by Martin Armstrong, Armstrong Economics:
The era of stablecoin issuance in the United States and U.S. Senator Bill Hagerty’s GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) may have the BITCOIN world cheering that this is somehow a validation of Cryptocurrency. The GENIUS Act has been passing with bipartisan support, and people should ask WHY? It is a serious, detailed, and targeted law that understands what stablecoins are and what they offer to the perpetual debt machine, enabling the debt to continue rolling forward in this modern debt-based economy. Many see this as a backdoor for the creation of central bank digital currency and the elimination of paper money, which will enable the government to surveil every transaction for the sake of taxation.
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At its very heart, the GENIUS Act establishes that only licensed and supervised entities can issue payment stablecoins in the United States. These are digital assets redeemable for U.S. dollars at par value, intended for payments and settlements. Therein lies the motive. Under this law, only three types of issuers are permitted:
- (1) subsidiaries of insured banks and credit unions,
- (2) specially chartered nonbank firms approved at the federal level, and
- (3) entities regulated by states whose regimes are certified by the U.S. Treasury as substantially similar to federal standards.
On one level, this is the same scheme as COVID. The First Amendment prohibits the government from interfering in free speech – not YouTube, Facebook, or anyone else the government can call to tell them to restrict your speech. Here, the Fed is not issuing the stablecoins; instead, they are issued privately, but backed by US Treasury securities.
Thanks to the Biden Administration that the Neocons ran, they destroyed the world economy by imposing sanctions on Russia for defending Russians in the Donbas that were supposed to have a right to vote on separation under the Minish Agreement that former Chancellor Merkel of Germany later admitted they were buying time for Ukraine to build a NATO trained army to start World War III with Russia.
The Neocons removed Russia from Swift, coming to the aid of the Donbas, after Victoria Nuland installed an unelected government in Ukraine and instructed them to start the civil war and kill all the Russians in the Donbas.
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