The Democrat Party Cryptocurrency Crisis
The Democrat Party Cryptocurrency Crisis
To me it is fascinating to me see how much money was spent in this past 2022 Midterm election by political parties, special interest groups and a host of committees. In my opinion all of this money can be viewed as both productive and non productive. It is economically productive in the view of the printing companies who print signs, campaign literature and the like. It is especially productive for media outlets and political consultants who sell advertising and “advise” candidates on what they should or should not do, regardless of the disastrous results in many cases. It is non productive in my opinion because it seems that the candidates with the greatest amounts of cash and or personal wealth are now the perpetually elected officials that Taxpayers are stuck with each election. A great example of this was the battle of the millionaires for Connecticut’s Governor; Democrat millionaire Ned Lamont and Republican millionaire Bob Stefanowski with the incumbent millionaire winning. Each candidate poured millions of their own cash into their campaigns to buy the office. It is also non productive because it seems that people who are the remaining working middle class of America have little if any representation in any level of government due to the amount of cash that is being used to buy political offices since many offices are held by individuals with incredible wealth. These same office holders have little if any concept of what it is like for the working middle class to raise a family, not have their children brainwashed in public schools, work hard for a living with few if any raises, and struggle to survive because of the incoherent economic and social policies these same paid-for millionaire elected officials dictate to them.
Even more troubling has been the recent disclosures of former cryptocurrency giant FTX and its founder Samuel Bankman-Fried who gave a mere $70.1 million dollars to mainly Democrat Party causes in the 2022 Midterm races. FTX was the third largest campaign contributor in this election. (opensecrets.org) FTX recently filed for bankruptcy losing an estimated $30 billion dollars plus of investors cryptocurrency. For those who do not understand cryptocurrency (which are many) one must use a fiat currency such as the United States Dollar or Euro to buy this concept or digital currency that only has value by the non- governmental authority issuing it. You may wonder as I do, why you would take a legitimate currency you use every day and give it to a centralized authority (that many have no idea who or what it is) to get this digital currency that has no assurances that it will be operational from day to day and has limited use in buying items and or services in our everyday economy. My question is them how did Bankman-Fried lose all this digital currency? Did some computer somewhere blow up and eliminate it? How did he gain all of his wealth to spend on this past election cycle? It seems all this is happening out of thin air. And since I am an economist who still does not buy into the concept of cryptocurrency, why are some governmental and state pension funds invested in it? What happens to this money? Do the same working middle class Taxpayers now get to bail out Bankman-Fried and his Democrat friends?
Connecticut Democrat Governor Ned Lamont seems to be invested heavily in cryptocurrency. The State of Connecticut was very generous with Connecticut taxpayers monies by giving $5 million dollars to Digital Currency Group to fictionally “move” 300 jobs to Stamford, CT. The Digital Currency Group now has many issues to deal with due to the implosion of FTX. In my opinion, they will be bankrupt very soon. The Lamont family Hedge Fund (Oak HC/FT) was an early investor in Digital Currency Group but Lamont maintains they divested of the investment before this sweetheart deal took place, even after trade-source verified multi-million dollar investments were uncovered by said fund immediately after the election! And why is Connecticut’s state run pension invested in cryptocurrency in the first place? Is this not an enormous risk now with the meltdowns of the cryptocurrency markets? How many other elected Democrat officials are invested in FTX? How many government run pension funds are invested in the cryptocurrency markets? Once again Tony De Angelo in his weekly segment on the Lee Elci show on WJJF 94.9 was the first to disclose these most recent stunning Lamont connections to cryptocurrency.
Regardless, since the crypto-fueled Democrat Party is now broke, it could have fundraising bake sales at the empty retail storefronts they helped to put out of business during their Covid-19 crisis? Or maybe it could sell Dutch Tulip Bulbs at incredible prices like they did in the 1600’s? Or better yet maybe it could create something out of nothing, which is nothing and trade the nothing on a daily basis? Or even better it can double down on pensioners and taxpayers stakes in cryptocurrency while it is collapsing? One can argue they was a great deal of money wasted in this last election that could have been spent solving many of the issues the political system has created for our economy. For example, how about helping people who are being bankrupted by excessive Affordable Care Act medical bills? Or maybe helping the thousands of family run businesses bankrupted by incoherent and draconian decrees of the never ending Covid-19 crisis?
Maybe the election of 2024 should be one of no more money spent for campaigns for any elected office. Each candidate would need to publish at their own expense their stances on all issues that impact their district and or state. That might help the serial fraud that seems to take place each election. The greater fraud in my opinion is what our political system has evolved into. Buying of political power each election cycle. It has reached a point of no return. Sort of like the point of no return for cryptocurrency. Oh well, no big thing. Just make taxpayers pay for the financially elites ineptitude, incompetency, excesses and power. Like in Connecticut, and so many other Democrat enclaves in our country. The seeds of economic discontent are sown and are growing quickly for the taxpayers who must shoulder the economic burden of this political corruption. And yet again the truths of 1776 resonate louder than ever in our country at this time.