U.S. Presidential Candidate Robert F. Kennedy Jr. has actually alerted that “the banking collapse is the tip of an economic mega-crisis,” stressing that “It’s not just the banks.” He also knocked President Joe Biden’s crypto mining tax proposition. “It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere,” Kennedy worried.
Looming Economic ‘Mega-Crisis’
Robert F. Kennedy Jr., who released his governmental project last month, released numerous cautions today about the state of the U.S. economy, the banking crisis, and President Joe Biden’s cryptocurrency mining tax proposition. He is a nephew of President John F. Kennedy and a child of U.S. chief law officer Robert F. Kennedy.
Firstly, Kennedy alerted about an inbound economic “mega-crisis.” He tweeted Tuesday:
The banking collapse is the suggestion of an economic mega-crisis. It’s not just the banks.
“Job openings plummeted for the third month in a row. Core factory orders dropped for the second consecutive month. Inflation is destroying the middle and working class. We need to turn our attention to rebuilding our nation,” his tweet even more information.
Bank Stocks Are Crashing, Bailouts Create Problems
Commenting on President Joe Biden guaranteeing Americans on Monday that the banking system is “safe and sound,” Kennedy mentioned in another tweet that “bank stocks are crashing.” He worried: “The American people deserve more than glib assurances and perception management.”
The governmental confident continued: “Bailouts create perverse incentives for banks to make reckless swings for the fences with depositors’ money, knowing they will pocket vast windfalls when they connect and that the taxpayer will bail them out when they miss.”
He included: “I understand the rationale for the rescue of First Republic Bank. The problem isn’t this specific bailout. It’s a system of too-big-to-fail institutions that requires bailouts in the first place.” Regulators took First Republic Bank on Monday and offered most of its properties to JPMorgan Chase.
Biden’s Crypto Mining Tax Proposal Is ‘a Bad Idea’
On Wednesday, Kennedy also knocked the proposed Digital Asset Mining Energy (DAME) excise tax. “Biden’s proposed 30% tax on cryptocurrency mining is a bad idea,” he tweeted, elaborating:
Cryptocurrencies, led by bitcoin, together with other crypto innovations are a significant development engine. It is an error for the U.S. federal government to hobble the market and drive development in other places.
“Some supporter tight control of cryptocurrencies to avoid their usage by bad guys. But it isn’t just bad guys who desire personal privacy. So do dissidents and common people,” he stressed. “Governments harass their enemies and crush dissent by controlling bank accounts and payment platforms. Until we restore trust in government (a distant prospect) we need cash and crypto to ensure freedom.”
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