Tom Emmer, a United States congressman, is currently trending for stating that centralized control of money is unhealthy. Going further, Tom said irrespective of the mode and the location where it is being carried out, the centralization of money is a terrible thing to do.
Citing key examples to back up his claims, the Minnesota born congressman pointed out China’s rule to control mobile applications across the country.
Tom also pointed out the popular Facebook backed the project, Libra, which he says he feels is an excellent concept but should not have somebody at the helm of its affairs.
Centralized control of money is not a sound system, Tom affirms
In his arguments, he noted that the fact that someone has always been in control when centralized control of money is mentioned is enough reason to abolish it.
Tom Emmer said only the person at the top has full control over the money and points out to which direction the money flows to more.
The best thing in the centralization of money is that only the person at the top of the chain enjoys more, once you’re not the person at the top, you have no say no matter what.
Talking about how tiring it can be, he noted that as long as one person controls the money, the rest of the people down the chain would have complained about where the money goes.
Furthermore, Tom noted that when things like this start to happen, it is only a matter of time before serious complications arise. When asked about what he feels about spending in the US, the congressman said the country had spent way too much money.
Bitcoin shouldn’t be blamed for the Twitter hack
Noting the coronavirus pandemic, he said the US government had spent a lot to ensure that its citizens did not lack anything during the lockdown period. Recall that the country’s government gave its citizens $1,200 checks each to cushion the effects of the coronavirus pandemic.
Presently, the congressman noted that the country still has $1 trillion untouched, which has not been budgeted for any use.
Giving his take on the hack that occurred on the popular social media platform, Twitter, the congressman noted that the fault is not that of Bitcoin but the way centralized control of money is encouraged.
Bitcoin should not be blamed because it was Twitter that caused the whole problem.
Finally, he said he still harbors hope that crypto exchanges would still be present in the long run.