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WHY IS WY BECOMING A SUPER STATE CRYPTO LEADER

Discussion in 'The Kruse Longevity Center' started by Jack Kruse, Feb 2, 2021.

  1. Jack Kruse

    Jack Kruse Administrator

  2. Jack Kruse

    Jack Kruse Administrator

    Why is Biden bullish for BTC? He will rev up the money printer. What are the signs that it has begun?
    On Monday, congressional Democrats released a budget resolution for FY2021 that, when passed, will give them the option to pass coronavirus relief legislation through the reconciliation process with a simple majority in the Senate without Republican support. After President Biden met with ten moderate Republican senators, the White House quickly signaled its support for passing COVID-relief through the budget reconciliation process, which appears set to begin as soon as today.
    Here is a breakdown of what is coming next, courtesy of Goldman's Alec Philips
    1. On Feb 1, Congressional Democrats released a FY2021 budget resolution. The resolution itself is a non-binding document, but it would give them the option to pass coronavirus relief legislation through the reconciliation process with only a simple majority in the Senate, i.e., without Republican votes. The key detail in this document is that it instructs the relevant congressional committees to increase the deficit by up to $1.9 trillion, the same amount that President Biden’s American Rescue Plan calls for. This figure, if approved, would set the upper limit on the cost of the next round of legislation = BTC will run.
    2. Following a meeting with ten moderate Republican senators (the same number required to pass legislation with the 60-vote bipartisan threshold), the White House quickly signaled that it supports using the budget reconciliation process to pass the next round of coronavirus relief legislation, rather than passing a bill through regular order, which would require bipartisan support = bypass the system to print money = BTC#6 blog prediction
    3. These developments suggest "upside risk" to Goldman's $1.1 trillion assumptions for additional fiscal stimulus, though the final number will be lower than the $1.9 trillion envisioned in the budget resolution, for two reasons. First, with very narrow majorities in both chambers of Congress, Democrats need virtually every member to support the resolution and the bill that follows, and some centrist members have raised issues with the White House proposal’s $1.9 trillion costs. Second, Senate rules and precedents regarding reconciliation could pose obstacles to aspects of the proposal, particularly discretionary spending measures that could account for several hundred billion dollars of the Biden proposal that falls in this category. Goldman now thinks Joe will have Yellen fire the printer up to get his 1.9 trillion.
    4. House and Senate Democratic leaders have signaled their intent to pass the budget resolution this week. If they do, this would allow the relevant committees to develop the detailed legislation over the next few weeks, with the expectation of passage later this month or in early March, ahead of the March 14 expiration of enhanced unemployment benefits. By March 14 Uncle Jack says BTC will be 60K.
     
    John Schumacher likes this.

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