As the United States economy remains in a precarious state, US Presidential Candidate Robert F. Kennedy Jr. has issued a warning that the collapse of banks may be a sign of an impending mega crisis in the economy. Kennedy is the son of former US Attorney General Robert F. Kennedy and the nephew of former US President John F. Kennedy. He emphasized that the problem is not limited to the banks alone, but extends to a larger impending economic crisis.
Kennedy has criticized President Joe Biden’s crypto mining tax proposal, arguing that it is a mistake for the government to slow down the industry and redirect innovation elsewhere. Cryptocurrencies, led by Bitcoin, are a significant engine of innovation, and a clampdown on the industry could be detrimental to the economy.
Bank stocks are crashing, and rescue packages are creating problems. Kennedy believes that rescue packages create perverse incentives for banks to recklessly gamble with depositors’ money, knowing that they will be bailed out by taxpayers if they miss big unexpected gains when put together. He added that the issue is not with this specific rescue package, but with a system that is made up of institutions that are too big to fail in the first place and require rescue packages.
Kennedy also criticized the proposed Digital Asset Mining Energy (DAME) consumption tax. The tax would impose a 30% tax on cryptocurrency mining and Kennedy believes it is a bad idea. While some individuals support the idea of imposing stringent regulations on cryptocurrencies to prevent their misuse by criminals, Kennedy argues that governments often use their control over bank accounts and payment platforms to harass their opponents and suppress dissent. Cryptocurrencies are a way to safeguard privacy and liberty for both ordinary citizens and dissidents.
