Former White House Communications Chief Scaramucci Calls for More ‘Helicopter Money’

Michael LaVere
  • Former White House communications chief Anthony Scaramucci says the US will need to provide more "helicopter money" to help economy.
  • Congress has already announced a $2 trillion stimulus package that includes direct payments to adults and children. 

Former White House communications chief Anthony Scaramucci said the U.S. needs more “helicopter money” to aid in the recovery from the coronavirus pandemic.

According to a report by CNBC, Scaramucci called for more aid to ease the transition of the American economy into a post-lockdown world. He said on CNBC’s Capital Connection program, 

I think they need to put up more helicopter money.

Scaramucci, founder and co-managing partner of the hedge fund Skybridge Capital, said his firm’s calculations showed each American adult would need $3,000 and each child $1,500 in aid, compared to the originally proposed $1,200 and $500, respectively. 

Scaramucci applauded the Federal Reserve cutting interest rates close to zero and pledging to purchase assets “in the amounts needed.” He added that in the last three weeks the Federal Reserve injected "about $1 trillion."

The former communications chief also predicted an easing for restrictions in early May, calling it a “soft opening” for the economy. 

I think it’s going to be a soft opening of the American economy in the first week of May, people will be in masks and maybe two weeks later, the hot zones like New York and New Orleans and Detroit.

He added, 

It will be a slow grind on the way back but getting people to go back to work I think will lift spirits and it will improve the economic outlook.

Featured Image Credit: Photo via Pixabay.com

Luxury Cars and $15 Million in Crypto Seized in Chinese Arbitrage Scam Bust

Michael LaVere
  • Chinese authorities seized $15M in crypto and several supercars following scam ring bust.
  • The group was allegedly operating an arbitrage scam that promised users fake Huobi Tokens. 

Chinese authorities have reportedly seized more than $15 million in crypto-assets and $2 million in supercars after busting up an arbitrage scam selling counterfeit tokens. 

According to a report by China’s Ministry of Public Security, police in the city of Wenzhou arrested 10 individuals connected to operating a fraudulent cryptocurrency scheme. The report claims the arbitrage group was scamming victims using blockchain smart contracts to generate fake cryptocurrencies. 

Following the bust, authorities seized bitcoin, ether, and tether worth over 100 million yuan ($15 million). The report also claims police seized several supercars, including a Ferrari and a McLaren valued at more than $2 million, in addition to the luxury villa in which the scammers were staying. 

The arrested individuals had reportedly operated a smart contract scheme since 2019, which advertised a blockchain product that claimed to generate Huobi’s native token HT. Unsuspecting consumers were promised the tokens would generate arbitrage opportunities worth a return of up to 8%. 

One victim, identified as Li in the report, first notified police after joining a Telegram group belonging to the scam artists. 

Li told authorities, 

Simply put, you send one unit of ETH to a designated address, you will receive 60 HT. And then you can sell it to gain the difference.

Featured Image Credit: Photo via Pixabay.com