Race for US Presidency: Robert F. Kennedy Jr. Presents Financial Plan

An article by: Editorial board

Robert F. Kennedy Jr.: “Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation, and usher in a new era of American financial stability, peace, and prosperity.”

The dollar will be backed by gold and some other precious metals. Preference will be given to bitcoins that could even be exempt from capital gains tax. The US presidential election will take place on November 5, 2024.

The fight for the White House is getting tighter, and US Democratic nominee Robert F. Kennedy Jr. unveiled a part of his “revolutionary” financial program designed to restore world confidence in the dollar. Speaking on July 19 at the television campaign event called “Heal-The-Divide PAC”, John Fitzgerald Kennedy’s nephew and Bob’s son said that in order to stabilize the US economy, it would be necessary to support the dollar with gold, silver, and platinum.

“Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation, and usher in a new era of American financial stability, peace, and prosperity,” said Robert F. Kennedy, Jr., stressing, however, that “the process will have to happen very gradually.” According to the Democratic nominee in the next US presidency and rival of the outgoing Joe Biden, “to start, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin.” After that, based on the concrete results of this first transition, the plan can be “checked and adjusted,” and the initial one percent share can be increased annually.

This is not the first time that the nephew of the famous 35th American president has spoken out in favor of cryptocurrencies and, in particular, in favor of bitcoin and plans to “exempt the conversion of bitcoin to the U.S. dollar from capital gains taxes.” Kennedy said in April that bitcoin and some other cryptocurrencies can help society cope with the negative effects of the imminent collapse of the current financial system, which Kennedy called “a bubble that will inevitably burst.” Subsequently, on May 19, speaking at the Bitcoin 2023 conference, Kennedy announced that he was accepting bitcoin donations to his campaign and reaffirmed a series of commitments aimed at promoting bitcoin adoption in America, which should include “protecting the rights to self-hold bitcoins,” as well as “the right to operate a node at home.” On July 9, it became known that Robert F. Kennedy Jr. will have bitcoins totaling about $250,000. One bitcoin is currently worth $29,908.50.

While Kennedy focused in his program on cryptocurrencies that are essentially “uncontrolled and subject to nobody’s assets,” Republican candidate and Florida Gov. Ron DeSantis hit hard on “digital coins,” which are issued by the Central banks of different countries of the world. Digital coins (Central Bank Digital Currency, CDBC) are supposed to represent a powerful and modern answer of the Central Banks to cryptocurrencies and can give rise to revolutionary changes in the field of international finance.

According to the authoritative portal ValoriIt (https://valori.it/monete-digitali-cbdc-banche-centrali/), “Central banks around the world are talking about how to turn cash into digital form, thus strengthening the public role in monetary policy. It is about how to offer all citizens the opportunity to make digital payments with the same security, ease, without the additional costs of various fees and even with the anonymity that cash now offers. In addition, central bank digital coins can reduce the cost of slow and very expensive international money transfers.”

However, for DeSantis, this trend, which threatens to take control over personal finances away from citizens and hand it to the government, is clearly not good. “If I am elected President of the United States,” DeSantis said, “on the very first day, I we will ban all central bank digital coins. Just like that. This will not happen in our country,” DeSantis promised.

In 2023, the Central Bank of Russia also began issuing a “digital ruble.” As the Governor of the Central Bank of Moscow, Elvira Nabiullina, explained, “the digital ruble is not a cryptocurrency that obeys no one. The digital ruble will be issued exclusively by the Central Bank of Russia and backed by Russia’s gold reserves. In other words, it will be the same ruble, but in a new digital guise.” Currently, gold reserves in Russia amount to 2335 tons.


Giornalisti e Redattori di Pluralia

Editorial board