Three percent annual price inflation for ten years is a loss of purchasing power of 34 percent in what is already a disastrous inflationary environment. This is not "victory over price inflation."
While FedNow seems benign, there is the larger problem of the entire banking system itself being built on a foundation of sand. FedNow can only make that problem worse.
"In all matters of government the State tolerates no intermediate agent between itself and the people, and in general business it directs the people by its own immediate influence."
