Weekly Market Snapshot – October 10th, 2020
Created by: Sam Tenney
- Current US stimulus bill proposals continue to fall short in the face of increasing labor market slowdowns. The White House’s proposed $1.8 Billion stimulus package was denied by House Democrats, citing not enough provisions for testing and tracing Covid-19, as well as too few worker safety precautions.¹
- Under new legislation due to Covid emergency payments, Congress has proposed the Federal Reserve create a Digital Currency, with which each American citizen would hold a digital account with the Federal Reserve where digital dollars could be deposited in the case of emergency payments. The Board of Governors has reportedly been testing many distributed ledger platforms to determine their pro’s and con’s.²
- The Organization for Economic Cooperation and Development (OCED) has drafted a proposed global tax solution, with nearly 135 countries backing, to implement a global mandatory tax schema designed to combat multi-national corporation tax havens. Under this agreement Europe would be able to generate nearly $100 billion in additional tax revenue from US tech giants such as Google and Apple.³
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