Thread by @davetroy

I can't stress this enough: the crypto attack on the dollar is not strictly a "pump and dump" or a "grift." It's an ideologically-driven attack on the legitimacy of fiat currency, the @federalreserve, and the incumbent financial system. It is the sequel to the January 6th attack.

Just as January 6th was not successful, this faces serious headwinds. But as an ideological attack, they are convinced their cause is just. Just because it's insane doesn't mean that's not what they are doing. They're going for it.

Expect them to heavily flirt with not raising the debt ceiling on December 3; that flirtation may lead to volatile conditions that may in fact lead to a failure to raise the debt ceiling. If that happens... well... chaos. Secondary effects will be overwhelming.

This needs (and may be attracting) an overwhelming response by @SECGov @federalreserve @USTreasury sooner vs. later. Democrats do not have control of the Senate, and the debt ceiling raise is not a done deal.

We are increasingly seeing a drumbeat from elected officials and others undermining the legitimacy of the Federal Reserve and the dollar. Doubt this at our peril. This is revenge for the New Deal. This is just a small sample.

Media is totally asleep on this, but not for long, as it will be impossible to ignore when the attack merges with the debt ceiling conversation. Get ahead of it now! This is not just about "money laundering" and "organized crime," either. This is libertarians pursuing

what they think is perfect "Austrian Economics" and dominating the "dirty central bankers" who have "corrupted" money and finance since the Fed was created since 1913. Do not minimize this as a sideshow; this is a FULL FRONTAL assault. Who may be harmed?

The millions/billions of people who depend on the stability of the current financial system. For all the talk of "protecting vulnerable people" from crypto-land, they give zero f*cks about those with 401(k)s and are just trying to live a dignified life in peace.

Their disdain for those people, in fact, is palpable: "Have fun being poor," they say. Only those "in the know" on Libertarian fantasy money deserve to be saved, in their book. This is teen-boy dreamland, made real with code. In democracies, we talk about things.

That includes the monetary system. A hostile assault by a bunch of libertarian fascists is NOT how democracies attempt to deal with shared challenges. This attack is every bit as dangerous as Jan6 and it's happening in stealth before everyone's eyes. Wake. Up.

We should not need to deal with the dark fantasies of the tank-the-dollar curious.

This also dovetails perfectly with the "constitutional sheriffs" movement, which seeks to challenge the federal government through a bottom-up coalition of local governments. This is why they reject "fed coin" and want to substitute it with non-state currencies.

Eric Adams is all up in it.

https://twitter.com/cnbc/status/1458064709932957696

Anyone who wants to understand the New Deal history better should read this book.
ia802702.us.archive.org/22/items/pdfy-…

Seems we struck a bit of a nerve here…