Cryptocurrencies, blockchain, NFT and new trends

Senator Warren neither understands the banking system nor crypto

Senator Warren neither understands the banking system nor crypto

Senator Warren is a woman looking for justice, and a fighter for the people. However, she is woefully deficient in her understanding of the banking system, and worse on crypto. 

A fighter for the people

A champion of the people and equality, Senator Elizabeth Warren is a fiery and dogged supporter of causes that she believes will make things easier for the common person. 

So how can she be so wrong about the monetary system and the wildly innovative world of crypto?

It must be acknowledged that Senator Warren really means well. To be fair, she does take various facets of the banking system to task, and is incredibly vociferous in condemning any nefarious practices that she is able to unearth.

On Monday she wrote a guest essay for the New York Times in which she took Washington leaders to task for “weakening the financial rules”. She wrote that she had fought against the rolling back of parts of the Dodd-Frank act that had allowed the bigger banks to “load up on risk”. Before the vote to make changes to the act, she was right when she said:

“Washington is about to make it easier for the banks to run up risk, make it easier to put our constituents at risk, make it easier to put American families in danger, just so the C.E.O.s of these banks can get a new corporate jet and add another floor to their new corporate headquarters.”

Looking at crypto through the lens of the system

She is able to see the excesses of the bankers without any problem, and she is vehemently combative against them when it is required. However, of the banking system as a whole, she appears to be completely blind, obviously believing that it is a system worth protecting.

If she cannot see the fatal flaws in the banking system, or she cannot find the time to educate herself about them, then for her to understand crypto would be highly unlikely. If you are deeply inside the system, then you see everything else through the lens of that system.

She must be blissfully unaware of what crypto is trying to do, and what Bitcoin has already done. Just as in the case of ancients like Warren Buffet and his number 2 Charlie Munger, Liz Warren does not have the slightest clue about anything in the crypto sector.

Like these two, she probably thinks that it is a danger to the only world that she knows, but she doesn’t realise that the world she thinks she knows is as broken, unfair, and as inefficient as it can get.

Could Warren one day change her mind?

It is such a shame that Senator Warren is so certain of herself that she will make no effort to check her views on both systems. Will it take a ‘road to Damascus’ type moment for her to see the light and start supporting what is the only chance for the common man or woman?

It is to be hoped that a woman who has fought so hard for justice will get that chance at some point. All of us can only pray that when it arrives she will take it.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.