Courtesy of Pam Martens
By Pam Martens and Russ Martens
Senator Sherrod Brown, Chair, Senate Banking Committee
The chart above should provide ample proof to any thinking American that Bitcoin is about as appropriate as a payment mechanism as Elon Musk is appropriate as the CEO of an S&P 500 company. The U.S. Dollar Index, the orange line, is steady as she goes – meaning you have a stable currency to make payments for goods and services. In contrast, Bitcoin, the green line, looks like a heart attack patient being mugged on a gurney.
A crypto crash in U.S. markets on Wednesday, spurred by China taking decisive action on barring cryptocurrencies as a means of payment at financial institutions and payment companies, apparently lit a fire under the U.S. Treasury and Federal Reserve to finally come out of their bunkers on the subject. Senator Sherrod Brown, Chair of the Senate Banking Committee, released a powerful letter to the Office of the Comptroller of the Currency, the regulator of national banks (those that operate across state lines), warning about its chartering of crypto banks.
The U.S. Treasury released a report dubbed “The American Families Plan Tax Compliance Agenda.” It had this to say on crypto:
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