Former National Security Adviser John Bolton’s book won’t officially be released until tomorrow, not that you actually have to wait if you really want to read 570 plodding pages of self-justification and extraneous detail. And it’s not like you even have to do that, what with all of the good bits, such as they are, having already been made available in reviews of the book, reports on its contents and Bolton’s own televised interview last night, which is why the aforementioned publication is moving forward tomorrow in spite of the Justice Department’s best efforts (and, given that we’re talking about the current Justice Dept., it probably really was their best effort).
So by now you that Bolton alleges that his former boss routinely sought to prostitute his office in exchange for foreign help in securing his reelection, making promises he couldn’t keep about restraining criminal inquiries the despots he admires and aspires to become didn’t care for, including to the leader of the country Trump has spent most of his tenure (and certainly most of the last three months) attacking, Xi Jinping of China.
We also have long known that Trump is not a fan of bitcoins, insofar as he understands them. But now, thanks to Bolton, we know Trump’s bitcoin FUD dates back more than a year before his tweet confirming it last year.
Not only was his outsized role institutionally unusual, Mnuchin’s pro-China, zeal-for-the-deal approach was substantively dangerous. From time to time, even Trump saw this. At one Roosevelt Room session, on May 22 , Trump all but yelled at Mnuchin, “Don’t be a trade negotiator. Go after Bitcoin [for fraud].”
Of course, Mnuchin didn’t go after bitcoin for fraud, and actually did more like the opposite, and yet he, unlike Bolton, is still employed by the U.S. government.
Trump seems to know that China controls bitcoin. And Mnuchin doesn’t seem to care. Mnuchin never went after bitcoin. Indeed, Trump’s administration has supported bitcoin and Ethereum — at the expense of American-made crypto currencies. This has happened even as China has tightened its grip on bitcoin and ether mining….
The Trump administration, by refusing to provide a clear regulatory framework for any other crypto currency, has given a boost to bitcoin and Ethereum. And now China is within arms reach of controlling both.
It’s fair to say: if the future of money is digital, the Trump administration is ceding the future of money to China.
John Bolton couldn’t have said so better himself. No, really, he couldn’t, because he is a terrible writer.