In a dramatic — and barely odd — pronouncement, US Secretary of Commerce Howard Lutnick declared on nationwide tv that “the Division of Commerce goes to start out issuing its statistics on the blockchain.
He added, “We’re going to place GDP on the blockchain so individuals can use the blockchain for information, distribution, after which we’re going to make that obtainable to the complete authorities, so all of you are able to do it.”
So yeah, Lutnick — who held and attested to Tether’s reserves– doesn’t appear to grasp what a blockchain is or the way it works.
Troubling? Provided that you care in regards to the international monetary system.
Learn extra: Professional-Tether Trump nominee Howard Lutnick to divest Deribit buying and selling dealer
GDP on the blockchain?
The Federal Reserve Financial Information (FRED) web site is taken into account the worldwide gold commonplace for correct reporting of nationwide financial information.
After all, that isn’t sufficient for the Trump administration and Lutnick, who’re eager to cement Donald Trump’s legacy as “the crypto president.”
This can be a godsend for the Bureau of Labor Statistics, which has already seen people fired for correcting information and workers numbers gutted by the likes Elon Musk’s failed DOGE experiment.
I think you need a proof of precisely how the Division of Commerce’s statistics and US gross home product (GDP) can be positioned on the blockchain?
Sadly, that’s a state secret and when you’re even asking it speaks volumes about your allegiances.
It’s essential to level out that everybody at Protos was initially unclear as to what GDP on the blockchain truly meant. Nonetheless, as soon as we had been informed that it got here straight from the mouth of Howard Lutnick, all of us collectively realized that it was sensible.
Learn extra: What has Trump finished for crypto in his first 100 days?
Sure. GDP. On the blockchain.
Let’s stroll this by. Gross home product is, based on the FRED web site, the market worth of the products and providers produced by labor and property situated in a rustic.
If placing all of that on “the blockchain” sounds not possible, it’s as a result of it’s. However Lutnick didn’t imply placing all US items and providers and property on the blockchain.
He meant placing the freely obtainable information, gathered and distributed quarterly, and straightforward to seek out proper right here, on the blockchain.
Which blockchain will the information be on? Unclear.
Why is that this information, which is, once more, already freely obtainable and broadly distributed, going to be positioned on a blockchain in any respect? Unclear.
What did Lutnick imply when he stated “you all can do it” when mentioning GDP on the blockchain? Unclear.
All everyone must know is that that is the revolutionary and essential work the “Crypto President” and his stablecoin bestie are engaged on whereas tariffing the complete world and rising the nationwide debt exponentially.
It’s simply good to see that this administration has its priorities straight.
