Last  June , I talked about why I believe the US is eventually going to have a digital dollar. And on Feb. 3, I noted that the Fed had taken the first step. But as I had said in the July 2 issue,  China is way ahead of us.

In a recent edition of Investment News, Stephen Leeb had this to say about the way it is playing out:

“China will be launching its own blockchain digital currency de facto backed by gold – referred to as the digital yuan. Cryptocurrency is not a big market in China and their political leaders don’t want it to be, says Dr. Stephen Lee. ‘The digital yuan will be widely adopted within China and Bitcoin is a threat to their own digital currency.’”

And this from Bloomberg:

“China is competing for more than just medals at the Winter Olympics in Beijing this month. It’s also quietly trying to define the future of money. Although attendees can pay vendors for food and souvenirs with a Visa or cash, they also have the option of holding up a phone, scanning a barcode, and paying with the ‘e-CNY,’ or electronic yuan, one of the only so-called central bank digital currencies offered by a major economy.”

 

Crimes You Can Now Commit in NYC

I had high hopes that Eric Adams, a former “tough on crime” police chief, might improve things in NYC when he was elected mayor in November. But as I said in the Jan. 19 issue,  he then  did several things that concerned me, including appointing Brendan McGuire as attorney general. And now he’s announced that he’s backing Alvin Bragg, the city’s newly elected “progressive” district attorney.

Like McGuire, Bragg is one of the new breed of lawyers committed to changing the law by refusing to prosecute certain crimes. And since stepping into his office, he has made quick work of changing the way criminals are treated.

Starting soon (if it hasn’t already started), here are some things you will be able to do in NYC without fear of prosecution: Trespassing, resisting arrest, obstructing governmental administration, engaging in prostitution, stealing from a retail store, or stealing from a private residence, so long as you restrict your stealing to the garage, basement, or attic. Also, committing  first-degree robbery with a gun, so long as you don’t shoot anyone with in.

You can also commit any of the following crimes without having to worry about spending a night in jail, because you’ll be bailed out for free:  carjacking,, witness tampering, domestic violence, arson, bribery, kidnapping, larceny, child sex, criminal possession of a firearm, child endangerment, and elder abuse.

When the DA won’t prosecute certain crimes, the police have no incentive to arrest people for committing them. So, crime goes up, as it has in Chicago, San Francisco, Baltimore, Los Angeles, and so many other cities.

And watch out for this: Although crimes will be rising New York, arrests for all of the above will start heading down because cops will feel it’s not worth it to take the risk. And when arrests for those crimes go down in raw numbers, the rogue prosecutors brag, in circular reasoning, that the “data” proves their approach works!

 

Remembering P.J. O’Rourke 

P.J. O’Rourke died last week. I read several good eulogies about him. But I thought that this one, sent by JS, was particularly enjoyable. Click here to read it.