Topic: Dismantling the Fed: A Radical Solution to America’s Economic Woes? (Read 420 times)

What Trump proves every day is that he has pure electoral interest in “crypto” and that he doesn't even care if the people around him who know about it explain to him how it works. Surely if he wins the Bitcoin will do better than if Kamala wins but I would not bet very hard.

https://www.nasdaq.com/articles/donald-trump-says-crypto-could-help-pay-35-trillion-us-debt
Donald Trump Says Crypto Could Help Pay Off $35 Trillion U.S. Debt

Good idea when hamsters pay off US debts. It was very easy to do in cryptocurrency.

I have another crazy thought.
I was the first to write about the etherium ecosystem when TVL was 2 million, but before me many people laughed and said it was another scam
https://bitcointalksearch.org/topic/defi-eth-financial-ecosystem-september-2019-5198245

Now look at this and it's not funny anymore.
https://defillama.com/chain/Ethereum

Let's take a look at this
https://app.rwa.xyz/
I'll save a screenshot.


So far, there are $2 billion worth of US treasuries in the ecosystem, but don't forget that many of the stablecoins in the pledge are 90% backed by these treasuries.

In the near future, we will see that the majority of coins are secured by treasuries, and no one will ever pay these debts. To be more precise, they will pay, but not all of them.

And here you don't need to be an ole prognosticator that some US debt will be cancelled this way and we will see a very big scam in cryptocurrency.

Yes, I have also thought about this question for a long time. Many countries are getting rid of American treasuries, and crypto companies are forced to buy them. Probably more than half of the national debt already belongs to American companies and this debt cannot be cancelled. This will cause great harm to the US economy. The RWA market is still very small, but many assets there are backed by American treasuries or tokens of companies that own American treasuries.

I agree, I think that if this had any prospect of coming to fruition, Thomas Massie would have suffered an “accident” by now.

And on the other hand is that changing to a system like the gold standard can not be done overnight with the mountain of debt that the USA has, which is based on the government issuing bonds, and the FED buys the bonds by printing money (in a simplified way).

We would have to see what Milei does in Argentina first, although he can rely on an external currency, which is the dollar to make the change. The USA could not.

I can't believe I haven't seen this topic before or this news nonetheless.

Although, I believe it is practically impossible to abolish the Federal Reserve - the USA needs it at this point, because it prints so much money to "stabilize" their economy, and what is the USA going to do without money printing power anyway?

Besides, the privatized entities who own the Federal Reserve would not allow that to happen anyway.

https://blockonomi.com/dismantling-the-fed-a-radical-solution-to-americas-economic-woes/

"Representative Thomas Massie introduced the Federal Reserve Board Abolition Act (HR 8421) to abolish the Federal Reserve.
Massie believes the Fed’s monetary policies, such as monetizing debt, have led to currency devaluation and high inflation.
The bill proposes dismantling the Federal Reserve System by abolishing its Board of Governors and banks, and repealing the Federal Reserve Act of 1913.
Massie conducted a poll on X (formerly Twitter), with 86.6% of nearly 115,000 respondents supporting the idea of ending the Fed.
The introduction of the bill comes amid growing concerns about inflation in the U.S. and debates about the role of the Federal Reserve in managing monetary policy."

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I keep thinking about how the US will solve the national debt problem, and it turns out the way has been around for a long time.
Every dollar is a Federal Reserve Note, which means that once the Fed is liquidated, no one owes anything to anyone else.
Thank you, everybody, you're free to go. The United States will now have a new sovereign dollar.
Half of the national debt belongs to American companies and they will probably get the right to demand repayment, while all other countries will get nothing.

Of course, if these statements are not coordinated, then Thomas Massie must be dead or ill by accident, or this is just another planned political game.