Kleptocracy is Us

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US Cryptocurrency as an Offshore Banking Center 
The Wall Street Journal ran a revealing op-ed today (June 14, 2024) by Paul D. Ryan, “Crypto Could Stave off a U.S. Debt Crisis.”

Mr. Ryan, libertarian Republican House Speaker 2015-2019 and now at the right-wing American Enterprise Institute, writes that: “Stablecoins backed by dollars provide demand for U.S. public debt and a way to keep up with China.” He reports that “According to the Treasury Department and DeFi Llama, a
cryptocurrency analytics site, dollar-based stablecoins are becoming an important net purchaser of U.S. government debt.” If the stablecoin fund was a country, it would be in “the top ten of countries holding Treasuries – smaller than Hong Kong but larger than Saudi Arabia.” So the result of officially promoting them “would be an immediate, durable increase ...