U.S. Presidential Candidate Robert F. Kennedy Jr. has warned that “the banking collapse is the tip of an economic mega-crisis,” emphasizing that “It’s not just the banks.” He also slammed President Joe Biden’s crypto mining tax proposal. “It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere,” Kennedy stressed.
Looming Economic ‘Mega-Crisis’
Robert F. Kennedy Jr., who launched his presidential campaign last month, issued several warnings this week about the state of the U.S. economy, the banking crisis, and President Joe Biden’s cryptocurrency mining tax proposal. He is a nephew of President John F. Kennedy and a son of U.S. attorney general Robert F. Kennedy.
Firstly, Kennedy warned about an incoming economic “mega-crisis.” He tweeted Tuesday:
The banking collapse is the tip of an economic mega-crisis. It’s not just the banks.
“Job openings plummeted for the third month in a row. Core factory orders dropped for the second consecutive month. Inflation is destroying the middle and working class. We need to turn our attention to rebuilding our nation,” his tweet further details.
Bank Stocks Are Crashing, Bailouts Create Problems
Commenting on President Joe Biden assuring Americans on Monday that the banking system is “safe and sound,” Kennedy pointed out in another tweet that “bank stocks are crashing.” He stressed: “The American people deserve more than glib assurances and perception management.”
The presidential hopeful continued: “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.”
He added: “I understand the rationale for the rescue of First Republic Bank. The problem isn’t this specific bailout. It’s a system of too-big-to-fail institutions that requires bailouts in the first place.” Regulators seized First Republic Bank on Monday and sold most of its assets to JPMorgan Chase.
Biden’s Crypto Mining Tax Proposal Is ‘a Bad Idea’
On Wednesday, Kennedy also slammed the proposed Digital Asset Mining Energy (DAME) excise tax. “Biden’s proposed 30% tax on cryptocurrency mining is a bad idea,” he tweeted, elaborating:
Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere.
“Some advocate tight control of cryptocurrencies to prevent their use by criminals. But it isn’t just criminals who want privacy. So do dissidents and ordinary citizens,” he emphasized. “Governments harass their enemies and crush dissent by controlling bank accounts and payment platforms. Until we restore trust in government (a distant prospect) we need cash and crypto to ensure freedom.”
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