‘Empire of Fraud’: Top Cryptocurrency Commentator Calls FTX Collapse End of ‘Wall Street and Government’s Easy Money Scam’
“Everything basically goes back to the deregulation that happened 40 years ago, which led to financialization and over-indebtedness, to the alienation of the economy. And now, in 2022, since interest rates are rising, it’s the end of the mirage, the bubble has burst. And the FTX scandal and the Sam Bankman-Fried scandal are the last sections of a child bubble 40 years of cheap money, without regulation and with crooked banking”
Senior journalist Max Kaiser, who has been covering cryptocurrencies for over a decade, was a guest on Fox News host Tucker Carlson and claimed that the collapse of the crypto exchange ‘FTX’ is “the end of the mirage vision of the financialized economy”. As you know, FTX, the cryptocurrency exchange, filed for bankruptcy on November 11, costing its investors about $2 billion in losses. Meanwhile, Sam Bankman-Fried, CEO of the since-defunct exchange, planned to donate up to $1 billion to democratic causes before his $16 billion net worth was wiped out by the FTX crash.
“Sam Bankman-Fried, is the key to the fraud empire. He created his own money token called ‘FTT’ without any oversight or connection to the foundation that gives it value. This is a crypto fraud that happened with a market where there are many people creating the fraud coins.”
“Ethereum is another one, or Cardano, or XRP, these are all created currencies,” Kaiser, whose website describes him as a “long-time Bitcoin supporter,” told Carlson in an interview on the “Tucker Carlson Today” program that aired this morning (Fri. ).
“Then they list them on each other’s exchanges, then they buy them from each other to create a price and then they use the increased price which is now the value of the collateral to buy something like Sam Benman Fried did with the real estate in the Bahamas. So it’s a Ponzi scheme.”
Kaiser noted that Gary Gensler, who headed the Securities and Exchange Commission, may have been involved in the scandal.
Gensler reportedly met with Bankman-Fried in March to discuss a new crypto trading platform, according to Fox Business.
“Implicated in the crisis and fraud of Sam Bankman-Fried is none other than Gary Ginsler of the SEC [הרשות לניירות ערך]which should have been read a long time ago, but we find out that he is actually involved and that there is what I would call a conspiracy,” Kaiser continued.
“And the problem in America is that you have a country ruled by a kleptocracy. Every institution in America is connected to Wall Street in some way.”
“They are all funded, they all use cheap money, they all make cross-collaterals on each other’s assets, they all use their money to buy real assets, and they all undermine the economy in fundamental ways that lead to inflation, which leads to unemployment, which leads to all kinds of problems in the functioning of the economy and our medical system and all institutions,” Kaiser continued.
“Everything basically goes back to the deregulation that happened 40 years ago, which led to financialization and over-indebtedness, to the alienation of the economy. And now, in 2022, since interest rates are rising, it’s the end of the mirage, the bubble has burst. And the FTX scandal and the Sam Bankman-Fried scandal are the last sections of a child bubble 40 years of cheap money, without regulation and with crooked banking.”
Securities Authority Chairman Gensler did not immediately respond to a request for comment from the Daily Caller News Foundation.
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