At a Heal-the-Divide PAC event held today, renowned economist and financial expert, John Kennedy, made a bold proposal to re-stabilize the American economy. Kennedy suggested backing the U.S. dollar with what he referred to as “hard currency,” including gold, silver, platinum, or even the popular digital currency, Bitcoin.
According to Kennedy, this innovative approach could potentially restore strength to the U.S. dollar, curb inflation, and usher in a new era of financial stability, peace, and prosperity for the country. He emphasized that the process would be gradual, with adjustments made based on the plan’s success.
“My plan would be to start very, very small; perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver, platinum, or Bitcoin,” Kennedy stated during his speech, outlining the initial steps of his proposal.
Kennedy’s idea stems from the belief that backing dollars and U.S. debt obligations with tangible assets would instill confidence in the currency and provide a solid foundation for its value. He argued that such a move would not only stabilize the economy but also attract foreign investment and bolster economic growth.
In a surprising move, Kennedy also announced his intention to make Bitcoin to U.S. dollar conversions exempt from capital gains taxes. He explained that this exemption aimed to stimulate investment and encourage businesses to expand within the United States rather than seeking crypto-friendly jurisdictions like Singapore or Switzerland.
Critics of Kennedy’s proposal have raised concerns about the potential volatility and regulatory challenges associated with using Bitcoin or other cryptocurrencies as a backing asset. They argue that the traditional stability of gold, silver, and platinum may be a safer option.
Supporters, however, contend that including Bitcoin as a backing asset could align the United States with the growing global trend towards digital currencies. They argue that such a move would enhance the country’s competitiveness and position it at the forefront of financial innovation.
Kennedy’s proposal has sparked intense debate among economists, policymakers, and financial experts. The potential benefits and risks associated with backing the U.S. dollar with hard assets, as well as the exemption of capital gains taxes on Bitcoin conversions, will undoubtedly be subject to rigorous analysis and scrutiny in the coming weeks.
As the nation grapples with economic challenges and seeks avenues for growth and stability, Kennedy’s proposal has opened up a fresh discussion on how best to secure the future of the American economy. Time will tell whether this daring plan gains traction and propels the United States towards a new era of financial prosperity or remains an intriguing idea on the fringes of economic discourse.