It's a federal rule, not a bill, so it doesn't go to a vote; it goes through the rulemaking process, which gives the agency a fair amount of latitude. Federal rules are more or less guidelines on how the agency interprets the laws they are set out to enforce. Now, that doesn't mean Congress can't just come in afterward and introduce statutes disallowing the rule from being enforced, but at least actually initiating the rule doesn't rely on their say-so.
China will never have a fucking world reserve currency you goddamn dumbass. They manipulate their currency so viciously and often that nobody in their right mind would fucking use it as a reserve currency. So long as the dollar doesn't suffer the same fate we will always be the largest economy in the world. You'd have to be literally fucking retarded not to understand why.
Money printer go brrrrrr
It's when, not if. You can't print money and not have it take a dive, it's never happened at any point in history.
The Euro. The EU is currently in the process of transferring certain elements of fiscal control from the member states to the EU and the central bank, which will overcome the one major issue that the Euro has suffered since its birth: instability due to lack of central control over the currency. Member states will no longer be able to make certain financial decisions, which historicaly have prevented the Euro from remaining stable in the long term. With that in hand, the Euro would be a strong competitor as a second reserve currency, with a far higher chance of adoption than whatever the Chinese call their money this week.
The US dollar is in a free-fall at the moment, btw.
at the beginning of this year, 1 eur = 1.22 usd
The Euro is a much more serious threat to the dollar than China's shitty currency. What a reserve currency needs is trust and the Chinese will never be able to resist manipulating their currency to an absurd degree. Only a fool would trust their shit currency. Not even Chinese people trust it and routinely try to keep their money in dollars if at all possible.
Of course.
The last time they legislated like this, it was to prevent "discrimination" against "minorities" by mortgage lenders, which actually amounted to not running credit checks or requiring security for poor, black families. The result was the 2008 subprime crash, which was blamed on wall street alone, rather than on the legislation that created the necessity to amortise so much unsecured debt through novel products.
No, what happened was Clinton had repealed the Glass Steagall Act that prevented sub-prime loans in the first place, it had nothing to do with minorities and homeownership, it was to serve Wall Street. I'm also kinda sleepy so I may have read what you wrote wrong.
No, more likely I'm just wrong. I can be very stupid at times.
I've been astonished at how little press this has gotten the entire time
