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 folks can use the blockchain for knowledge, 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 world 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 Knowledge (FRED) web site is taken into account the worldwide gold commonplace for correct reporting of nationwide financial knowledge.
In fact, that isn’t sufficient for the Trump administration and Lutnick, who’re eager to cement Donald Trump’s legacy as “the crypto president.”
This will probably be a godsend for the Bureau of Labor Statistics, which has already seen people fired for correcting knowledge and employees numbers gutted by the likes Elon Musk’s failed DOGE experiment.
I think you need an evidence of precisely how the Division of Commerce’s statistics and US gross home product (GDP) will probably be positioned on the blockchain?
Sadly, that’s a state secret and for those who’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 have been advised that it got here straight from the mouth of Howard Lutnick, all of us collectively realized that it was good.
Learn extra: What has Trump completed for crypto in his first 100 days?
Sure. GDP. On the blockchain.
Let’s stroll this via. Gross home product is, in response to the FRED web site, the market worth of the products and providers produced by labor and property positioned in a rustic.
If placing all of that on “the blockchain” sounds unimaginable, 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 knowledge, gathered and distributed quarterly, and simple to search out proper right here, on the blockchain.
Which blockchain will the information be on? Unclear.
Why is that this knowledge, which is, once more, already freely obtainable and extensively distributed, going to be positioned on a blockchain in any respect? Unclear.
What did Lutnick imply when he mentioned “you all can do it” when citing 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.
