A Lunatic Bill, Sponsored by Wyoming Senator (R) Cynthia Lummis, To Mark Gold to Market and Buy Bitcoin With the "Proceeds"

The "Bitcoin Act" AKA the End Game Act, it will end the dollar almost overnight. Never did I think the End Game would be triggered by something so thoroughly stupid. I hope it passes.

The "Bitcoin Act" Will Revalue Gold Marked to Market

If there's any act of Congress that could destroy the entire global monetary system overnight, it's this one. The key paragraph is below, and here is a link to the full text of the bill.

Not later than 180 days after the date of enactment of this Act, the Federal reserve banks shall tender all outstanding gold certificates in their custody to the Secretary. Not later than 90 days after the tender of the last such certificate, the Secretary shall issue new gold certificates to the Federal reserve banks that reflect the fair market value price of the gold held against such certificates by the Treasury, as of the date specified by the Secretary on each new gold certificate. Upon issue by the Secretary, each Federal reserve bank that receives a new gold certificate shall remit the difference in cash value between the old and new gold certificates to the Secretary for deposit in the general fund within 90 days.

The idea is to mark the Treasury's gold to market, then have the Fed supply the difference between $42.22 and $3,000 to the Treasury, which will then supposedly spend all those dollars on Bitcoin. I've always known the dollar would go down, but I never thought it would go down in such a spectacularly retarded way. Then again, I've been fooled about the scale of how retarded evil actually is, Covid case in point. So perhaps this is fitting. I tweeted this about the whole idea:

Marking gold to market and using the cash remitted by the Fed to the Treasury after such revaluation in order to acquire Bitcoin. As our sages typically open when explaining complicated ideas, משל למה הדבר דומה? "A parable: to what is this analogous?"

In the spirit of our Sages, I extrapolate:

To a king with an enormous palace, its top touching the clouds, from which the king can observe all creation. The palace's foundations rest on a huge block of gold. One day the king decides he wants to build his palace even higher so he can see above the clouds. The king orders his advisors to procure material to build his palace even higher. His advisors warn the king that the entire kingdom is out of material with which to build, to which the king responds with the following idea: "Cut away at the gold foundation and bring it up here and we will add to the top."

And so they did.