Doomscroll News

Tag: finance

  • Crypto for Conflict: A Proposal to Restrict Digital Assets to Wartime Use

    Crypto for Conflict: A Proposal to Restrict Digital Assets to Wartime Use

    Many have spoken about the need for American leadership in technology and the potential of digital assets. Vice President Vance has a point about paying attention to what global competitors like China are doing in the crypto space. However, the current conversation around cryptocurrency for everyday infrastructure and investment is a distraction from its most strategic and vital use case: national security.

    Instead of trying to fit this technology into a peacetime financial system, we should be harnessing its power for when we need it most. I propose we treat the infrastructure of cryptocurrency like a strategic military asset, to be deployed only in times of war, much like war bonds. This isn’t about the coins themselves, but about the underlying technology and ASICs – a decentralized, resilient network that can be activated by the military upon a formal declaration of war.

    This approach addresses the national security risks of unregulated crypto, while giving the U.S. a powerful economic and strategic tool in a time of conflict. It’s not about stifling innovation; it’s about focusing that innovation where it can have the most decisive impact for our nation.

    Proposed Legislation: The Wartime Digital Asset Act

    A BILL

    To restrict the use of cryptocurrencies and stablecoins to times of declared war, and for other purposes.

    BE IT ENACTED BY THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES OF AMERICA IN CONGRESS ASSEMBLED,

    SECTION 1. SHORT TITLE.

    This Act may be cited as the “Wartime Digital Asset Act”.

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  • While Politicians Play Games, Cryptocurrency Threatens Our Financial Future

    While Politicians Play Games, Cryptocurrency Threatens Our Financial Future

    Our nation faces a profound and immediate threat from a predatory, globalist financial scheme. This is the real crisis. I am talking about cryptocurrency. My opposition is not rooted in partisan politics, but in a firm belief that we must protect the United States from this clear and present danger.

    These digital tokens, propped up by nothing more than speculation and hype, are a cancer on our financial system. They are the preferred tool for illicit activity, riddled with fraud, and often mined in countries hostile to American interests. The chaos unleashed by figures like Sam Bankman-Fried, whose FTX exchange imploded in a storm of corruption and foreign entanglements, is not an outlier—it is the inevitable outcome of a system with no intrinsic value. So-called “stablecoins” are a ticking time bomb, and the entire ecosystem is a playground for market manipulation that puts the savings of everyday Americans at risk.

    This is the fire that needs to be extinguished. Yet, what is the response from Washington? Political theater.

    Case in point: H.R. 3573, cynically titled the “Stop TRUMP in Crypto Act.” This bill is a perfect illustration of a political establishment that is unable and unwilling to grasp the scale of the threat. It is a weak, performative gesture that tinkers around the edges of ethics for the political elite while completely ignoring the fundamental dangers that cryptocurrencies pose to the financial stability of our country.

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  • Big Beautiful Bill: Critiquing Expenditures & Rescissions with a New Federalism Vision

    This article will dissect key components of the bill, reinforcing a fiscally conservative perspective focused on efficiency, market-based solutions, and a reduction in federal overreach.

    A recurring theme will be the devolution of certain programs and responsibilities to the states. It is important to note that many of the responsibilities envisioned for state management are relatively minor in scope, aiming to return local control over local matters. However, even in these areas, and certainly in any more significant transfers, fiscal prudence is paramount. This necessary shift away from federal overreach cannot be a license for states to engage in fiscal malfeasance, particularly when such actions have broader national implications, such as contributing to inflationary pressures through unfunded liabilities or chronic deficit spending.

    To ensure accountability without fostering inter-state conflict, any transfer of responsibilities must be accompanied by a carefully designed mechanism for mutual accountability. This system would involve regular reviews, based on clear, objective, and pre-agreed metrics, of state performance in managing these devolved areas. Should a state demonstrably and significantly mismanage its obligations, leading to measurable negative externalities for other states – for example, by directly exacerbating national inflation through irresponsible fiscal policies directly tied to these devolved functions – a transparent and impartially administered penalty system could be considered. Such penalties, if ever deemed necessary, should be narrowly targeted and proportionate, based on an automatic formula and/or pardons, to avoid politicization and ensure they serve as a corrective measure rather than a tool for “financial war.” The primary goal is to incentivize sound governance, not to create adversarial relationships between states.

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  • Business Tax Devolutions: A Critical Dissection of Title XI, Subtitle B, Parts 1 & 2

    The recently proposed business tax measures under Title XI, Subtitle B, Parts 1 & 2, are presented as beneficial reforms. However, a closer examination reveals a series of provisions that range from questionably effective to deeply detrimental to American interests and fiscal responsibility.

    Sec. 111001: Extension of Special Depreciation Allowance (Bonus Depreciation) – A Recipe for Misallocation

    This section proposes extending 100% bonus depreciation for property acquired after January 19, 2025, and placed in service before January 1, 2030. This isn’t sound economic policy; it’s a blatant handout, likely to benefit well-connected insiders. Reports of companies already stockpiling assets suggest this will merely accelerate a pre-existing rush to capitalize on a temporary distortion. Such a policy actively encourages a misallocation of resources, incentivizing potentially unnecessary capital expenditure over more sustainable investments or debt reduction. It’s a short-sighted pump for certain sectors that will only exacerbate our national debt, not alleviate it.

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  • Reforming Individual Income Taxes: A Focused Approach (Part I of a BBB Critique)

    The current discourse around individual income taxes is cluttered with temporary fixes, unpopular mandates, and provisions that miss the mark for many Americans. Instead of a sprawling bill, a more focused approach is needed, prioritizing permanent, common-sense changes while jettisoning controversial or ineffective measures. Here’s a look at what such a refined individual income tax bill should, and shouldn’t, include.

    Core Tax Provisions: Stability and Simplicity

    At the heart of a sensible tax reform should be the permanent extension of several key provisions initially from the Tax Cuts and Jobs Act (TCJA). This includes making permanent the modified individual income tax rates, the increased standard deduction, and the termination of personal exemptions. These measures offer a baseline of stability for taxpayers.

    However, the idea of a temporary enhancement to the standard deduction, proposed for taxable years 2025-2028, should be rejected. Such short-term measures are often gimmicks, creating fiscal uncertainty and providing future leverage for increased government spending without addressing the immediate need for significant fiscal discipline now.

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  • Federal Reserve Notes vs. United States Notes

    Federal Reserve Notes vs. United States Notes

    United States Notes differed from the later Federal Reserve Notes primarily in their issuing authority and initial backing.

    How United States Notes Initially Worked: United States Notes were first authorized by the First Legal Tender Act in 1862 during the Civil War. They were issued directly by the U.S. Treasury to pay for war expenses and other government obligations. This meant the government itself was putting this money into circulation, essentially as a “bill of credit,” without involving lending or borrowing from a central bank. Initially, these notes, popularly known as “greenbacks,” were a form of fiat currency, meaning their value was based on government decree rather than being backed by a specific commodity like gold or silver that could be redeemed on demand. However, later, some United States Notes were redeemable for precious metal after the specie resumption of 1879. The early notes carried an obligation stating they were legal tender for all debts, public and private, except for duties on imports and interest on the public debt.

    A Silver Certificate
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  • Shopify & The Fentanyl Bank Rot

    Shopify & The Fentanyl Bank Rot

    TD Bank, a major Canadian financial institution potentially among Shopify’s banking partners, faces a massive scandal. In early 2024, public reports revealed that TD Bank is under U.S. federal investigation, including by the Department of Justice, for its alleged role in laundering hundreds of millions of dollars in illicit fentanyl profits and other drug money through its U.S. branches. Chinese crime groups and drug traffickers reportedly used TD to launder money from U.S. fentanyl sales. As a consequence, TD Bank pleaded guilty to conspiracy to commit money laundering and agreed to pay approximately $3 billion in a settlement. This situation stemmed from “chronic failures” in its anti-money laundering (AML) program, which allowed criminal enterprises to flourish. The Financial Crimes Enforcement Network (FinCEN) assessed a record $1.3 billion penalty against TD Bank for these Bank Secrecy Act violations.

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