Profit Before People
America is ruled by a plutocracy. It has become less of a country and more of a business controlled by the super-rich. Money has become the god of most Americans in the 21st century. The reality of wars, and economic disasters for the majority led by the pandemic, created an even greater income inequality which played a part in the inevitable separation of the super-rich and the working class.
Americans who have access to wealth are never satisfied with their lifestyles today. Greed is the driving force for approximately seven percent of most Americans who control about 90 percent of our nation’s wealth. A large number of our nation’s people envy these super-rich Americans and want to be like them.
The Big Con
Enter “crypto,” “bitcoin,” other “NFTs” and multiple, unexplainable efforts by ambitious and wannabe millionaires promised great riches with little or no investment on their part. This immediately reminded me of the con artists of my youth which promised that a small investment in any existing structure like the “Brooklyn Bridge,” could make them rich overnight. In recent history, this was renewed by Donald Trump who promised his supporters that all their dreams would come true if he became their president.
Losing Their Life’s Savings
In the last few days these baseless, manufactured dreams cost thousands of Americans to lose their life savings, and possibly their entire economic future.
A large number of Americans have made fortunes through ideas, inventions, and artistic endeavors which produced tangible results, and they should be celebrated for their talent and expertise. However, manufactured riches based on non-tangible materials with the promise of great wealth raised red flags for anyone with common sense. However, the possibility of great riches resulted in foolhardy investments, often from those who could least afford to gamble with their meager incomes. But in May of this year, one of the largest crypto leaders in America crashed, and declared bankruptcy. The beginning of the end of fake currency had begun.
This Scam Was Aided and Abetted By Our Government
The majority of Americans face one financial crisis after another, and many of these were created by our government’s failure to do its job. It continues to ignore fair taxation and the need to raise the federal minimum wage. Naturally, con artists came out from the swamps and offered great wealth without great effort.
Prison Time for Con Artists
Last week, the founder of FTX, Sam Bankman-Fried, was arrested in the Bahamas, returned to the U.S., and indicted for fraud.
“This is one of the biggest financial frauds in American history,” said Damian Williams, US attorney for the southern district of New York. He said that while only Bankman-Fried had been charged so far, “we are not done.”
Government Must be Forced to Do Their Jobs
My biggest complaint about this entire situation is directed at our government. This situation should never have happened. The entire NFT scam should have been under investigation from its onset. Sadly, the 535 men and women in our legislative branch were too busy campaigning for their next election to perform their jobs. Washington only acts after the damage is done. Take the example of the January 6 committee. If the Senate had chosen to do the right thing and convict him for spitting on the Constitution, Trump would not have been in office and unable to plan, organize, and execute the failed coup attempt.
Vote Incumbents Out of Office and Establish Term Limits
The American people can do better. We must elect the best candidates, not the worst. Our government will remain dysfunctional as long as self-serving men and women like Moscow Mitch McConnell, Chuck Grassley, Ted Cruz, Josh Hawley, Lauren Boebert, Marjorie Taylor Greene, Matt Gaetz, Kevin McCarthy, and the rest of the Trump MAGA Republicans remain in Washington.
By The Wise Old Fart, (James Turnage)
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The Guardian: FTX founder Sam Bankman-Fried charged with defrauding investors
The Hill: FTX executives plead guilty to criminal charges
Mashable: The biggest crypto scams of 2022 (so far)
Top and featured image courtesy of Art Rachen‘s Unsplash page – Creative Commons License