DATA & META DATA MARKETPLACE SOLUTIONS ADDRESS RISING CREDIT CARD DEBT AND SUBPRIME DELINQUENCIES
Available information technologies powering vibrant data and meta data markets are the speediest, surest solutions to the historic credit card debt increase and rising subprime mortgage delinquencies as Americans are taking on more and more debt to cope with inflationary costs for staples, goods, and services.
Earlier this month, the Federal Reserve Bank of New York released second quarter figures documenting the devolution.
“ ‘The second quarter of 2022 showed robust increases in mortgage, auto loan, and credit card balances, driven in part by rising prices,’ said Joelle Scally, Administrator of the Center for Microeconomic Data at the New York Fed. “While household balance sheets overall appear to be in a strong position, we are seeing rising delinquencies among subprime and low-income borrowers with rates approaching pre-pandemic levels," the press release indicated.
“Credit card balances saw a $46 billion increase since the first quarter – although seasonal patterns typically include an increase in the second quarter, the 13% year-over-year increase marked the largest in more than 20 years,” it noted. “Aggregate limits on credit card accounts increased by $100 billion and now stand at $4.22 trillion–the largest increase in more than ten years,” tallied the Federal Reserve Bank of New York.
Rather than taking on more debt to meet living costs, Americans would more wisely buy and sell the value of the data and meta data they create with daily Internet communications and transactions they conduct over broadband networks.
Available information technologies readily enable them to do so.
Ledgers can now share, copy and synchronize data and meta data securely in real time with immutable records documenting each and every transaction and the times any particular transaction takes place.
Americans have nothing to lose.
Inflation will likely continue unabated as anticipated shocks to food costs due to supply shortages triggered by diesel fuel prices at the onset of growing season may well drive up food prices this winter and spring.
House enactment of a recent Senate spending bill will pump more cash into the economy.
Misplaced confidence in public officials is counter-productive. Prior to being Vice President, President Joe Biden served 36 years as U.S. Senator representing Delaware, the credit card industry capital of the country. First state law, regulation, and market administration all combine to attract and sustain credit card companies.
Simply giving a nod to the late Speakers Thomas P. Tip O’Neill’s memorable insight that “all politics is local” suggests that President Biden will be exceptionally hard pressed to rein in inflation with fiscal tools if, in fact, he wants to.
Indeed, it’s all the opposite summer, 2022.
Buying and selling the value of the data and meta data that individuals, enterprises and institutions create with daily Internet and broadband use are more direct tools to create wealth and more efficient vehicles coping with runaway living costs.
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