Serial crypto scammer Jake Paul has blamed US President Joe Biden for a laundry list of economic ills, including high inflation and plummeting crypto prices.
According to Paul, who took to Twitter to air his many grievances with the President, people who still put their faith in Biden are the “American problem.”
As Paul sees it, four major ongoing economic issues can be laid at the feet of Biden.
These are:
- Highest gas prices
- Worst inflation
- Plummeting crypto prices
- Highest rent prices ever
Paul also laid the fifth charge at the door of Biden, asserting that he has “created [a] new incomprehensible language.”
This flaw, while serious, is hardly unique to the incumbent President. Previous office-bearers including George W. Bush and Donald Trump were also in the habit of bending the language past its breaking point, suggesting that lucidity is not a prerequisite for the job.
“If you’re reading this and voted for Biden and you still don’t regret it then you are the American problem,” said Paul. The punch-drunk YouTuber went on to add, “My generation, left or right, agree with me. We need the President of our country to do betr. [sic]”
The king of bad financial advice
While ordinary Americans may be struggling with the current economic conditions, those who look to Jake Paul for financial advice struggle even more deeply. The YouTuber has promoted a string of disastrous crypto projects and scams, leaving ordinary investors out of pocket.
Most recently, Paul promoted the NFT rug pull and Pokemon rip-off Animoon. Its founders disappeared with $6.3 million of investor’s money. Paul also promoted Sacred Devils, Yummy, Milf and STICKDIX – the latter of which is a project as puerile and deeply stupid as its title would suggest.
The single thing that connects these projects, other than Jake Paul, is that they all ended very badly for investors.
While Paul’s concern for the finances of the American public might otherwise be laudable, his personal history of exploitation suggests that these concerns have never extended to the financial well-being of his own fans and followers.
The blame game
The complaints that Paul has levied against the President come as the US is facing a worsening economic climate. Inflation is now 8.6%, its highest since December 1981. The US dollar is devaluing faster today than at any point in the past 40 years. So who is to blame?
In May, Bitcoin investor Anthony Pompliano summarized the roots of America’s current economic problems: during the 2020 covid crisis, lockdown policies triggered a liquidity crisis in the stock market. That was combated with massive amounts of quantitative easing and low-interest rates, flooding the market with cheap capital.
In June 2020, while Trump was still President, The Fed printed more money in a single month than it did in the first two centuries of its founding. Once Biden took office, however, the policy of quantitative easing was not reversed. In fact, the money printing only accelerated with Biden’s $1.9 trillion stimulus plan.
As Jeff Bezos pointed out in May, the current President wanted to go even further still. Bezos is clear that Biden’s $3.5 trillion to fund the “Build Back Better” plan could only have accelerated and deepened the current crisis.
It’s clear that Biden’s woes are not all of his own makings, but less clear that the President had the foresight to change course. Inflation is now a great devil that sits on the President’s back. With the cost of living increasing for ordinary Americans and U.S. midterms in November, it’s one devil Biden will wish to get to grips with. As for social media devils, those he can safely ignore.
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