Sep.18

electoral-vote.com

Dem 49

   

GOP 51

And the Grift Goes On

We didn't necessarily intend today to be the sleaze report but, as it happens, this is the second of three items in a row on that basic theme. Sorry about that. Anyhow, having addressed the bad behavior in Ohio, let us now turn our attention to Donald Trump's latest grift, which is cryptocurrency... sorta.

It's been rumored for several weeks, and yesterday Trump held a meandering online appearance in which he made it official: He and his sons have become involved in a cryptocurrency business. During his part of the announcement, Trump did not actually explain the venture, leaving that to his sons. We 100% guarantee you that he did not get into specifics because he doesn't actually understand what the product is.

In fairness to him, we suppose, the new venture is both very complicated and very scammy. It's called World Liberty Financial (WLF), and it will be a form of cryptocurrency exchange, where people can buy, sell and borrow crypto. WLF will also have its own cryptocurrency, in a manner of speaking. The WLF crypto will be non-transferable, and will produce no yield. In other words, you cannot make money from it, nor use it for any sort of transactions. The only thing it will entitle the bearer to do is vote when it comes to making decisions about the direction of WLF.

The Trumps are not the driving force behind the venture, and are effectively acting as celebrity spokesmen. Exactly how they are being compensated for this service is not clear. The actual powers behind the throne are Herro and Zachary Folkman, who previously organized a very similar arrangement called Dough. Dough lasted 3 whole months. We told you it's scammy.

In view of all this, was it even worthwhile for us to take note of the story? We think so, for the following reasons:

• For Trump to take time in the middle of a campaign certainly says something interesting about his priorities.
  
  
• The timing also suggests that Trump is, perhaps, not too sanguine about his chances of victory, and that he and his sons are thinking that they gotta get the grifting in while the time for grifting is good.
  
  
• That said, in his previous term in office, Trump was overtly hostile to crypto. If he IS reelected, he made clear yesterday that is out the window. He wants to get rid of all crypto regulation, and make the U.S. the center of all crypto production. That should work out well.
  
  
• Similarly, Trump no longer has any hesitation at all about profiting off the presidency in any way he can. If he is reelected, the emoluments clause is going to take a beating so fierce it will make the emoluments violations of 2017-21 look like a Sunday picnic. Who knows what will be for sale to the highest bidder. Probably everything.

So, there is an important story here, even if WLF and its "cryptocurrency" appear to be an even bigger sham than DJT stock. (Z)