It 'Ends Now'—Donald Trump Reveals Surprise Assault On 'Crooked' Wall Street
By: Billy Bambrough (Forbes)
Decentralized finance is a proper policy prescription, IMO. Finance has gradually become so concentrated and autocratic that it is stifling the general economy. It's time to break up the monopolies. Bitcoin, or cryptocurrency, seems to be a rather dodgy tool to achieve decentralization. But the general appeal of making money from nothing might be the only way to obtain any sort of cooperation from finance.
S E E D E D C O N T E N T
Former U.S. president Donald Trump is gearing up for a bruising race for the White House and has already caused massive shock waves with radical plan to wipe out the spiraling $35 trillion U.S. debt pile.
Trump, who has surprised many with his controversial embrace of bitcoin this year, has said he opposes the U.S. war on crypto, branded Operation Choke Point 2.0.
Now, as fears swirl of a complete U.S. dollar collapse, Trump has said it's time to "take a stand" against Wall Street, backing his sons' plans for a financial "revolution."
"For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand—together," Trump posted to his Truth Social account alongside a link to a Telegram messaging app group run by his sons Eric and Don Jr. called "The DeFiant Ones," a reference to the crypto-based concept of decentralized finance (DeFi).
DeFi, as well as the broader web3, are based on the idea digital, internet-based services are too centralized around a handful of powerful companies on Wall Street and in Silicon Valley and could be improved by moving them to protocol-based, crypto-powered alternatives.
Following Trump's post, a message appeared on the 43,000-member Telegram group railing against "how crooked banks and financial institutions rig the system against everyday Americans."
"They shut people out, deny them loans, drown them in paperwork and kill them with legal and processing fees," the message, attributed to Donald Trump Jr., read, claiming the Trump family has been "de-banked, de-platformed and had every political game imaginable played on us."
The message recalls comments made by Eric Trump to the New York Post earlier this month in which he claimed "over half this country right now cannot be banked."
Banking and finance have become politicized in recent years, most notably by the Canada trucking protests against covid vaccine mandates that resulted in prime minister Justin Trudeau freezing the bank accounts of protesters. Elsewhere, U.K. politician Nigel Farage claimed his bank account was closed partly due to his politics were deemed "at odds" with the bank.
"These banks and the elites who run them want absolute control but that ends now," the DeFiant Ones group post attributed to Don Jr. read.
"We're making finance great again by putting the power back in your hands. This new DeFi platform will cut out the corrupt, expensive and inefficient middlemen. No more bureaucrats deciding your fate. It's time to modernize an unfair and antiquated system and give everyone the same opportunities the elites have been hoarding. Join us, and let's make finance work for the people again."
Further details of the Trump crypto project, such as launch date, the website address and even its name are still not known, though it's expected to be a crypto platform similar to a crypto exchange like Coinbase or Binance that may also act as a bank account alternative.
Earlier this month Trump brothers Eric and Don Jr. shot down speculation they'd be launching their own cryptocurrency to rival bitcoin, calling their project "the future of finance."
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Trump has correctly diagnosed a big problem with today's finance. Bitcoin may address that problem but there are some rather large associated risks.
Right now, Kamala Harris is riding the fence waiting for the polls. Kick that can, Kamala!
Short term radical overhaul of the banking system is a wet dream. This is Trump engaging in his normal bullshit promises to appeal to the highly gullible.
Well, you can't reasonably expect him to flesh his plan out entirely, that will take Congress and negotiations, right? It is just campaign talk, the specifics, there just isn't time to talk about them before the election.
I did not state that his plan lacks details, I stated that his objective is a wet dream.
Just like Harris and her plan to crack down on grocers price gouging, but I know some won't be able to see it.
You are off in scale. Your comparison is thus confused.
Changing the banking / financing infrastructure vs. addressing some targeted price gouging is like comparing an objective of achieving world peace to the objective of ending the current Israel-Hamas war. The former is a lofty objective with no clear method of achievement and an unpredictable timescale while the latter is something that can and will be achieved with various methods of accomplishment and measured in terms of months (or at worst years).
Exactly
Kind of like price fixing or I'll raise taxes, oops no I won't, I'll cut 'em. Harris is turning like a windmill. I know I know, they all pander but she needs to make up her mind.
First, you spin Harris price gouging as categorical price-fixing (as if Harris wants the government to control all prices). That is beyond dishonest.
Second, going after price gouging is a good objective and there are plenty of initiatives that could pursue that objective in the short term. Have you forgotten that the Trump administration dealt with price gouging during COVID? Selective focus on exploitative practices in the marketplace is a normal function of regulation. It has been a practice for over a century now.
Countering exploitive practices in the marketplace is rare but normal and is entirely different from changing the paradigm for the banking system; that is a ridiculous campaign promise.
Have you forgotten that 37 states already have laws in place to prevent/control that? She's duplicating for bullshitting purposes.
Funny how it's not a problem until a Democrat suggests/proposes it.
She isn't pandering she is so fucking stupid she can't remember what she said 5 minutes ago unless someone reminds her.
Trump did it to protect consumers, Harris is doing it for political puposes, but everyone knows the empty headed bitch won't follow through.
Trump declared a national emergency. That's where the Federal authority to address both hoarding and price gouging came from. These nimble liberal nimrods ignore that hoarding caused price spikes, too.
If there is price gouging going on in today's economy, it's happening on the commodity markets. Hoarding behavior with commodity futures has become an investment strategy.
Have you forgotten that 37 states already have laws in place to prevent/control that?
She's duplicating for bullshitting purposes.
Are you suggesting that price gouging is already under control?
Oh of course, Trump is the altruistic good guy and Harris is the narcissist.
Are you ignoring the fact that 13 states do not?
Oh sure Big Brother has to step in. SMMFH Cuz they do it SOOOOOO much better........./S
Key word, talking, AKA throwing shit at the wall to see if it will stick.
'but 'she's so fucking stupid' and an 'empty headed bitch'
Hilarious to think anyone believes that the former 'president' convicted felon and rapist is doing anything for anyone except himself.
'trump did it to protect consumers'
I voted you up Tessy because the written part of your comment is 100% accurate.
Do you feel the same when the federal government enacts anti-trust actions? Or does it depend upon the party in power at the time?
The latter
Apples and bananas.
Of course you run from the question.
Run? The question is ridiculous therefore the apples to bananas comment. But if you need an answer, no. Still apples to bananas
I see... It's bullshit when the Dems do it, but only talking to see what sticks when the Republicans do it? Got it.
Perhaps you could point out where I said that...............I'll wait.
So anti-trust is fine (you know, stopping mergers, breaking up companies, major league actions like that) but targeted actions against specific price gouging is unacceptable??
The answer is no. I don't feel the same way and Big Brother Needs to step in in your example.
You answer 'no' and then follow it up with words that mean 'yes'.
Is anti-trust action by the government okay? Yes or no.
Is targeted mitigation of price-gouging by the government okay? Yes or no.
Your comments seem to suggest that you would (if honest) answer that anti-trust actions (major league actions) are okay but targeted mitigation of price-gouging is not.
You're finally getting it. Enough with that horse.........finally.
So after your dodging, we see that you are okay with government taking major actions against specific companies in terms of anti-trust initiatives but you are against the government taking actions to target specific price gouging. Both are cases of government engaging in consumer protection.
Your position is inconsistent. Did you object when the Trump administration engaged in actions to mitigate price gouging?
I find it highly amusing that Trump wants to overhaul the banking system at the same time he starts up his new crypto scam.
Yeah, it's a shame Bill Clinton signed on to removing Glass Steagall. The Trump obsessed ignore that their own policies of removing fossil fuels from the global economy will undermine the dollar. The global liberal institutions are already tentatively exploring bitcoin, or cryptocurrency, as the basis for a global monetary system because the future of the dollar is becoming uncertain.
Kamala Harris says she wants to embrace the future. But that future won't include the dollar as a global reserve currency. Unless, of course, Harris changes course and embraces the idea of 'drill, baby, drill'. A future with fossil fuels is the only way to 'save' the dollar.
Radical overhaul of the banking / financial paradigm is utterly absurd. There is no possible way this can be done by an initiative. The banking / financial paradigm will change in a gradual / evolutionary fashion and it will proceed at a generational pace.
People have been claiming that Biden's radical overhaul of the energy sector is absurd, too. And if the energy sector can be forced to radically change by near term government policy then it is certainly possible to achieve the same thing with the financial sector. Don't ignore that repeal of Glass-Steagall changed the financial sector virtually overnight.
And, no, you didn't say anything about energy. Me, myself, and I used Biden's radical changes to the energy sector as an example to show that such a thing is also possible for the financial sector.
Radically changing energy is also unrealistic. The energy infrastructure (worldwide, not just USA) requires evolutionary change. Surely you have noticed that we are in the middle of said revolution. Surely you understand that no initiative is going to simply overhaul our energy infrastructure. Same with financial.
This here is sure enough some New World Order bullshit right here!
The idea that our financial system will shift over to crypto is a scam in the making. Making the Trump family its vanguard is insane.
Shouldn't you wait for Kamala Harris to state a position on bitcoin? There really are Democrats who would favor Trump's proposal.
No, not true.
What To Know About Cryptocurrency and Scams | Consumer Advice (ftc.gov)
What is cryptocurrency?
Cryptocurrency is a type of digital currency that generally exists only electronically. You usually use your phone, computer, or a cryptocurrency ATM to buy cryptocurrency. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrencies, and new ones keep being created.
How do people use cryptocurrency?
People use cryptocurrency for many reasons — quick payments, to avoid transaction fees that traditional banks charge, or because it offers some anonymity. Others hold cryptocurrency as an investment, hoping the value goes up.
How do you get cryptocurrency?
You can buy cryptocurrency through an exchange, an app, a website, or a cryptocurrency ATM. Some people earn cryptocurrency through a complex process called “mining,” which requires advanced computer equipment to solve highly complicated math puzzles.
Where and how do you store cryptocurrency?
Cryptocurrency is stored in a digital wallet, which can be online, on your computer, or on an external hard drive. A digital wallet has a wallet address, which is usually a long string of numbers and letters. If something happens to your wallet or your cryptocurrency funds — like your online exchange platform goes out of business, you send cryptocurrency to the wrong person, you lose the password to your digital wallet, or your digital wallet is stolen or compromised — you’re likely to find that no one can step in to help you recover your funds.
How is cryptocurrency different from U.S. Dollars?
Because cryptocurrency exists only online, there are important differences between cryptocurrency and traditional currency, like U.S. dollars.
The average person would have to be nuts to turn their investments over to the schemes of a Trump Jr.
One of the craziest things I've ever heard of. You can get rich by solving highly complicated math puzzles on advanced computer equipment?
Sounds completely on the up and up.
Worse, the amount of computing is a significant energy drain.
But that is the security paradigm of crypto. The blockchain paradigm requires agreement (distributed consensus) of the miners and to be a miner (have the privilege to add a block of transactions to the chain) one must compete by solving complex computationally expensive puzzles. This is fundamental to the security and integrity of blockchain.
Isnt this creating wealth out of thin air?
At least silver and gold are "real".
Besides anyone could "mine" for silver and gold. If you need advanced computer equipment and knowledge to "mine" for crypto it sounds very techno-elitist.
Yes, it is exactly that. But we are already doing that given we have been on fiat currency since Nixon.
Theoretically anyone could learn to be a miner. It largely is a question of hardware configuration. Lots of people can do that. Gold and silver mining is not so easy. Finding precious metals requires very sophisticated equipment and technology to access same. It would actually be much easier to be a crypto miner.
Some people say that everyone knows that Trump knows more about cryptocurrency than anyone.
Some people said the same thing about Obama.