Robert F. Kennedy Jr., who recently launched his presidential campaign, has warned about an incoming economic “mega-crisis”. He claims that the banking collapse was only the tip of the iceberg. Kennedy also criticized President Joe Biden’s proposed crypto mining tax, which would impose a 30% tax on cryptocurrency mining. Kennedy stated that the US government must not restrict the cryptocurrency industry as it is a significant innovation engine. He believes that if more control is exerted over cryptocurrencies, it would hurt the dissidents, ordinary citizens, and innovation in general as governments can use the same measures to crush dissent. Governments need to restore faith in themselves if the public is expected to trust them with personal information and data. Kennedy advocates that cash and cryptocurrency would help people to achieve economic freedom until trust is regained from the government.
Kennedy slammed the banking system and noted how the stocks of banks were crashing despite President Biden’s assurances that the banking system in the US is secure and sound. Kennedy stated: “Bailouts create perverse incentives for banks to make reckless swings for the fences with depositors’ money, knowing they will pocket vast windfalls when they connect and that the taxpayer will bail them out when they miss.”
Kennedy highlighted the need to turn the country’s attention towards rebuilding the nation, given the economic crisis that is soon to be upon them. According to him, job openings have dropped three months in a row, core factory orders have fallen for the second consecutive month, and inflation is destroying the middle and working class. He believes that if the government does not take swift action, the economic crisis will devastate many people, particularly the lower and middle classes.
Kennedy’s warning comes at a time when the US is grappling with the aftermath of the Covid-19 pandemic, which ravaged the world’s economies, and despite its apparent recovery, businesses are finding it hard to get workers back on the job. Additionally, inflation is at its highest point in years, and many are concerned that the government’s massive stimulus spending may lead to long-term economic fallout. The effects of the economic crisis are being felt worldwide, with some economies in various stages of decay.
Kennedy’s views on cryptocurrencies are in contrast to the opinions of some US policymakers who believe that they pose a threat to the national security of the US. However, rather than regulating the industry, Kennedy advocates for such innovation to help rebuild the nation, creating more jobs and improving the economy through technological progress.
In conclusion, Kennedy urges caution as the economic situation in the US seems to be in turmoil. His advice is to prioritize the rebuilding of the nation, create more jobs, and protect the interests of all citizens, while not restricting the innovations that the country needs to survive and thrive.
