influential economist Justin Wolfers Recently expressed skepticism about the former US president's understanding of debt, cryptocurrencies and economics. Donald Trump.
what happened: Wolfers, a professor at the University of Michigan's Ford School of Public Policy, was responding to a post by another prominent economist. scott linthiom Highlights President Trump's plan to pay down US $35 trillion in debt Bitcoin (Crypto:BTC).
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“Maybe we'll pay them back $35 trillion and give them a little crypto check, right? We're going to give them some Bitcoin and wipe out our $35 trillion.” President Trump said in an interview with FOX Business.
In response, Wolfers writes: That's not how cryptocurrencies work. That's not how the economy works,'' he said, completely disapproving of the Republican presidential candidate's radical plan.
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why is it important: Mr. Wolfers' criticism comes in the wake of Mr. Trump's proposal to establish a national stockpile of Bitcoin, a move that has also baffled other financial economists.
nobel prize winner paul krugman Trump last week claimed he was pushing for a “government bailout” of an industry riddled with scandal and destroying value and the environment. james angel A Georgetown University professor claimed it was an election gimmick designed to secure support from Bitcoin enthusiasts.
The Wolfers also made inroads into the Senators. Cynthia Lumis (R-Wyo.) pushed for the introduction of a Bitcoin Strategic Reserve to resolve the U.S. debt, calling her explanation “one of the most amazing word salads I've ever read.” .
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