This is, I think, an important mechanism for someone to loot the US treasury.
Plenty of other people will be able to loot it also. It might not even be intentional on Trump’s part. But it’s a standard pattern: A massive transfer of capital into some dubious venture, followed by a mysterious implosion of the value of the dubious venture, leaving the people who were paid mountains of capital in exchange for the dubious venture-stuff smiling broadly at the mysterious outcome, saying “Them’s the breaks. Risky investment and all.”
Crypto has the added benefit of being a lot less traceable and somewhat less undo-able after the fact.
I wonder where capitalism will go after other people’s money runs out though.
For more on the specifics of how this works, see: https://open.substack.com/pub/noahpinion/p/a-sovereign-crypto-fund-is-a-new
Just add it to the rest of the grift…
First he creates his own crypto out of thin air worth billions. Then he’s going to make US gov’t and tax payers buy his fantasy value currency with real money? You can’t a clearer day light robbery than this!
Aren’t strategic reserves meant for material resources that support industry and military that can be made inaccessible by foreign actors?
This one is meant to pay back all the cryptobros who supported his campaign. Still gotta get Congress to authorize funds for it, but the cryptobros have been pumping money into those campaigns, too.
Or materials that take a while to manufacture, but which may be needed in large quantities relatively quickly. Even if it’s not a case of foreign actors, some things just take a while to start coming off of production lines in large quantities.
Shelf-stable food is a good example. You can’t just grow more wheat overnight. Sure, you may be able to reallocate where resources are going to use them more efficiently or start converting more into shelf-stable versions, but your overall food production levels are going to take a long time to actually ramp up, as new crops and livestock take time to grow.
Wow, a state backed scam and grift reserve. Surely this will turn out great.
Bitcoin lost 20% of its value in a month. It’s great for speculation, but it seems like a shitty thing to use as a currency.
Its counter cyclical like gold is. In a market crash where aggregate demand drops and interest rates fall it can be used as collateral to fund bailouts as it rises in value. At least I assume that’s why central banks historically buy gold for undergoing Keynesian economics.
Bitcoin actually goes up far more than gold during QE as well in its short history, and the supply will soon rise dramatically slower than gold, as each 4 years the new supply halves.
