Donald Trump signed the GENIUS Act into law on Friday. (Guiding and Establishing National Innovation for US Stablecoins). It only took Donald 20 seconds before he declared it was named after him. He spoke from the podium, at what must have been the press briefing Brady Room in the White house..
Trump: Thank you very much. Yeah. we worked hard. It’s a very important act, The GENIUS Act. They named it after me and I want to thank you. I want to thank you. This is a hell of an act. You know, I did something very unusual.
No, you were right in character. You took credit for something passed by Congress. And because it’s called the GENIUS Act, you’re so vain, you thought it was named after you. I don’t think you’re even joking. I think you believe it. The very stable genius. Except, like he says about others, he’s a very low IQ individual.
Trump: And when we get the word out, how great that is for, uh, every single person in this country, virtually, all they have is a sound bite, death. You know with their sound bite is, death. Aren’t they nice, death. They are the most incompetent people. They’ve lost their confidence. They’ve lost everything, if you think about it.
Sound bites of death. What the hell is he talking about? “They” can only mean Democrats, but he didn’t say it. He just assumes that everybody knows what he’s talking about, and you know the old saying about assume.
Trump: But Jasmine Crockett is on her way. She’s on her way. She’s the new star of the Democrat Party, Jasmine Crockett. They’re in big trouble, but I have to tell you. That was great.
I guess that Jasmine will feel important after Donald Trump singles her out. She actually is the new star of the Democratic Party. Oh, I forgot. Donald, it’s the Democratic Party, not the Democrat Party you stupid weasel.
Trump: And I am so tired of making phone calls at 2:00, 3:00, 4:00 in the morning…The good news is, I call up, hello, Jim, how are you? Sir, you have my vote. Boom. You have my vote.
Boom. He calls people at 2:00 in the morning, and they don’t say “Why the hell you calling me at this time of the day?” And still another “sir” story. Imaginary dialogue, as he has been writing very much in the last week or so.
Trump: I really, just — they just want a little love. Unfortunately, it’s always the same — it’s always the people.
Trump goes on for 2 minutes about the voting on bills that he wants, and how he has to cajole them to see his way. And then he finally gets back to talking about the GENIUS Act.
Trump: This is a big deal. You’ve come a long way since the Biden Administration where they had no idea what you were all talking about and half of you were under arrest for no reason. True, for no reason. And, we want to have it, not China. China wasn’t happy. They were watching this. They like it. And we’ve got this, and we’ve got AI. We’ve got a lot of great ones happening and this is a very big thing.
Under arrest for no reason? There is no relation to reality or context. He just went on as people nodded their heads in agreement, like it meant something. Then he talks about his ambassador to Japan and now Sen. Bill Hagerty.
Trump: But it was my ambassador to Japan and I went to Japan and he is speaking fluently in Japanese. I said, “Did you learn it as a child?” “No, no. I just learned it over the last four or five months.” I said, you learned Japanese — maybe the single hardest language to learn. It’s actually breathing rather than — it’s breathing. I’m not going to imitate it because we’ll end with up with a big story and I don’t want that.
Japanese is breathing. I didn’t know that. I really wish you had tried to imitate Japanese. It would have been a big story. Another sign of his incapacitance. I don’t suppose we need to say that Donald has not been to Japan since he took office. He’s hallucinating again.
Then, he writes dialogue about talking to Mr. Honda and Mr. Toyota and Bill Hagerty all at the same time, with Hagerty as the translator. He’s obviously talking about a trip to Japan in his first term, but who would know that?
Again he’s on the wheeling and dealing about getting things passed in Congress and talks about Speaker Johnson. He talks about having the votes one way or another. He says, “Who needs Tip O’Neill?” several times.
Then he’s off and running talking about working with Howard Lutnick on making the deals, when all he’s doing is sending pieces of paper, letters. Someday, he might remember he’s supposed to be talking about the GENIUS Act.
Trump: But you know, I always say when we send out the paper that was the deal. They don’t want though. The fake news doesn’t want to hear that. When I send out the paper that you’re paying 35 or 40 percent tariff, that’s a deal.
That’s not a deal. It’s a demand. It’s a death sentence. Send out the paper. He just doesn’t know what he’s saying. And the audience nods their heads in agreement.
Then he rattles off the name of a number of Representatives, complementing them, talking about their wives. He talks about Roger Williams having taken a bullet at the Congressional baseball game years ago. He talks about ambassadors and cabinet members.
Finally he gets to the crypto klepto bigwigs in the audience. Then finally about the crypto business.
Trump: And I also did it for the votes because you did come out and vote, I will tell you. And they changed tune. You know, Biden’s team, they changed the tune right in the middle of the campaign. All of a sudden, they loved you guys. They dropped all the charges. They did have — I got you guys out of so much trouble and you know that, I don’t think anybody voted for him, right? Because you remember, you remember, they were very — they treated you very unfairly, actually, so it is a great honor that we were involved.
Okay. Make heads or tails out of that. They dropped all the charges. Biden was going after many companies. It was Trump that dropped all the charges against crypto companies when he took office. He can never seem to get a story correct.
Trump: And at this time, and at that time, crypto builders and founders were under relentless assault by the Biden Administration, which was trying to crush your industry and crush you as people and go after your families. And they were a vicious group of people. People don’t realize it. They were vicious, and incompetent, but vicious
Sound like Biden was sending ICE after them. Vicious incompetent people sounds just like ICE. Crush your families? He projects his imagined persecution onto others.
Trump: Well, Joe was an incompetent guy, but he was always known as a vicious guy. I guess if you’re going to be in that, you probably are — if they’re incompetent is better, right, because you don’t want to have a vicious guy who is competent. If you did, I wouldn’t be standing here today, right?
No longer Sleepy Joe Biden or Crooked Joe Biden. It’s Vicious Joe Biden. It’s like Trump was living in abject fear of Biden every day. Like Biden would use the Justice Department as a sledgehammer on him like he’s trying to do to others now.
Trump: I stopped the weaponization of government against crypto and Bitcoin and we ended the lawless Operation Choke Point 2.0. That was a bad operation. And I kept my promises to the community and granted a full presidential pardon to Ross Ulbricht, Ross Ulbricht. And you have no idea how important that name became.
Right, Donald. You’ve pardoned a guy who was the epitome of the bad use of cryptocurrencies, laundering money, fostering crime. Yeah, I guess that is just like you to pardon real criminals.
He goes on to say that the whole banking system is too slow. How transfers take days or weeks to clear. But with crypto, it can happen instantly without any supervision or control. Money passes hands without any thought to legality. A major source for laundering money, and Trump just made it easier.
Trump: If we have a smart president, you’re never going to let the dollar slide. If you had a dummy, that could happen, like the last one. He would have — if you ever asked him about the dollar sliding, he would have no idea.
Trump just can’t stop kicking Joe Biden. Can’t ever forgive Biden for winning against him. That’s what all this is about. He can’t forgive Biden for taking away his ability to prosecute people on his enemies list. Then he veers off into talking about a central bank cryptocurrency.
Trump: You know, I was impressed that they knew what the hell it was, to be honest with you. “Please, sir. Please the Central Bank currency.” Well, you have to make sure it’s — and I’m saying. What do you know about that?
Trump says that the federal government will never create a central bank cryptocurrency. Now that the bill is passed, it makes it almost inevitable that there will be one, because Donald will take a piece. Again he talks about working in the middle of the night in order to get the GENIUS bill passed.
Then Trump asks David Sacks to make some remarks. His crypto czar.
Trump compliments Lara Trump and what a great job she did at the RNC and then his trip to the Middle East and then it’s back to the dead country was brought back from the dead and now it’s the hottest country again.
Then it’s his borders and zero immigrants and how he stopped them from coming from the Congo, South America, Venezuela, emptying their jails, emptying their insane asylums, the 11,888 murderers who 50% of them killed more than one person. He crows about winning in the courts to allow him to act like Hitler with his Gestapo.
Finally, it’s the Golden Age with crypto.
Trump: But we are winning all over the world right now. It’s not even close and we’re going to keep it going. Thank you everybody very much. Thank you. Hello, fellas. This is not an autopen, by the way, which is a big scandal. If that were a Republican, it would be a really big scandal. But it is one of the great scandals of our time. Thank you very much, everybody.
That was the end of a very unhinged advertisement for the crypto industry. Funny how he ends it talking about the autopen at the same time as he is signing the bill. I’ll bet his hand got worn out signing those 1500 pardons for the January 6th criminals, not. With his vein problems that are now showing up, he’ll be doing less signing than ever, relying on the autopen.
Supposedly, the GENIUS Act is only about stablecoins. There’s not much point to them if they simply are attached to the value of the dollar. They have to go up or down. There has to be something backing them, but that could be a bank. Banks can fail. There’s not going to be FDIC coverage for this. Marjorie Taylor Green had some choice words about the GENIUS Act and cryptocurrencies that were relevant to follow up on Trump’s speech.
Marjorie Taylor Greene is not a fan of cryptocurrencies. She goes so far as to quote the Bible in her opposition to the GENIUS Act, which has already passed the Senate and the House and was signed into law by Trump on July 18th. She let everybody know about it, a lot.
When MTG can accurately quote the Bible, she’s really mad. Later the same day she posted again. Except it’s Revelation, not Revelations. I had to check.
Again on the 17th.
Then a long one on the 18th.
She really doesn’t like crypto. The thing is, I don’t know if she’s wrong. Maybe she’s wrong about crypto being the Mark of the Beast, but the description from Revelation does fit. I keep seeing dangers in how digital currency functions.
There is nothing backing up it’s value. It worth what people “believe” it’s worth. I see this all as a ponzi scheme. There is some faith required in the value of the dollar, but when somebody asks, we’ve got the gold physically at the Federal Reserve Banks and Fort Knox.
Faith is also part of the stock market. A company is worth what people think it is. Trump Media Technology Group stock is worth $18.67 at the moment. In actuality, it should be worth a dollar. The only thing they’ve got so far is Truth Social and that’s been losing money since it started. For a company to be worth something it has to turn a profit at some time and it looks like Truth Social never will. But people’s belief that it is worth something keeps its value up.
Normally, though, the stock in a company has a relation to their function, product, and worth. If you look at cryptocurrency, it has no company worth anything backing it, it’s a creation out of thin air. Trump’s meme coin has nothing going for it except it’s got Donald Trump’s name on it. It’s also a really good method of bribery for Trump. He’s got foreign entities investing in it because they know it buys them access and favors from Trump.
So, I am with Marjorie Taylor Greene this time. I can’t believe I’m saying it. Maybe not that cryptocurrency is the mark of the beast, but it’s definitely, to me anyway, a mistake.
When it comes to Donald Trump, anything he’s for, I’m against it, just like Groucho Marx as Captain Spaulding (YouTube).
Source link
