The nation is moving inexorably toward a cashless economy. The increasing popularity of digital wallets and the Federal Reserve’s study of a digital currency option suggest that a cashless economy is approaching a practical reality.
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History is rife with the failure of economic sanctions, from the trade and travel embargo on Cuba to sanctions imposed on Russia for its invasion of Crimea in 2014.
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China took a different path in response to the global outbreak of COVID-19, pursuing a policy of zero tolerance for COVID infections, which meant meeting any signs of virus infection with lockdowns and isolation to prevent its spread. While the approach seemed to work well early on, China has been undergoing rolling lockdowns throughout the country, including port cities. The economic impact has been significant.
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The subscription economy is moving in a myriad of different directions, going well beyond music and TV/movie streaming services. In fact, according to one estimate, the subscription economy has grown over 435% in nine years.
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There is a wide consensus that China’s economy will overtake the U.S. economy in the next 10-15 years, which causes great anxiety for many Americans.
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