Why Krasnov's Push For Crypto Is So Dangerous To Our Economy

[gab13by13]

"The poster child for the even more extreme risks coming down the road is the gigantic push being made now by Donald Trump, his family and a whole phalanx of billionaires, Republican politicians, and some Democrats. They want to place cryptocurrencies and assets at the center of the financial system and make tech capitalists such as Elon Musk and Trump himself the kingpins of the financial system. They also aim to transform tech firms into money and credit creators that will be able to print money — like the Federal Reserve and the banks — but will have virtually none of the regulation. In this way, these tech billionaires and Trump family members will be able to privatize the U.S. dollar and the U.S. financial system with virtually no oversight. The key legislative initiatives here are the so-called GENIUS Act, which was just passed by the Senate, and the CLARITY Act, which is set to go to the House of Representatives."

"Senate passage of the GENIUS Act on June 18, with 18 Democrats voting for it, illustrates the massive spending by cryptocurrency companies and lobbyists, first in primary elections to defeat anti-crypto Democrats, and then in the November election to elect pro-crypto Republicans and Democrats. We can expect them to spend even more in the 2026 election to push out sensible crypto-questioning Democrats."

"Overall, Trump’s reckless policies are plunging the U.S economy into chaos and are negatively impacting global economies. Could they trigger a financial crisis?"

"Yes. These policies, and especially the cryptocurrency push, are very dangerous. And that was a point made implicitly by the Economist article. But there is an important point that is missed here: Even short of a financial crisis, these highly speculative, risky, exploitative, and fraud-ridden financial markets hurt workers, families, and communities on a daily basis. As Juan Montecino and I showed in our article, “Overcharged: The High Cost of High Finance,” this kind of financial system fails to provide the financial services that workers, small businesses, households, and communities need. Yes, there are the multitrillion-dollar costs of financial crises caused by such financial systems, but there is the huge cost of misallocation of human and financial resources in a speculative, wasteful, destructive, financial economy."

"We have to defeat Trumpism, the leading edge of this crony financialized capitalism, as well as the neoliberal Democratic opportunists who support and benefit from these policies."

Gerald Epstein
https://truthout.org/articles/trump-is-setting-the-us-economy-up-for-another-great-financial-crisis/

[gab13by13]

1. Everything Krasnov is doing economically

is to weaken the dollar and strengthen crypto.

His tariffs, low oil prices, getting Jerome Powell to lower interest rates.

The dollar is at a 3 year low.

[Celerity]

2. The 18 Dem Senators who voted YEA on the Trump pushed GENIUS Act

https://www.senate.gov/legislative/LIS/roll_call_votes/vote1191/vote_119_1_00318.htm

YEAs

Alsobrooks (D-MD) so disappointed
Booker (D-NJ) so disappointed
Cortez Masto (D-NV)
Fetterman (D-PA) aka Manchin's Ghost
Gallego (D-AZ)
Gillibrand (D-NY)
Hassan (D-NH)
Heinrich (D-NM)
Hickenlooper (D-CO)
Kim (D-NJ) so disappointed
Lujan (D-NM) so disappointed
Ossoff (D-GA)
Padilla (D-CA) so disappointed
Rosen (D-NV)
Schiff (D-CA)
Slotkin (D-MI) aka Sinema's Ghost
Warner (D-VA)
Warnock (D-GA) so disappointed

Not Voting

Kelly (D-AZ) he would have very likely been a YEA, as he voted YEA on cloture

NAYs

Baldwin (D-WI)
Bennet (D-CO)
Blumenthal (D-CT)
Blunt Rochester (D-DE)
Cantwell (D-WA)
Coons (D-DE)
Duckworth (D-IL)
Durbin (D-IL)
Hirono (D-HI)
Kaine (D-VA)
King (I-ME)
Klobuchar (D-MN)
Markey (D-MA)
Merkley (D-OR)
Murphy (D-CT)
Murray (D-WA)
Peters (D-MI)
Reed (D-RI)
Sanders (I-VT)
Schatz (D-HI)
Schumer (D-NY)
Shaheen (D-NH) surprised she voted against it
Smith (D-MN)
Van Hollen (D-MD)
Warren (D-MA)
Welch (D-VT)
Whitehouse (D-RI)
Wyden (D-OR)

[gab13by13]

3. What is scary to me

this is flying under the radar. My OP will get a couple of responses. I may even get spanked for saying something bad about Democrats?

Maybe I will be hit up for a kooky conspiracy theory that Krasnov and his super rich pals want to privatize the dollar?

The financial institutions have been gutted, the CFPB has been neutered. What little financial regulations that are left are being monitored by cronies. The big banks can play loosey goosey with peoples' money and if they go bust will be bailed out by the taxpayers.

[bullwinkle428]

5. Padilla voted yes on this literally a day after Puppy Killer's goons

roughed him up at that press conference.

[Celerity]

6. Of all the 18 YEAs, Alsobrooks, Padilla, and Warnock were the 3 most disappointing.

I love all 3 as Senators and it saps my hope to see them fall for this horrid bill.

The ones I was least surprised to see support it were Fetterman, Slotkin, Cortez Masto, Hassan (surprised her fellow NH Senator Shaheen did not join her), and Rosen.

[Passages]

4. They were warned and warned

Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz ...

Bloomberg
https://www.bloomberg.com › news › articles › bitcoin-o...
Nov 29, 2017 — Nobel Prize-winning economist Joseph Stiglitz said “bitcoin is successful only because of its potential for circumvention, lack of oversight.

[Fiendish Thingy]

7. Trump doesn't have to push very hard

After all, 16 Dem senators voted yes on the recent cryptocurrency bill.

Including:

Schiff
Gillibrand
Padilla
Rosen
Fetterman
Ossoff
Gallego (who received $10 million from a crypto Super PAC)

So, to be accurate, let’s not call it “Trump’s push for crypto”, as it’s not just Trump, and there is barely any pushing, just check writing.

[gab13by13]

8. My OP calls out neoliberal Democrats.