Tonight a storm is brewing. The president of El Salvador - who you absolutely should follow on Twitter - posted about three Senators (Risch, Menendex and Cassidy) introducing a bill to provide a report on ..wait for it.. El Salvador and their use of bitcoin.
I live in the United States. I was born here and I'm a US citizen. I pay taxes. A lot of taxes. Some of those taxes go to pay for this buffoonery. Seriously...what are they thinking? That El Salvador is some little vassal state? Why on God's green Earth do we need to waste any time on this? Do they not realize the world is in the early stages of a giant spiral of economic recession and most probably depression? Do they not realize that Russia, a sovereign country, has invaded the Ukraine, another sovereign country? Is there nothing more important for them to deal with?
Grow up. This is so transparent. I would direct you to page three lines 18-22 where it says "El Salvador’s bilateral economic and commercial relationship with the United States and the potential for reduced use by El Salvador of the United States dollar; " It's all about the US dollar and forcing other countries to use it (which props up our economy).
And what about this jewel? On page three lines one and two as well as ten and eleven: "the impact of such adoption of a cryptocurrency on— ..... the flow of remittances from the United States to El Salvador;" I will tell you what it does. It is a blessing to those in El Salvador. There are many El Salvadorans living and working in the United States that send money back to family in El Salvador. That is what "remittances" are. Without bitcoin and tools such as the Strike app they have to go Western Union and pay fees that are outright highway robbery. Their family has to travel to a Western Union outlet (frequently a long distance) and receive the money. Crime is very high in these areas simply because the criminals know that people are receiving payouts at the Western Union. Now someone in the United States can use the Strike app to buy bitcoin with dollars out of their bank account and have the bitcoin transmitted to their family for FREE without risking robbery. They never have to leave the house. And that money can be be saved safely without a bank (there are very few banks in El Salvador). It can be used all around the country through a simple app on the phone. That sounds like helping the unbanked. Oh, I'm sorry that Western Union can loose 400 million dollars a year in business. Tough luck. Tell them to innovate instead of ripping people off.
I could go on and on like this. This bill is a joke. It shows that the United States is worried about the innovation happening in a Central American country because .. well I don't really know other than it hurts the precious dying dollar. There is no other legitimate reason I can come up with.
Why would El Salvador tie itself to a dying dollar that is very rapidly becoming highly inflationary. The citizens of El Salvador get NO benefit from the inflation of the US dollar unlike some US citizens do (a soaring stock market for a long time and if you are a home owner swiftly appreciating house prices) with every bit of the downsides (rising food, fuel and other expenses). It now has a mechanism in place so that as inflation spirals out of control in the United States the people of El Salvador do not loose their dignity, their life savings and their future through something that is out of their control. I applaud El Salvador. They are not perfect. But it does seem that the government is trying to help the people instead of put obstacles in place of the average person.
Hey .. to those in charge of the economic apparatus of the United States AKA the money printing machine...give it up. The US dollar has lost its place as the world reserve currency. It hurts, I get it. You have to accept it. It is time for the United States to realize that the fiat money experiment along with Quantitative Easing and all the other monetary foolish is a failure. Go back to gold. Move to bitcoin. Use SOMETHING that you can't use fund your favorite program by printing a few more bills (and simultaneously decreasing the value of my bank account). History has a lot to teach us if we are honest. It is littered with failed monetary experiments. The non-gold backed US dollar had what some would consider a good run. But the time at the top is over and it's time for the United States to plan for the future. Maybe stop worrying about a good neighbor and ally and worry about the future of our own economic system.
one word: gerrymandering
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