US presidential candidate Robert F. Kennedy Jr. has warned that “the banking meltdown is just the tip of an economic mega-crisis”, stressing that “it’s not just the banks”. He also criticized President Joe Biden’s crypto mining tax proposal. “It’s a mistake for the US government to stifle industry and drive innovation elsewhere,” Kennedy said.
An impending economic “mega-crisis”
Robert F. Kennedy Jr., who launched his presidential campaign last month, issued several warnings this week about the state of the US economy, the banking crisis and President Joe’s proposed cryptocurrency mining tax. Biden. He is a nephew of President John F. Kennedy and a son of US Attorney General Robert F. Kennedy.
First, Kennedy warned of an impending economic “mega-crisis.” He tweeted on Tuesday:
The banking collapse is the tip of an economic mega-crisis. It’s not just the banks.
“Job postings fell for the third straight month. Core factory orders fell for the second straight month. Inflation is destroying the middle and working class. We must turn our attention to rebuilding our nation” , details his tweet.
Bank stocks tumble, bailouts create trouble
Commenting on President Joe Biden assuring Americans on Monday that the banking system is “safe and sound,” Kennedy pointed out in another tweet that “bank stocks are crashing.” He emphasized, “The American people deserve more than flippant reassurances and perception management.”
The presidential hopeful continued: “Bailouts create perverse incentives for banks to make reckless jumps for fences with depositors’ money, knowing they will pocket vast windfall gains when they go online and the taxpayer will bail them out when they run out.”
He added: “I understand the rationale for bailing out First Republic Bank. The problem is not this specific bailout. It’s a system of too-big-to-fail institutions that requires bailouts in the first place. Regulators seized First Republic Bank on Monday and sold most of its assets to JPMorgan Chase.
Biden’s crypto mining tax proposal is ‘a bad idea’
On Wednesday, Kennedy also criticized the proposed Digital Asset Mining Energy (DAME) excise tax. “Biden’s proposed 30% tax on cryptocurrency mining is a bad idea,” he tweeted, adding:
Cryptocurrencies, led by bitcoin, along with other cryptographic technologies are a major driver of innovation. It is a mistake for the US government to stifle industry and stimulate innovation elsewhere.
“Some advocate strict control of cryptocurrencies to prevent their use by criminals. But it’s not just criminals who want privacy. The same goes for dissidents and ordinary citizens,” he said. he pointed out, “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 money and of crypto to secure freedom.
What do you think of presidential candidate Robert F. Kennedy Jr.’s warnings? Let us know in the comments section below.
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