Post · bonfire.cafe

"No president has ever used his office to rack up anything close to the estimated $5B Trump has hauled in for himself, selling everything from tacky gold sneakers to crypto. He has mastered the art of trading on access & enticing foreigners to pony up big bucks (and even an airplane). The most pro-corruption president in history also has stopped enforcement of foreign corruption, crypto fraud and other white collar crimes."

~ Jennifer Rubin

#Trump #grift #corruption
/3

https://contrarian.substack.com/p/words-and-phrases-we-could-do-without-c92

William Lindsey :toad:

@wdlindsy@toad.social replied · 3 weeks ago

"These days crypto derives its value largely from the support of politicians and government officials — in particular, officials who can be bribed. As a result, at this point crypto is largely a Trump trade. And crypto fell because the backlash against the potential trade war threatened to weaken Trump politically."

~ Paul Krugman

#Trump #crypto #corruption
/4

https://paulkrugman.substack.com/p/how-crypto-became-a-trump-trade

How Crypto Became a Trump Trade

It’s primarily a vehicle for crony capitalism now

William Lindsey :toad:

@wdlindsy@toad.social replied · 3 weeks ago

"Why did Trump’s threat of all-out trade war with China cause crypto prices to plunge? Not because the economic damage from such a war would reduce the use of crypto, because crypto basically doesn’t have any legitimate uses. But an intensified trade war, especially a trade war America would almost surely lose, would drive Trump’s public support into an even deeper hole."

#Trump #crypto #corruption
/5

William Lindsey :toad:

@wdlindsy@toad.social replied · 3 weeks ago

"Crypto is my second bubble concern. It’s a classic Ponzi scheme. It’s growing because investors believe other investors will keep buying it. And like AI, crypto’s meteoric growth has also been powered largely by the ultra-wealthy. (Trump and his family are said to have made $5 billion off it so far.)"

~ Robert Reich

#Trump #crypto #corruption
/7

https://robertreich.substack.com/p/beware-the-oligarchs-ai-bubble

Beware the Oligarch's AI Bubble

They’re likely to burst.

William Lindsey :toad:

@wdlindsy@toad.social replied · 3 weeks ago

"Friday’s cryptocurrency selloff — apparently triggered by Trump’s talk of a 100 percent tariff on China — wiped out more than $19 billion in crypto assets. Bitcoin dropped 12 percent, forcing liquidations that triggered more selling, pushing prices even lower. The token for World Liberty Financial, a crypto project backed by Trump and his sons, fell by more than 30 percent."

#Trump #crypto #corruption
/8

William Lindsey :toad:

@wdlindsy@toad.social replied · 3 weeks ago

"And this would reduce the ability of history’s most corrupt administration to keep showering favors on the industry that made Trump rich."

#Trump #crypto #corruption
/6

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