Regulation

Only US government can print money out of thin air - not crypto bros

Only US government can print money out of thin air - not crypto bros

Democrat Congressman Brad Sherman said on Wednesday during a key congressional committee that only the US government has the right to print money out of thin air.

Yes it is true the United States also makes money by printing money. That benefit goes to the American people when we provide services, or when we tax them less, and the attempt of the billionaire bros in crypto is to appropriate for themselves that literal money-making machine.

Congressman Sherman is talking here of the “privilege” that the US government has to print money out of thin air, and he is saying that this money out of thin air is for better services and lower taxes for the people. He was not asked what the better services were or when and by how much taxes were lowered for the American people.

The congressman has accused ‘crypto bros’ in the past of the same thing, saying that they have printed more than $1 trillion from thin air, adding:

They’ll accuse the US government of making money out of thin air - maybe we do - we’re the US government.”

Sherman had a lot more to say about crypto in general, and he singled out Satoshi Nakamoto, the creator of Bitcoin, for special treatment.

“We are told that cryptocurrency is very innovative. Look at the incredible financial innovation of Enron and WorldCom, and reflect on the fact that I don’t believe that Saratoshi Nagamoto was innovative.”

The fact that the congressman couldn’t even get the Bitcoin creator’s name right says much about him not doing any investigation at all into the history of this technology. 

Also, to pick on Bitcoin, the first technology to solve the double spend problem and possibly the most innovative technology of a generation, rather than a crypto scam coin, does not bode well for his chances of successfully arguing any proposed anti-crypto legislation.

Brad Sherman is a relic of the past. He has a biassed view which does not take the other side into account. He has obviously carried out no investigation into a technology that has been described as extremely innovative, even by leaders of global financial bodies and heads of global financial companies.

It is hoped that Sherman and others like him in Congress will be brought to their senses soon, not to pass laws for crypto scammers to be able to make hay at the expense of investors, but to put together thoughtful and constructive laws that will encourage innovation at the same time as protecting those who would use this technology or invest in it.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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