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Elizabeth Warren Goes After Big Oil, Crypto, and You

Let's tune into "Capitalist to My Bones" Elizabeth Warren and her many messages to the markets.
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Elizabeth Warren campaign debate statement "I am capitalist to my bones"

Elizabeth Warren campaign debate statement "I am capitalist to my bones"

On March second Elizabeth Warren's "oversight letters" reports Senators Warren, Warner, Brown, Reed Express Concerns to Treasury Regarding Potential Use of Cryptocurrency to Evade Sanctions.

There are growing concerns that Russia may use cryptocurrencies to circumvent the broad new sanctions it faces from the Biden administration and foreign governments in response to its invasion of Ukraine. This could include the use of dark web marketplaces that are powered by cryptocurrencies to move funds and conduct transactions; the use of crypto wallets and mixing services that allow sanctioned entities to transfer and hide their wealth; deployment of a digital ruble that would allow Russia to conduct foreign trade without converting their currency into dollars; and ransomware attacks that would allow Russian actors to recoup revenues lost to sanctions. 

“These reports are even more troubling because of analyses that suggest that the cryptocurrency industry may not be fulfilling its responsibility to comply with U.S. sanctions,” the senators continued. “We are concerned that OFAC has not developed sufficiently strong and effective procedures for enforcement in the cryptocurrency industry.”

Shocking, Just Shocking 

It's shocking, just shocking to discover sanctioned countries might try to avoid sanctions. 

Who couldda thunk?

Graham on Warren's Side

Warren finds an unusual ally in Senator Lindsey Graham (R., SC). 

As per NBC, “Cryptocurrency is rearing its ugly head here,” Sen. Lindsey Graham, R-S.C., said last week after a classified briefing on Ukraine. “As you sanction the [Russian] central bank, which is a good thing, I worry about how the cryptocurrency could be used by the Russians to stay afloat.”  

One of the draft provisions in Warren’s proposal would seek to make it easier to verify the identities of customers and transfers to private crypto wallets by requiring financial institutions to keep detailed records and submit reports to the Treasury Department. 

When Does Senator Rubio Chime In?

In light of the above, when does Marco Rubio chime in?

Oh wait. Sorry, he already has.

Rubio, Feinstein Introduce the Sanction and Stop Ransomware Act

From Rubio's website on August 5, 2021, Rubio, Feinstein Introduce the Sanction and Stop Ransomware Act he proposes:

  • Ransomware Reporting Requirement. Require federal agencies, government contractors, and critical infrastructure owners and operators to report the discovery of ransomware operations within 24 hours, consistent with the Rubio-Warner-Collins Cyber Incident Notification Act
  • Cryptocurrency Regulations. Require the development of regulations for cryptocurrency exchanges operating to reduce anonymity of accounts and users suspected of ransomware activity and make records available to the U.S. Government in connection with ransomware incidents. 
  • Sanction Authority. Require the President to impose sanctions and penalties on each state designated as a state sponsor of ransomware, consistent with sanctions and penalties levied on and against state sponsors of terrorism.

Rubio and Senator Dianne Feinstein (D-CA) make another seemingly odd couple. 

More sanctions, just what the world needs. After all, they have worked so marvelously .... for the weapons manufacturers. 

With that, let's return to Senator Warren.

Windfall Oil Tax

Hello Mr. President Roll the Tape

Hello Elizabeth, you and Joe Biden say "No more drilling including offshore. No ability for the oil industry to continue to drill period. It ends," and now you bitch about the price of oil.

You had no plan to get from where we are to the ridiculous wind-powered fantasy you seek and not only do you bitch, but resort to begging!

Team Biden Begs Venezuela

Meanwhile, team Biden crawled to Venezuela begging for oil instead of producing more in the US.

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This is so stupid you could not make it up.

U.S. Officials Meet With Regime in Venezuela, to Discuss Oil Exports to Replace Russia’s

Biden Begs Saudi Arabia Too

Flashback Feb 17, 2021: President Joe Biden early on promised to take a harder line on the oil-rich Islamic monarchy than his predecessor Donald Trump did.

Flash Forward March 8, 2022: Saudi, UAE leaders ignore Biden when he calls to talk gas prices.

Saudi Crown Prince Mohammed bin Salman and the UAE Sheikh Mohammed bin Zayed al Nahyan declined Biden’s attempted outreach, the Wall Street Journal reported Tuesday.

Saudi Arabia would not even take the call!

ZeroHedge noted that In an interview with the Atlantic magazine published last week, Prince Mohammed said when asked if Biden misunderstood him: "Simply, I do not care," adding that the US president shouldn't have alienated Saudi leaders. "It's up to him to think about the interests of America," he said, adding "Go for it."

Fun Facts

We are "taking advantage of the war in Ukraine to push for more drilling!" 

Well, no. Instead we go begging Venezuela and Saudi Arabia to drill instead!  And to get that oil flowing again, let's tax the hell out of all of them. 

The oil industry has every reason not to trust the energy morons in this administration. 

That's the not so fun fact. 

In the 2020 election campaign, Elizabeth Warren said "I am capitalist to my bones."

Bernie Sanders replied "I am not."

I am looking for a short video clip of that exchange. Anyone have it? 

Warren After Your Pocket Too

Warren is not just after oil companies. To fund her extremely progressive socialist programs, she wants to tax everything that walks, swims, flies or is buried underground. Sunlight is undoubtedly next.

Unprecedented Fed Actions 

In case you missed it, please see Unprecedented Fed Action May Have Just Started a Global Currency Crisis

This post originated on MishTalk.Com.

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