Litecoin rose about 12% today, bringing up most other cryptos, and considering little else is going on there, it appears the main reason is because Litecoin’s founder, Charlie Lee, met presidential candidate Andrew Yang.
“Congrats Charlie Lee on being such a pioneer – let’s build the future,” Yang said with a picture of him and Lee as shown above.
What they spoke of is not very clear, but Yang is a huge supporter of this space, promising to “work with the sponsors of the Token Taxonomy Act and Wyoming legislators to promote [policy] largely modeled after their work.”
As largely unknown, he has a long way to go to beat Trump, but he is the only candidate that is being promoted online by what we assume is largely an organic perhaps movement.
That’s because in many ways he is the anti-thesis of Trump. His long list of policies has something to say on almost everything, but the flagship Universal Basic Income (UBI) is what defines Yang’s candidacy.
“With a VAT of half the European level, we can pay for Universal Basic Income for all American adults of $1,000 per month,” his campaign page says.
That would be a tax on goods and services at perhaps about 10% which is then paid back to citizens so it cancels itself out.
VAT is a regressive tax because the poor proportionally pay far more than the rich, but the poor here would receive $1,000 a month which would proportionally make far more of a difference to them than what to some of the rich would be a penny.
His other policy is raising capital gain taxes as he argues the richest 20% own 92% of the stock market and that investment income shouldn’t be privileged over earned income.
“Ending the carried interest treatment loophole alone would generate $18 billion per year in revenue and ending favorable treatment of capital gains would generate tens of billions more,” his campaign says.
On immigration, there are a number of policies, such as welcoming high skilled immigration. In addition, he is proposing a pathway to citizenship. Whoever has been in USA illegally for 18 years gets the right to citizenship provided they have no criminal conviction.
Then there’s a lot of spending, on arts, schools, science, and a lot of “free” things that makes his presidential package a complex one.
On foreign policy, he says little save for some feel good words. What does he think of Russia, of Saudis, of Israel, even Lebanon. He also says nothing about Mexico, America’s neighbor.
We must secure the border, he argues. Of course, but you obviously can’t. They can swim. They can get boats. It would have been a lot better to hear some sort of Marshal plan for Mexico and Latin America in general. A kind of European style lifting of poorer neighbors that are now first class economies.
That would be complex in some ways, and not in some others. You just send in special advisors to bring to them the invention of the rule of law and all the rest that makes our countries function.
This complete silence on foreign policy does suggest he has no view or even knowledge in what is in many ways a crucial sphere. Would he just nod in front of the Saudi king? Does that fine smile have a serious face in front of Putin? As the son of Taiwanese immigrants, China would probably actually listen to anything we might have to say, but would they perhaps see a sheep?
There are a lot of things that have gone wrong in foreign affairs and Yang recognizes that fact, but he doesn’t show any awareness of the, in many cases, quite simple solutions.
Should, for example, Jerusalem be a city state? A religious house of god fully independent like the Vatican? Should UN troops be sent to Palestine to alleviate any Israeli fears and so secure peace? Should the Saudi’s absolute monarch and princes be reprimanded for their use of a religious police that many residents there may find very oppressive?
The list is far too long, and the matters far too important to not have a policy on them because one can say many things about our governments, but at least we can pretend we didn’t go through two decades of war for nothing.
There are real problems, and they do have solutions, and in many cases the solutions are very simple. It’s just no one is rising to present rationalism.
Meaning Yang is more of a domestic candidate. He knows what should be done within USA, but even there doesn’t quite appear to fully understand the complexities.
The automatic sunset clause for laws, for example, sounds nice on the surface, but, obviously there’s no need to revisit theft laws.
So it remains the case that America should still be on the lookout for a presidential candidate that can prevent it being a coronation. But whether cometh the hour cometh the man (or woman) this time, does remain to be seen.