Biden
I was dismayed to learn that President Joe Biden recently signed an executive order to give the government oversight of cryptocurrencies. So what’s the rationale behind this? It is said that the Biden administration “is urging the Federal Reserve to look into creating its own digital currency”.
It is this last quote that has me pondering. When the Biden administration says “its”, I am wondering what exactly they mean. For, as many of us know, the Fed is not a purely public institution, and seldom does it ever act in the interest of main street. This institution is, from what I can see, the financial arm of the ruling class; a group which has no class and cannot rule.
It as due to their mishandling of the economy that I gravitated towards cryptos. I wanted to wean myself off this centralized monetary system. From the high bank fees to inflation eating away its value, I sought something that could prevent me from being robbed by these banksters. It has been several years now and I am grateful to the friend who introduced me to cryptos. For the first time my money was gaining in value as opposed to losing its purchasing power. Best of all. I was my own banker. Now, the Feds putting their pudgy fingers on this currency will defeat the purpose for which cryptos were made.
How exactly they will go about instituting their own is anyone’s guess. What I do know though is that these are people whose values do not align with many of us who are in the crypto space. If indeed they successfully infiltrate it, I fear that we will just be placed under a different form of financial servitude.
Historically, those in power have always sought to aggrandize more of it. So when the Treasury Secretary Janet Yellen said that government oversight “would promote a fairer, more inclusive, and more efficient financial system while countering illicit finance and preventing risks to financial stability and national security,” I am inclined to roll my eye in exasperation. If printing money out of thin air to fund illegal wars is not illicit I don’t know what is. Illicit should apply to bankers who got bailouts for taking a financial system. I digress.
The administration says cryptos may pose a threat to the US economically and in the area of national security. As it relates to the latter, the Russians have been invoked. It is assumed that they may use cryptos to bypass some of sanctions being placed on them. This concern though seems to have very little merit seeing that none of the major trading platforms have seen an unusual uptick in activities post sanctions. In fact, “Daleep Singh, a deputy national security and economic adviser to Biden, told CNN on Wednesday that crypto’s really not a workaround for our sanctions.” So, I guess the red scare is not a valid reason.
Delving deeper into the article it becomes clear why the US government is taking this position. “As for the Federal Reserve getting involved with digital assets, the central bank issued a paper in January that said a digital currency would best serve the needs of the country through a model in which banks or payment firms create accounts or digital wallets.”
It is evident therefore that Biden’s aim is to control this nascent but expanding industry. Sure, Yellen says that the aim is to address the issue of money laundering and other shady activities.
Such concerns by the Fed Reserve are quite laughable seeing that the big banks launder hundreds of billions annually. Whether it be the Swiss banks, those in The City of London, the ones on Wall Street, or those overseas financial colonies, all have unclean hands.
From where I stand, any control of cryptos will not reign in the criminals, instead, it might make it easier for the elites to hide their unsavory deeds.
The yahoo article is below.
https://www.yahoo.com/news/biden-signing-order-cryptocurrency-explodes-110021459.html
