, acting as a central bank, balancing private interests of banks with government responsibility, protecting the rights of depositors, managing the state’s money supply through monetary policy to achieve sometimes conflicting goals, imposing stable rates, including preventing inflation or deflation, and setting interest moderate long-term rates, financial system stability, containment of systemic risks in financial markets, provision of financial services to depository institutions and the United States government and foreign official institutions, and other important and dangerous tasks.

Then someone who accepts to be described as “the thinker, the doctor and the economist” comes to say that the president of the US Federal Reserve stated (he did not mention of course his name or the date of the statement) that after the closure of the financial markets in the world, he would receive a statement containing currency rates against the dollar, setting their prices for the next day as he desires, then goes to sleep.

This, of course, is empty talk that should not have been issued by a sane person.

The purpose of this is not to reveal the truth about this man. Corona has taken care of silencing him. Rather, the purpose of it is not to deceive the holders of the titles, and not to believe everything we hear but rather we must exert a little effort in research and questioning can protect us from the risk of falling into big mistakes.

e-mail: a.alsarraf@alqabas.com.kw

By Ahmad alsarraf

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