Governments Should Track Spending on Blockchain? CZ’s Wild Idea! 😂💰

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In the dusty corners of the digital frontier, where the sun sets on the old ways of governance, Changpeng Zhao, known to the world as CZ, raised a voice that echoed through the canyons of public discourse. He called for a revolution, a transparency that would make even the most hardened bureaucrat squirm in their seat. “Let all governments track their spending on the blockchain!” he proclaimed, as if he were a prophet in a land of fiscal folly.

This proclamation came hot on the heels of whispers about Elon Musk and the Department of Government Efficiency—yes, you heard that right, DOGE—dipping their toes into the murky waters of blockchain to keep an eye on Uncle Sam’s wallet. CZ, in a moment of unfiltered candor, took to the digital skies on January 25:

“Unpopular opinion: All governments should track all their spending on the blockchain — an immutable public ledger. It’s called ‘public spending’ for a reason.”

Ah, the potential of this onchain tracking sparked a wildfire of chatter among the small-government enthusiasts and the sound money advocates, all clamoring for a slice of fiscal accountability. It was a sight to behold, like a bunch of cats trying to catch a laser pointer—chaotic yet oddly satisfying.

Fiscal irresponsibility, monetary policy, and the growing government debt

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Now, let’s take a stroll down memory lane, shall we? Fiscal policy—the budgetary decisions made by those in power—and monetary policy—the Federal Reserve’s dance with interest rates and money printing—are like two old friends who can’t seem to get along. When one decides to throw a party, the other inevitably crashes it.

Back in 1971, Richard Nixon, in a fit of what he claimed was temporary madness, decided to end the gold standard. “It’s just a little break,” he said, as if he were stepping out for a smoke. But lo and behold, without that shiny anchor, the national debt ballooned to a staggering $36 trillion, like a balloon animal gone rogue at a child’s birthday party.

This inflationary circus diluted the dollar’s value, making it worth less than a cup of coffee at a hipster cafĂ©. And when governments are free to print money like it’s confetti at a parade, spending spirals out of control, leading to structural deficits that would make even the most optimistic accountant weep.

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Fast forward to May 2023, and the United States Congressional Budget Office issued a warning that the Treasury was on the brink of running out of funds. They predicted that the annual deficits would double in the next decade, which sounds like a plot twist in a bad soap opera.

Enter Bitcoin, that digital knight in shining armor, offering a glimmer of hope against the tide of currency inflation. President Trump, in a moment of sheer audacity, suggested that perhaps Bitcoin could be the magic wand to wave away the national debt in an August 2024 interview. And asset manager VanEck chimed in, claiming that a Bitcoin strategic reserve could slice the national debt by 35% in 25 years. Now that’s a plan that sounds almost too good to be true!

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2025-01-26 01:18