“THIS NOTE IS LEGAL TENDER FOR ALL DEBTS PUBLIC AND PRIVATE“
You might not realize it but we are on the edge of a financial Twilight Zone with an arm already across the boundary. To paraphrase the opening of that classic TV show: Imagine a world in which you have no choice but to use ‘money’ created by Amazon, Google, Apple and others to make regular purchases for goods and services. A world in which the money issued and backed by governments isn’t accepted. Well, if Senate Republicans get their way that world is closer to reality than some fictional TV show.
That’s what this article from MSNBC explains and it’s a frightening thought. Frankly, the whole Bitcoin/Crypto Currency thing always seemed like a scam to me. It was like having chips from some casino that you could use to play, or for other expenses at said casino. But each casino has its own chips and they are only good there! Also, while casinos almost never fail (unless Trump owns them!) it’s happened. Usually because certain ‘financial backers’ by which I mean organized crime for example get too greedy and skim too much of the profits. Imagine having a healthy amount in casino chips in your safety deposit box as a sort of “money the govt. doesn’t know about” and learning some Sunday that that casino suddenly shut its doors because it had gone bankrupt! All those chips would suddenly be worthless. That’s how I’ve always viewed Bitcoin/crypto.
Ok, so I’m a cranky old fart curmudgeon. Still, I think most folks look at this ‘not government money’ money and say nah, I’ll stick with the stuff I’ve used my whole life. Alas, those tech bros have money of their own and TONS of it. The bulk of the nation’s wealth and with it access to and influence with Congress Critters. And now, with Trump who’s set up his own crypto scheme to grift a BIGLY friend. Last week the “GENIUS” act went down to defeat in the Senate.
Yes, there are Democrats who in general support the crypto industry. However the bill turned out to be not what they expected, as in one that would regulate cryptocurrencies. Instead, it was something that almost literally gave away the bank to the Tech Bros! Democrats, and some Republicans too wound up concerned as details emerged:
The bill’s Democratic co-sponsors, Sens. Kirsten Gillibrand and Angela Alsobrooks, voted against advancing the legislation they had supported. Senate Majority Leader Chuck Schumer and Sen. Ruben Gallego protested that Republicans weren’t working with them on language to address Democrats’ concerns. Republicans such as Sens. Josh Hawley, John Kennedy and Rand Paul expressed concern about the base bill. And the GENIUS Act collapsed into itself like the house of cards that, aptly, cryptocurrency mostly is.
Unfortunately plenty of GOP Senators aren’t giving up. Nor are the Tech Bros who I’m convinced envision a return to the days of company towns (common in the mining industry many decades ago) where the whole town was owned by the company. Including the housing people lived in and the “Company Store.” A general store that provided food and household products, furnishings, clothing etc. to the workers and their families. AND people could only use the company issued “Scrip” the company paid employees instead of government currency. Enough credit was extended employees were trapped. They couldn’t move to another town/job because they were in hock to the company! As I kid I recall a singer my mom loved named Tennessee Ernie Ford who did a song about the worker’s plight. Also, while debtor’s prisons had been outlawed in the 1800s people could be and were sent to jail for not complying with a court order to pay their debt. A rather nasty workaround but an effective one.
So again, think about major businesses that are woven into the fabric of our everyday lives. It’s damned near impossible to avoid utilizing them at least some of the time. Then imagine each one having the ability to force people to use the modern version of “Scrip” – THEIR specific cryptocurrency! I don’t know about you but that’s an alarming thought. As far as I’m concerned, given the criminal element already existing in the cryptocurrency world the whole damned thing should be outlawed. Not just in the U.S. but by every country. I’ve only offered a summary. I URGE you to read the linked article because it’s chock-filled with a variety of detailed aspects to this. From where I sit we’re hanging on for dear life at the top of a ramp that slides down into a wood-chipper and the Tech Bros are ordering their bought and paid for conservatives in Congress to stomp on our hands.
Like I said cryptocurrency is a world already substantially inhabited by unsavory folks. Including known money-launderers and other criminals. Yes, legitimate business transactions take place every day and all over the world using the Crypto Currency…well market I guess you’d call it. But so much of what goes on there is anything but legitimate. Everyone knows that too.
In any case this has become a huge business and the so-called Tech Bros want Crypto Currency to become the norm instead of old-fashioned money as most of us think of the paper currency (and coins) that we use. You know what? When it comes to the like of the very richest people in the world who just so happen to be ‘Tech Bros’ AND who own businesses so huge and ubiquitous modern life is tough to live without using some of what they provide I just don’t trust them. Jeff Bezos and his Amazon for example. Or Mark Zuckerberg and Meta. Tim Cook doesn’t own Apple but he runs it. Hell, Elon Musk is a HUGE advocate. Need I say more? Well, I will.
We are supposed to trust people like THESE guys? And other companies (I forgot Google) too. Not me. I trust good old fashioned dollars. Federal Reserve Notes. If you have any paper money on you take a look. You see those words on every single Federal Reserve Note ‘aka’ money from dollar bills all the way up the the Hundred. And it was in days past when you had Thousand Dollar Bills on those too. We do most of our financial transactions with credit/debit cards these days but those dollars and cents we are charged and pay for goods and services are, most of the time with money backed by a government. Ours or some other country’s.
Crytpo Currency, Bitcoin is a different animal. It’s value can nosedive or vanish in the blink of an eye. It’s owned and issued by individuals and companies and the value is far more easily manipulated than with regular money – Federal Reserve Notes. If the GOP Senate has their way, people and entities like Jeff Bezon/Amazon, Mark Zuckerberg/Meta, Google and it’s clear to me the Tech Bros are putting the screws to them. So, GOP Senators will try again, and I’m sure over in the House Mike Johnson will try to push this scheme through because you damn well know Trump will tell him to!
Hell, Trump probably dreams of using, or rather ABUSING his Office to make his own crypto currency the only one that can be used! Toss Tech Bros who try to stand up to him in jail (that one in El Salvador maybe?) and for him there’s a extra few scoops of ice cream on his big, beautiful chocolate cake. If TRUMPcoin is the only currency allowed in the U.S. no more having to deal the Federal Reserve! Yes, I’m riffing now but don’t try and convince me such thoughts haven’t come up. What can we do? The same thing I always say is contact elected officials and tell them you know what’s being attempted and there will be hell to pay at the ballot box if Trump and the Tech Bros get their way.
And their way is much like this, so heed the last verse and make one fist iron and the other one steel:
If I were a Senate Democrat, I would DEMAND that every single member who is so enamored of crypto be required to offer proof of every single “dime” of their current crypto holdings OR that they take 95% of their most recent reported cash on-hand income and convert every bit of that to the crypto of their choice (and then have their Senate salary paid to them in crypto) and require them to function for one full year with nothing except their crypto and the 5% of actual cash they were allowed to keep. All of this before ANY consideration of passing this bill.
Crypto isn’t insured either like the FDIC for banks. Treasuries become worthless and crypto wipes out the trillion of dollars of debt, bonds worth zero. The dollar then becomes worthless around the globe.
They can take my Federal Reserve Notes out of my cold, dead hands. And they can buy their worthless crypto with my cold, dead hands. Too bad there won’t be anything to buy with my cold, dead hands because I’ll likely have very little money left at that point.
I do NOT trust crypto AT. All. It’s a giant scam. I can think of one person who had to go to jail for it, and I know there are others, but I can’t remember them right now. I will NOT buy crypto. No, NO, H*LL NO. I will run away screaming if they try to force something on me, if it’s at all possible. Get that shizzle OUTTA HERE. (Now off to read the piece. I’ll probably scream a lot when I read it.)