Senator Ron Johnson (R-Wis), ranking member of the Committee on Homeland Security and Governmental Affairs subcommittee of investigations, told Fox News that a Chinese-owned bank corroborated the allegations of financial corruption against the Biden family. Johnson stated that Cathay Bank, the oldest American bank founded by Chinese Americans, confirmed Treasury documents showing a payment of $3M to a Biden family associate.
There has been a growing concern about a $3M payment from a Chinese firm to Biden family associate, Rob Walker, who sent more than $1M to three known and unknown Biden family members the following day. The alleged payments were made to President Biden's son, Hunter Biden, for $610,692; the President's brother James Biden for $360,000; the wife of deceased son Beau, Hallie Biden, for $25,000; lastly, $70,000 to an unknown Biden. Fox News displayed the following graphic during the segment about the payments.
Senator Johnson stated that the bank voluntarily released the information which corroborated Treasury documents about the transaction. He also insinuated that the President might be being blackmailed by the CCP. "A bank from China, let's face it, the Communist party controls those types of institutions [sic]. They willingly gave us the documents that backed up the Treasury records. Is that a Communist Party's shot across President Biden's bow? Listen, this is some of the information we have. If you don't toe the line and do things that please us, we will release even more information,” stated Johnson.
President Biden unambiguously denied the payments happened and claimed that it was a lie. However, Hunter Biden's attorney spokesperson confirmed the payments as good-faith seed money for a business venture. He continued, saying, "the accounts belonged to Hunter, his uncle, and Hallie - nobody else." Chinese expert and Gatestone Institute senior fellow Gordan Chang commented, “Now, in these types of transactions, nobody pays millions of dollars without a contract. This is essentially an admission of corruption, and I am sure that the House Oversight Committee is going to follow up on this. But this doesn’t happen in the real world in the absence of payoffs, influence peddling, and, yes, corruption. [sic]" The House Oversight Committee is still searching for a business matching Hunter Biden’s attorney’s statement.
Twelve similar transactions are being investigated for suspicious payments surrounding Biden family associates and an alleged unknown number of ongoing monthly payments for hundreds of thousands to Hunter Biden. The allegations for the continued payments are connected to the Hunter Biden laptop left at a computer repair shop weeks before the 2020 presidential election. The payment happened on March 1, 2017, less than two months after Vice President Biden left office.
What does it mean?
In time, the facts will come out. Whether the Bidens are guilty of corruption or not, many people, including Democrats, have unanswered questions about the payments and recent administration scandals. Senator Mark Warner (D-Virginia), who sits on the Finance, Budget, Banking, Housing, & Urban Affairs, and the Rules & Administration committees, told CBS News what America and the world are thinking. The administration’s position does not “pass the smell test.” Whatever the facts turn out to be, it is predictable that domestic and international confidence in the U.S. government will weaken. More than half the U.S. population believes the evidence proves that corruption happened between the Biden family and the Chinese government.
The U.S. Federal Reserve Note, i.e., the Dollar, is only backed by the full faith and credit of the U.S. The phrase "full faith and credit" is meaningless since a physical commodity like gold does not back Dollars. In other words, countries' and individuals' perception of the U.S. government determines whether people want to accept Dollars as payment or not. Even if Americans think the President is guilty, there may be some sympathy or an apathetic blind spot among the American people. No such blind spots or sympathies exist for the international community.
After the massive sanctions placed on Russia, most of the world has systematically de-Dollarized their economies and sought alternative means of trade. The current scandal allegations make the gold question straightforward. Do you believe that the current scandalous cloud hovering over American politics strengthens or weakens America globally? Gold is a bad idea if you think that America will have more global prestige. The Dollar will get stronger, and gold prices will go down. If you believe America is losing international prestige, gold is a no-brainer. The Dollar will get weaker, and prices will go up.
Dollars may not be backed by gold anymore, but you can still exchange them for gold at the U.S. Gold Bureau.