Flim-Flam Man Runs Out of Other People’s Money

For years people have been trying to explain to me exactly what function crypto-currency performs.  And for the life of me I still don’t get it.  And I’m not a hundred percent sure they know either.  The only answer I can remember is “block chain.”

So when I read about a crypto-exchange company called FTX that scammed it’s depositors for something like eight billion dollars I wasn’t in any way shocked.  Instead, I was gratified to hear that it seems to have specialized in Democrat investors.  So that cheered me up a little.  I read that Larry David and Katy Perry were fans of the company and its founder, the improbably named Sam Bankman-Fried, was the second largest donor to the Democrat Party during the mid-terms, behind only George Soros in total dollars.  And I thought, “Is there no end to the greed?”

The scam worked by siphoning off the funds in the depositors’ accounts into a separate company called Alameda while keeping two sets of books.  The money in Alameda was used to fund a cryptocurrency of Bankman-Fried’s design.  But when the crypto-bubble burst and FTX customers tried to remove their funds there wasn’t anything left in Alameda to transfer back to FTX and the whole thing was exposed.

And now I hear that maybe FTX was also some kind of money laundering outfit for the Ukrainians.  Well, at a certain point you run out of outrage.  Eventually we’ll learn that Hunter Biden collected his billion dollars somewhere along the line.

So, what’s my point.  Maybe there isn’t one.  But it definitely reinforces the idea that the people in charge are in cahoots with crooks that steal money on an industrial scale.  And the feeding frenzy seems to be reaching a crescendo.  Possibly they know they’ve crashed the system and they want to syphon off everything they can before the collapse absorbs whatever’s left.

What I haven’t read about yet is Bankman-Fried being arrested or indicted for such a massive fraud.  Maybe his friends on the Left haven’t figured out whether they’ll be implicated in this trainwreck.  What I have heard is some of the larger depositors complaining that lawmakers who were recipients of campaign contributions by FTX should return them as a partial recompense to the depositors who’ve lost everything.  I’m guessing that that’s not going to happen.  Nancy Pelosi and Chuck Schumer really need that money.  It would be grossly unfair to punish them for someone else’s crimes.

So, let’s call FTX just another example of selective justice.  January 6^th defendants are rotting in prison cells for misdemeanors and felons who steal billions of dollars are allowed to keep their spoils and not even have to show up in court.  Seems about right.

Can I find anything positive out of this whole thing?  Yes.  Pretty soon even the toadies of the elites will discover that there isn’t enough pie to go around even for them.  When the ladder is pulled up, they will be left down here with us, in the cold, eating bugs.  It should be very educational for them.  I hope they’ve managed to avoid making too many enemies among the dirt people.  They’re not good enemies to have.