Economy
Related: About this forumTrump/Musk want to "revalue" Ft. Knox gold to buy crypto for the "Sovereign Wealth Fund"
The Real Reason Trump and Musk are planning to visit Ft. KnoxStephanie Kelton
Feb 24m 2025
That will help the Trump administration justify an accounting maneuver that essentially uses gold instead of platinum to invent “cash” for the Treasury.
In terms of the accounting benefits, the maneuver comes pretty darn close to minting a trillion-dollar platinum coin, doesn’t it? It may sound crazy, but it wouldn’t be the first time the Treasury turned to Fort Knox to “find” money.
https://stephaniekelton.substack.com/p/the-real-reason-trump-and-musk-are?ref=crisesnotes.com
(For those not familiar with Kelton, she is a leading economist/researcher on Modern Monetary Theory, a controversial theory about why the US Treasury need not worry about debt.Her theories are being applied by crypto boys, and she is highly alarmed.

multigraincracker
(35,284 posts)jmbar2
(6,742 posts)In order to steal them, you had to pick them up and carry them somewhere. With crypto, you just push a button and it's untraceably gone.
Response to multigraincracker (Reply #1)
Person of Interest This message was self-deleted by its author.
Person of Interest
(377 posts)Seinan Sensei
(926 posts)Historic NY
(38,734 posts)C_U_L8R
(46,889 posts)But he's sure to have dumber in store.
He seems hellbent on tanking our economy in a perfect storm of corruption, idiocracy, greed and spite.
johnnyfins
(1,892 posts)Guaranteed TSF looks at all that gold and actually believes it belongs to him. It's a pattern. Remember his signature in the COVID relief checks? Remember him publicly commenting that the same relief checks were " very generous" as though they were coming from his personal account?
Walleye
(39,229 posts)OrlandoDem2
(2,663 posts)Irish_Dem
(67,156 posts)jmbar2
(6,742 posts)This is what the crypto-bros were after, why they sunk so much into getting him elected. They are going to drain the US treasury through untraceable crypto.
Irish_Dem
(67,156 posts)I wonder if anyone will ever tell us that Trump and his pals drained all US financial assets.
Crypto is a scam. You give me your real money and I will give you an address point somewhere
in Cyberspace.
Burning America to the ground.
CincyDem
(7,055 posts)Inflate the value of an asset.
Borrow against that value.
Line his pockets with the borrowed money.
Refuse to repay the loan, surrender the asset to the lender.
Stick the lender with the job of liquidating the asset for fair market value.
Buy another (more expensive) asset at fair market value with the borrowed money.
Inflate the value of the asset….go back to step 1.
Wash, rinse, repeat.
The term Ponzi Scheme is named after Charles Ponzi, a 1920’s Italian money manager who created the scam.
100 years from now, the term Trump Scheme will describe this scam
jmbar2
(6,742 posts)CincyDem
(7,055 posts)Raven123
(6,515 posts)Someone more knowledgeable than me will have to explain the impact this will have on the dollar in my wallet and for the economy in general.
The value of gold v. the dollar are based on an agreement. Funny money makes no sense to me.
I do hope those who are smarter can make the basic kitchen table arguments for people like me.
Baitball Blogger
(49,636 posts)Snarkoleptic
(6,108 posts)Skip to 4:45 if you're in a rush.
jmbar2
(6,742 posts)dweller
(26,208 posts)is a Ponzi scheme …
🫤
✌🏻
twodogsbarking
(13,139 posts)NotHardly
(2,049 posts)Historic NY
(38,734 posts)its 27 million per gram.