In a recent interview with Kitco News, Edward Dowd, founder of Finance Technologies and former Blackrock fund manager, shared his thoughts on the Federal Reserve’s latest rate hikes. According to Dowd, he believes that Fed Chair Powell will be “forced” to cut rates by June of 2023. However, Dowd also warned that we are now on the brink of a global sovereign debt crisis and he is forecasting a very grim outlook for the United States. He expects a hard recession and potentially more bank failures, which could result in the consolidation of the banking sector and a very dystopian end result. Edward Dowd predicts that the consolidation of banks will result in only 6 major banks remaining by 2025. This shift may facilitate the introduction of Central Bank Digital Currencies (CBDCs), which are digital fiat tokens issued and controlled by central banks, ultimately leading to “total government control” and a potentially bleak future. Dowd anticipates that the US dollar will lose its global dominance and there may be a “kinetic war” as BRICS countries introduce their own reserve currency.
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