Alternative Visions – Behind Bitcoin Mania & Trump Tax Cut Ideology – 12.04.17

Dr. Rasmus discusses the 9 major ‘drivers’ behind the growing bubble in Bitcoin and other crypto currencies, as well as potential channels of contagion to other financial markets once the bubble bursts. The connection between Blockchain tech and bitcoin and cryptos are explained, as well as the emerging shift from ‘retail’ speculator to professional investing in Bitcoin, options trading, legitimization by the CME, big US banks involvement and clearing houses, hands off by regulators, etc. Bitcoin and cryptos as commodities or currency? The relationship to gold futures.  Dr. Rasmus then debunks the lies that Trump tax cuts will create jobs, raise wages, boost consumption and GDP, and ‘pay for itself’ by not creating deficits. How neoliberal policy is now shifting emphasis from central bank/free money/low rates to subsidizing capital incomes via tax cuts, deregulation, etc.  Trump’s lie that the new tax bill will ‘cost me millions’ is exposed; instead he will make millions from the elimination of the AMT and the huge cuts in taxing of pass through income. (Next week: the Senate version of the Trump Tax Cut).

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