Joe Biden and the Democrats have been terrible on the economy.
Their policies have led to the worst inflationary crisis in 40 years.
And Karine Jean-Pierre tried to spin the implosion of one Democrat mega donor who exposed something terrifying on the financial horizon.
Cryptocurrency billionaire Sam Bankman-Fried has completely imploded, and he’s created a big problem for Democrats in the process.
Bankman-Fried’s crypto exchange FTX went belly up after a major sell-off exposed the company was using client money to inflate its assets through reckless acquisitions.
Bankman-Fried was also one of the biggest contributors to Democratic causes, and he called for regulation in the crypto market, which angered people within the cryptocurrency community.
The entire point of crypto is that it cannot be artificially inflated by a central bank.
Crypto fraudster was Democrats’ second biggest contributor in the Midterms
The Daily Wire reported that “Democrats heavily benefited from the campaign contributions of disgraced cryptocurrency billionaire and FTX CEO Sam Bankman-Fried, while other affiliates of the company likewise helped Republicans ahead of the company’s failure last week. FTX filed for bankruptcy on Friday after users discovered that firms controlled by Bankman-Fried were allegedly fraudulently intertwined, causing him to lose his fortune overnight. The young multibillionaire contributed nearly $39 million during the recent midterm elections, with 99.6% of funds benefiting Democratic candidates. . . . The 30 year old donated $27 million to Protect Our Future PAC, a left-leaning group which in turn spent heavily on behalf of Democratic candidates for the House of Representatives.”
Meanwhile, Fortune reported that the 30-year-old is in fact Democrats’ “second-biggest individual donor in the 2021–2022 election cycle” adding Bankman-Fried, “fanks only behind George Soros (about $128 million) but ahead of many other big names, including Michael Bloomberg ($28.3 million).”
What’s more, he had promised to spend far more on Democrats moving forward, predicting in May that he’d fund “north of $100 million” and had a “soft ceiling” of $1 billion for the 2024 elections.
As bad as Bankman-Fried’s fraud was, his support for heavy regulation in the crypto market is even more concerning.
Biden Press Secretary scrambled to roll the crypto exchange collapse into it’s growing push for massive new regulations
During White House briefing, Press Secretary Karine Jean-Pierre also called for more regulation of crypto, something Democratic politicians have been itching to do for years.
NOW – White House: "Regulation of cryptocurrencies is needed." pic.twitter.com/01C9VYkff4
— Disclose.tv (@disclosetv) November 10, 2022
The call for crypto regulations comes as the Biden regime, Federal Reserve and a host of large corporate financial interests lay the groundwork for a central bank digital currency (CBDC) that would usher in a cashless society and complete America’s transition to a Chinese Communist Party-style social credit system.
In a completely cashless society where the government can manipulate the currency however it wants, citizens are at the complete mercy of the state.
One example of how wrong this would go, which hits close to home for many Americans, came during the Canadian Trucker Convoy protest against COVID tyranny when the Canadian government temporarily froze the bank accounts of the people involved.
As is always the case, Democrats either create or seize on a huge problem, then they position themselves as the saviors to fix the problem.
Stay tuned to Unmuzzled News for any updates to this ongoing story.