↪Mikie
My burning dislike for politicians is non-partisan, don't you worry. But what I loathe even more is to see people of reasonable intelligence falling for their game. — Tzeentch
But what I loathe even more is to see people of reasonable intelligence falling for their game. — Tzeentch
On Sept. 9, 2024, the F.B.I.’s criminal investigative division reported that “as the use of cryptocurrency in the global financial system continues to grow, so too does its use by criminal actors.” The exploitation of cryptocurrency, according to the F.B.I., “was most pervasive in investment scams, where losses accounted for almost 71 percent of all losses related to cryptocurrency.”
Seven days later, Donald Trump declared on X: “Crypto is one of those things we have to do. Whether we like it or not, I have to do it.” In the same post, a month and a half before the election, he promoted his new venture World Liberty Financial Inc.
Back in the White House, Trump has discovered that what he criticized as “not money” six years ago could now serve as an ideal way to profit from his presidency. Estimates of the value of his crypto assets vary widely, from $2.9 billion by Fortune to $6.2 billion by Forbes, although Forbes acknowledged the figure is “a dubious estimate given it’s based on supply not yet on the market.” And as Trump said, it’s not, strictly speaking, money.
Eswar Prasad, a professor of economics at Cornell and the author of “The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance,” who has written extensively about digital currencies, contended in an email:
It is quite remarkable for any government official, let alone the leader of the free world, to create and promote a vehicle for rampant speculation and to directly profit from it. Trump seems to show scarce restraint in his willingness to use the levers of power to enrich his family and close associates with little accountability or transparency.
Trump’s release of two meme coins, $Trump and $Melania, Prasad continued, “take conflicts of interest to an altogether new level, especially given Trump’s official position and his control of the entire financial regulatory apparatus.”
On a broader scale, Prasad wrote:
These actions highlight the Trump family’s all-out embrace of different aspects of crypto, from the creation to the securitization of crypto-related assets. From the mining of Bitcoin to issuance of their own meme coins and stablecoins, there is no corner of this industry that Trump seems to want to leave unexploited as an opportunity for personal profit.
Lawrence Lessig, a law professor at Harvard, cited as a key example of Trump’s profiteering the president’s announcement on April 23 that the top “220 Special $TRUMP Meme Coin Holders will be Invited to an unforgettable Gala DINNER with the President on May 22, 2025.”
As a special enticement to stock up on the coins, Trump added:
FOR THE TOP 25 COIN HOLDERS, YOU are Invited to an Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT! PLUS, We have separately arranged for a Special VIP Tour for you — so make sure you stay in town! — NY Times, Who’s the Greatest Grifter of Them All
Well worth reading the rest of that article (via gift link supplied). The blatant corruption of the office of the Presidency is absolutely staggering. — Wayfarer
Yes, but as I'm always wondering, does anyone give a shit about it? — Christoffer
the people who could do anything about it - mainly, Congress - don't give a shit. — Wayfarer
The people in congress is only interested in maintaining their individual power — Christoffer
Underwood: Thank you, Mr. Chairman. This weekend, the president made the remarkable statement that he doesn't know whether he has to uphold the Constitution. You, however, have taken a different position both in your confirmation hearing and when you took the oath of office. You said that you were committed to complying with the Constitution. Do you still stand by that statement?
Noem: Absolutely. I believe President Trump ...
Underwood: Excellent. Let's start with Article 1, which gives Congress and only Congress the power of the purse. No money shall be drawn from the Treasury, but in consequence of appropriations made by law. But this administration is freezing, terminating, and even clawing back federal grants and awards that were already signed into law. These are taxpayer dollars that were appropriated by Congress for the specific purposes that we laid out. So Secretary, let me ask you, do you believe the administration has the authority to subvert appropriations law to freeze and terminate congressional funding?
Noem: The administration and the Department of Homeland Security used our authorities that we have to evaluate every grant that was in front of us and made statutory requirements but also to make sure that they were being spent appropriate ...
Underwood: So of course the president is within his authority ...
Noem: ... to make sure ...
Underwood: Ma'am this is my time. Thank you so much. Of course, President, the president is within his authorities to drive policy decisions within the bounds of federal law and the Constitution, but that's not what you've been doing. What I'm asking is whether you believe you have the authority to ignore appropriations law. Do you believe that the Constitution gives the executive branch unilateral authority to withhold funds appropriated by the legislative branch?
Noem: We have evaluated grants to make sure if they're being spent appropriately, and work that is underway and was authorized has continued. Other grants that have not been started and have not been authorized or obligated, we have re-evaluated and I think you're talking specifically about grants potentially within FEMA that were non-disaster related grants ...
Underwood: I'm talking broadly, ma'am, and Article 2 does not give the executive the authority to withhold funds, period. And multiple courts have weighed in to agree. Multiple courts have ruled in agreement. Congress controls the power of the purse.
Noem: ... We're ...
Underwood: That is a fact. That's not a question. That is a fact. And so if the president disagrees with certain spending, Congress passed the Empowerment Act to create a legal process to seek rescission, and we expect him to follow the law. This administration is not just ignoring the constitutional power of the people's elected representatives. It is also violating the fundamental right of individuals. Do you believe that the Constitution grants everyone in our country the right to due process, including noncitizens?
Noem: The administration has the authority to ...
Underwood: Ma'am, I'm looking for a yes or no question. Yes or no. Do you believe the ... Ma'am?
Noem: ...
Underwood: Claiming my time. Mr. Chairman?
Noem: ...
Underwood: OK, Secretary Noam, I'm just looking for a yes or no here. Do you believe the Constitution guarantees due process to everyone in America?
Noem: Due process is exactly what this Congress ...
Underwood: Yes or no. OK, ma'am, I'll take that as a "No".
Noem: ... due process ...
Underwood: Excuse me, I'm trying, ma'am, I'm trying to ascertain your understanding of the law as it applies to your department, and you as this leader should be able to give us a yes or no answer because judge after judge has ruled that the law is not being followed. Do you believe that the US government has the authority to deport American citizens?
Noem: No, and we are not deporting US citizens.
Underwood: OK, great. I'm so happy to hear that you do not believe that the law gives you that authority because the federal government has no authority under US laws to deport any American citizen, and as I know, everyone during this hearing today knows that several American citizens have been deported to date.
Noem: ... That's not true ...
Underwood: Secretary Noem, that was not a question. Secretary Noem, that oath that we both swore before taking office was to protect and defend the Constitution of the United States, not the president, not a political party, the Constitution. And that's what we're going to keep doing here at the Appropriations Committee. Thank you, Ayo back.
— Homeland Security Secretary Kristi Noem Testifies at Oversight Hearing · C-SPAN · May 6, 2025
Yes, but as I'm always wondering, does anyone give a shit about it? Is the corruption being stopped by enforcing the law? Where's the US marshals dragging him out of office? If the corruption isn't stopped and he can break whatever laws and regulations he wants, then there's definitely no democracy in the US. And if there's no democracy in the US, then what are the population opposing him waiting for to happen? For the storm to just calm on its own? — Christoffer
Well, knock me down with a feather. Trump has told Johnston that he wants him to support raising tax rates on high incomes :yikes: - something the Republican Party has long refused to even consider. My bet is that Bessent and his other Treasury wonks have suggested it. But it actuallly seems - gulp - a good idea. — Wayfarer
Can’t disagree but increasing tax rates on higher incomes is necessary and it would be a forward step if a Republican congress does it. — Wayfarer
So it will depend on whether the judiciary agrees that undocumented arrivals constitute an invading force. — Wayfarer
Even if at start Trump was clueless when asked about this, at least here Trump's administration and Rubio have done the right thing and responded how the US should respond.It looks like the Trump team has facilitated ceasefire negotiations between Pakistan and India. The comments of all involved are available on X, but we’re not allowed to post those kinds of facts here. — NOS4A2
Get involved in philosophical discussions about knowledge, truth, language, consciousness, science, politics, religion, logic and mathematics, art, history, and lots more. No ads, no clutter, and very little agreement — just fascinating conversations.