U.S. Rep. Brad Sherman at a House Meeting accused "crypto bros" of "making money out of thin air". He admits US government "also" "makes money from thin air" but justifies it by saying "we can because we're the US government". You just can't make this up.

Here is a link for anyone who wants to see the clip: https://np.reddit.com/r/StockMarket/comments/13e12mn/crypto_bros_made_over_a_trillion_dollars_out_of/

U.S. Rep. Brad Sherman was speaking at a House Meeting recently when he made some comments about crypto. He made allegations that "Crypto bros(he actually said that) make money out of thin air". In truth, this statement is false as what happens in crypto in most cases is a wealth transfer, as fiat money comes into crypto and buys the token and the token devs/insiders profit but it doesn't come from thin air most of the time, but this is a whole other topic. But he clearly doesn't know what he's talking about.

Rep. Sherman admits that the US government "also makes money from thin air" but defends that fact by saying they can "because they're the US government". If they isn't arrogance, I don't know what is. And it's a malicious arrogance which it what makes it bad, because of the effect of government printing.

1. Printing causes inflation which just ends up being effectively a tax on citizens. Government prints the exact amount of shitcoin they want, and the inflation it causes destroys the purchasing power of citizens wages and savings and raises the cost of living.
2. It just ends up being a benefit to the rich as dollars are devalued but the assets priced in those dollars that are owned by the rich rise in value.
3. From no.2, printing just helps government sratch the back of their rich donor, while the poor suffer from the effects of inflation they cause.

This dude is either a supreme goofball or, much worse, knows exactly what he is doing.