It’s time to put government spending on a blockchain!
Think of all the trillions that have been dealt out in the past few months, so much so that, according to a reputable public interest research group (PIRG), the Treasury may have lost track of $500 billion of dole associated with the much-maligned Paycheck Protection Program (PPP). The full original report is located here.
That MUST be the case as I have no earthly idea why the government would think it is justified in not providing transparency on the whereabouts of such a substantial chunk of funds that taxpayers are obligated to eventually pay back.
Remember that the fiat funds created by fiat to fund these pandemic programs are created by solely through the manifestation of government debt. We don't print money these days. That’s the money creation process now! And guess who's on the hook to pay back this debt that we as a nation owe to the pseudo-private quasi-public institution known as the Federal Reserve. No, it's not Trump. It's not Mnuchin.
IT'S THE TAXPAYERS! 😥
So damn right we have the right to know where this money is going. And yet Treasury Secretary Mnuchin has called the information “confidential” and “proprietary,” while the Government Accountability Office (GAO), which the Congressional organization that has oversight of the budget of the Small Business Administration (SBA), the entity responsible for administering the PPP, has had trouble in even getting info at all. That's just not right. Whatever way you look at it. Whatever your politics are. THAT IS NOT RIGHT. This debt is our debt as a collective nation. We deserve to know who and/or what it is going to, even if it is the Los Angeles Lakers and we are die hard long-suffering New York Knicks fans.
All that to me indicates that it is well past time to implement a digital dollar or central bank digital currency (CBDC) or some kind of publicly accessible blockchain for official government transactions. Apparently, it’s the only way we’re gonna be able to track the spending of government trillions.