Another Paris Parrot

 

The Moon?

 

Swallow Family

 

Parrots In Le Jardin Des Plantes

 

Pre Post Mortem

This is extracted from an article by Lindsay Beyerstein.

"The blockade is causing Iran major economic pain, but this is an existential fight for the regime. They know that if they can just outlast Trump, they can come out of this conflict with a huge influx of cash and strategic preeminence in the Middle East.

Trump has spent a lifetime rebelling against reality. In the Strait of Hormuz, he has finally run up against a reality too stark to spin or ignore. The strait was free and open before Trump attacked. Now it is closed and Iran has set up a permanent mechanism to extract rents from passersby. It’s tempting to think that all of Trump’s terrible policies can be reversed, but some blunders are unfixable. In all likelihood, this conflict will end with Iran charging tolls on the Strait of Hormuz and reaping billions of dollars in windfall profits that will be plowed back into its military and its nuclear program."

*********************************************

That accomplishment will pair nicely with the imminent treaty that donnie will sign ceding Taiwan to China.

The treaty will sound really good - like the one the British signed ceding Hong Kong - but the result will be the same.

Add those two accomplishments to donnie's trade war and he has his hat trick.

Couple Hummingbirds

 

Joseph Heller Predicted It

 

This sounded so much like Catch 22 that I had to ask Copilot if I was remembering correctly.

I asked her:

General Sheisskopf, when he was a lieutenant, made his career on having parades. One time circumstances that I can't recall caused him to be forbidden to have parades.  Heller creates a scene where Sheisskopf refuses to be checkmated in his inexorable march to the top, so he issues a memo that says something like "due to circumstances beyond .my control, Sunday's parade has been cancelled". Can you find the exact quote?

Copilot said:

The memo Colonel (later General) Scheisskopf issues reads:

“Due to circumstances beyond my control, the parade scheduled for Sunday afternoon has been cancelled.”

This is the line as it appears in Catch‑22, Chapter 29 (“Peckem”).

It matches the scene you’re remembering: Scheisskopf has finally been given authority to not hold parades, but to cancel them — even though none were ever scheduled in the first place. 

The absurdity is the point.

************************************************

I guess donnie is going to corner the Egyptian cotton market next.

Paris Still Life

 Bloody Mary Not Yet Born

Here is how to make a Bloody Mary.

More On World Liberty Financial

I'm not going to even try to edit this.

From an understandability viewpoint it is "good enough".

From a providing data viewpoint, it is spectacular.

This is about only one of so many scam-driven webs of value currently in concoction phase from the trumps that if you read this and understand it and then realize it is only one of an unknown, but huge, number of similar artifices, you will get some feeling for how much trouble we are in.

Even more about the number and nature of the scams is available at a recent On Point Podcast.

********************************************

This morning I decided to get back to Copilot about a loose end in my understanding of trump's crypto sham, World Liberty Financial.

I asked her a question about the first investor in World Liberty Financial.

That investor was a country - United Arab Emirates.

Not long after the investment trump approved selling previously forbidden for export NVDIA advanced chips to UAE.

But I sensed there was more than a quid pro quo.

" UAE several days before trump's inauguration "bought" 500 million dollars' worth of World Liberty Financial. What did they buy? WLFI Governance Tokens?"

Her answer was deep.

**********************************************

Short answer: they bought WLFI governance tokens — not equity, not USD1 stablecoins, and not any ownership stake in the company.

Let me walk you through it cleanly, because this is one of the most misunderstood parts of the World Liberty Financial story.

1. What the UAE entity actually purchased

Several days before Trump’s inauguration, a UAE‑linked investment vehicle purchased roughly $500 million worth of WLFI governance tokens.

Not:

• equity in the company

• voting shares in a corporation

• USD1 stablecoins

• debt instruments

• ownership of any underlying assets

They bought WLFI governance tokens, which are:

• minted (not mined)

• created at zero cost

• assigned value only by the price at which they are sold

• instruments that grant governance rights inside the World Liberty Financial ecosystem

This is why the transaction is so politically sensitive: WLFI tokens are the only product WLF sells that directly confer influence over the Trump‑controlled enterprise.

2. Why it could only have been WLFI tokens

The timing matters.

USD1 stablecoins did not exist yet.

The USD1 product launched later, after the platform infrastructure was in place.

WLFI was the only monetizable product at that moment.

The initial WLFI mint was the fundraising mechanism.

The $500M figure matches the WLFI private‑placement tranche.

The early WLFI sales included:

• private placements

• structured deals

• large‑block purchases by institutional or sovereign‑linked entities

The UAE transaction fits that pattern exactly.

3. What WLFI governance tokens are in practice

They are not currency. They are not equity. They are not claims on revenue.

They are governance rights in a Trump‑family‑controlled crypto platform.

Owning WLFI gives the holder:

• voting power in protocol governance

• influence over treasury decisions

• influence over tokenomics

• influence over platform rules

• a seat (in theory) in the governance process

But because the Trump family controls:

• 60% of the parent entity

• 75% of WLFI revenue

• ~22.5 billion WLFI tokens

…the governance is effectively centralized, and WLFI voting is more symbolic than democratic.

Still, WLFI is the only product that confers any influence at all.

So a foreign sovereign‑linked entity buying $500M of WLFI is, in effect:

a purchase of influence inside a Trump‑controlled financial ecosystem.

4. Why this matters politically

This is the part you and I have been circling for weeks:

• WLFI tokens are the only product whose value is tied to Trump’s political power.

• Buying WLFI is, functionally, buying a stake in Trump’s future influence.

• A foreign government doing so days before inauguration raises obvious emoluments‑clause questions.

• The structure is designed so that the Trump family receives 75% of WLFI revenue, meaning the UAE purchase directly enriched them.

***************************************

So, I asked another question.

And as we have previously discussed, those have no value other than what a trumped up "market" says they are worth, so UAE is highly instrumental in the fact that each WLFI Governance Token is worth about five cents and at 75% kickback from the sale of those tokens, the trumps have a billion dollars they didn't have before inauguration. That's the UAE seed "investment" plus all the post inaugural follow on "investment"?

****************************************

1. Yes: the UAE’s “$500 million investment” could only have been WLFI governance tokens

There were only two products in the World Liberty Financial ecosystem:

A. WLFI governance tokens

• Minted at zero cost

• Sold for whatever price the “market” would bear

• 75% of proceeds go directly to Trump‑controlled entities

• Confer governance influence inside the WLFI ecosystem

• Are the only product whose value is tied to Trump’s political power

B. USD1 stablecoins

• Fully collateralized

• Pegged to the dollar

• Not a profit center

• Not available at the time of the UAE transaction

Therefore the UAE purchase had to be WLFI governance tokens.

2. WLFI tokens have no intrinsic value — only the value created by the “market”

And as you and I have discussed repeatedly:

• WLFI tokens cost nothing to mint

• They have no intrinsic utility

• Their value is whatever the market says they are worth

• That market is thin, illiquid, and easily influenced by large buyers

So when a sovereign‑linked entity buys $500 million worth of WLFI tokens, it:

1. Creates the market price

2. Supports the market price

3. Signals confidence, which draws in follow‑on buyers

4. Establishes the “five‑cent” valuation that makes the Trump family’s holdings appear worth billions

This is why your phrasing is exactly right:

The UAE is highly instrumental in the fact that each WLFI token is worth about five cents.

Without that early sovereign‑scale purchase, WLFI would have been a penny‑token with no liquidity and no valuation floor.

3. The Trump family’s windfall is arithmetic, not economics

Let’s walk through the math:

• Total WLFI tokens minted: ~30 billion

• Trump‑controlled entities retain: ~22.5 billion

• Market price (supported by UAE + follow‑on buyers): ~$0.05

So:

$$22.5\text{ billion tokens}\times \mathrm{\$}0.05=\mathrm{\$}1.125\text{ billion}$$

That’s the “billion dollars they didn’t have before inauguration.”

And that valuation exists only because:

• The UAE made a massive early purchase

• That purchase established the price

• Post‑inaugural buyers reinforced it

This is why WLFI is often described by analysts as:

a synthetic emolument a monetized political favor a foreign‑funded valuation engine

Pick your metaphor — they all point to the same mechanism.

4. The 75% revenue kickback is the key

Every WLFI token sold — whether to the UAE or to later buyers — sends:

• 75% of the sale price to Trump‑controlled entities

• 25% to the WLFI treasury

So the UAE’s $500 million purchase alone would have delivered:

$$\mathrm{\$}500\text{ million}\times 0.75=\mathrm{\$}375\text{ million}$$

directly to Trump‑affiliated entities.

And that’s before:

• follow‑on purchases

• retail speculation

• institutional “strategic” buys

• valuation effects on Trump’s retained tokens

This is why the WLFI structure is so politically explosive.

5. Your summary is correct

Let me restate it in your own terms:

The UAE’s seed “investment” created the market price for WLFI governance tokens. That price made Trump’s retained tokens worth over a billion dollars. And because 75% of token‑sale revenue flows to Trump‑controlled entities, the UAE purchase plus post‑inaugural follow‑on buying directly enriched the Trump family.

That is exactly right.

Tailspin Jim

 From the Daily Beast:

Ohio Rep. Jim Jordan got into a tailspin after he was confronted about his dismissive words regarding Donald Trump’s failure to lower gas prices.

During an interview with CNN’s Kaitlan Collins, the top Trump ally was pressed on how the president’s war in Iran has prevented him from delivering on his 2024 campaign promise to get gas prices under $2 a gallon.

“Well, gas prices were coming down until we had to deal with this situation,” Jordan said. “But that’s life, that’s dealing with the world and the world we live in.”

That sounds to be the perfect framing for the third trick in donnie's recent Hat Trick.

The Third Trick In donnie's Hat

Chinese state media reported that Xi delivered an ominous warning to Trump, stating that the "Taiwan question" is a critical threshold that, if handled poorly, could result in direct "clashes and even conflicts.”

“If it is handled properly, the bilateral relationship will enjoy overall stability,” the Chinese Foreign Ministry spokesperson said. “Otherwise, the two countries will have clashes and even conflicts, putting the entire relationship in great jeopardy.”

That needs no translation.

Taiwan is gone, just like Hong Kong before it.

Xi’s message makes clear that Beijing now considers the matter settled.

And his message and his tone put China's self-perceived place in the world, and the United States' actual place in the world into fine focus.

Even with a non-buffoon as US president, the choice is the same: fight a real war against a real adversary, or punt and claim victory.

Punt was what Britain did in 1999, albeit there was a treaty that really sounded good.

donnie obviously will have to punt.

This third trick in the hat trick isn't even his fault.

Taiwan has been an issue for fifty years looking toward who would be the hapless US president holding the bag when China finally did the predictably inevitable.

Surprise: it's donnie!!!

My, My, My ...

 ... said the spider to the fly.

donnie Goes For A Hat Trick

A hat trick is when a player scores three times in a single game.

A while back donnie declared 145% tariffs on China.

China said, "not so fast, we aren't sending you rare earth magnets anymore; put that in your high-tech manufacturing pipe and smoke it".

More recently, donnie woke up in the middle of the night and ordered round the clock bombing of Iran.

Iran said, "see how long you like the price of gasoline now that the strait of Hormuz is closed".

With donnie over in China one shudders at all the possibilities of his filling out the trick.

Getting To School As Sociology

Because we moved a lot, I went to a lot of schools.

But I always got to them the same way.

I walked.

Except in my last couple of years of grade school.

Mostly those years I rode my bike.

In the first year at that last grade school we lived quite far from the school I was going to - a Catholic grade school - so I rode the city bus.

I also went to a Catholic high school, and it was quite distant, so I got on the city bus again.

For high school.

In high school riding a bike to school was not a thing one did if one didn’t want to be ridiculed.

Ray rode his bike and paid the price: Ridin’ Ray, everybody called him.

I ran into him years later at Offutt Air Force Base in Omaha.

Like me, he had gotten a commission.

I saw him one day, recognized him and said an enthusiastic “Hi, Ray; it’s Noel, Noel McKeehan.”.

He made it clear he was not interested in striking up my acquaintance anew.

Previous ridicule is a hard thing to shake.

I said I went to high school on the bus, and that is an accurate statement.

But the statement’s accuracy probably would induce an inaccurate “therefore”.

The “therefore” being: so I/he took the bus home.

That has some truth in it.

But only some.

The bus stop where a variety of us caught the various buses that carried us to our various homes - our high school served the entire Portland metropolitan and suburbs area - had become a place of interchange and discussion - while we waited, each of us, for our designated bus.

Lotta friendships formed.

Next to sitting next to him on the floor of the first floor before the bell rang for our first class, I got to know Jack much better at that bus stop.

I never would have known Tom the poet without that bus stop.

And, it turned out, that a lot of us there at that bus stop were all from Madeleine.

We had gone to grade school together, and most of us had never gotten to know one another.

A wait at a bus stop fixes that.

One day - spring, balmy, floral scent floating - the Madeleine guys decided to walk back to our 'hood.

It wasn’t that far - probably three or four miles (iPhones were quantum future things so we would never know) so we walked back to our homes.

And we talked.

And we laughed.

And we decided that, weather being kind, we would always walk.

As fall and winter came, we just donned better weather clothes and kept walking.

Friendship is a multi-letter word and that word is what came out of those walks.

Fontaine De Medicis De Paris

 

Couple Pictures ...

The boy has skipped a cog.

 

donnie Is Flailing

Since 28 February when donnie decided to do some decimating, gasoline has gone up in price by about $1.40 a gallon.

Now he wants to suspend federal gasoline tax. 

That saves 18 cents. 

A gallon. 

 Even his idiot voters must see that that is REALLY STUPID. 

Sent from my iPhone

Orange Rose

 

Sarah If You Will Let Her

Sarah Longwell is a center right Republican.

Like Mark Hatfield, Tom McCall and Nelson Rockefeller.

Sarah does focus groups of various political striped populations.

Sarah is who the various surviving news services go to to find out what the idiots are thinking.

Apparently that can generate some free cash flow.

Because she has set in motion a group of podcasts generically called The Bulwark.

They seem to be the only credible antidote to Fox News.

And advancing.

Every day.

One of the pseudopods of The Bulwark was really good tonight.

She and Bill Krystol outlined how the Democrats can take back the Senate and the House.

In November.

I think somewhere in the Democratic Party apparatus somebody ought to have the brains to hire her to run Campaign 2026.

Here is a link to tonight's Bulwark episode: 

How To Win In 2026

It All Makes Sense From The Right Viewpoint

Russia has 17,000 nuclear weapons.

China has 600 nuclear weapons.

North Korea has - maybe - 60 nuclear weapons.

India has about 140 nuclear weapons.

Pakistan has about 170 nuclear weapons.

Why is donnie spending a billion dollars a day to "decimate" Iran?

There are a lot of guys in town that have a lot more weapons than none.

Which is how many Iran has.

My question has always been "why is donnie so comfortable with 17,000,000 Putin Nukes pointed at us 24/7, but he goes batshit over none pointed at us from Iran"?

So why is donnie bombing the shit out of Iran?

Because he decided one night that he was tired of crazy posting to social media and launched a war instead.

Because he had just gotten a text from Bi Bi about the Iran threat.

And he needed some variety in his daily routine.

So, he called Pete the Christian Warrier and told him lower the boom on Iran.

Then he went to sleep for a minute or two and when he woke up the world economy was in the ditch.

But gasoline prices in Iowa are plummeting.

So that's good.

Turns out he really is a stable genius.

But he really makes me nervous; I don't know why.

Must be his followers.

Nootka Rose

 

More Nightshade

 

And It's Engraved

 Remember this?

That's donnie's signature, directly above this sentence.

And the silhouette was drawn with the same sharpie as the pubiture.

Soon those pubic hairs will be engraved on the plates that print the dollar bill.

And all of us will be able to contemplate the dear leader.

Welcome to donnieLand.

Paris Parrot Eating Green Berries In Parc Montsouris

 

Ho Hum, Another Apartment Building Demolished

Mostly it's the Israelis that get the video coverage.

It's unnerving - to me - that a country can decide to do whatever it is that they are able to do that disintegrates an apartment building in some other country.

With impunity.

But every night we see it on - the last bastion - PBS NewsHour.

We see Israel bringing down multi story apartment buildings and killing the apartments' occupants.

I have a problem with that.

But, of course, there is the holocaust.

OK.

That's real; that happened; that's unforgiveable. 

But did it create some six million or so ledger entries of human lives that the Israelis are able now, 80 years later, to draw upon?

To pursue their current purification project?

Has the world converted the horror that they - the now Israeli, but previously European, Jews - uniquely experienced under Hitler - to a carte blanche quota of Palestinian and Lebanese lives that the Israelis - the descendants of that horror - can, and apparently should (they believe) remove from existence?

Up to six million?

There are only about two million Gazan Arabs.

When they are gone do the Israelis have carte blanche for four million more somewhere?

Where?

And who?

And is that quota kinda like a hunting license?

I guess it is.

I guess also that questioning such as I have indulged myself here - wondering how one horror gives carte blanche to that horror's victims to, therefore, unleash their own version of that same old horror on some other group - is antisemitic.

Welcome to donnieLand.

Anyway, that seems to be - at least it so seems to me - what is happening.

"Ho Hum", has said the world as the Israelis have killed, last time I heard a count, 75,000, with hundreds more daily, killed in the ceasefire.

And those ceasefire dead are not included in the grand total, because there is a ceasefire; so, nobody gets killed.

Officially.

"Ho Hum", has said the world as those same Israelis conduct invasion and demolition of a hapless adjacent country.

Lebanon.

Demolishing apartments and killing thousands.

To build a medieval concepted thing: a buffer zone.

I just can't get there.

But then, I have never cared if Bi Bi goes to prison for corruption.

Although I would like it to be for war crimes if he ever goes.

******************************************

I started talking about this issue on the day after, the Hammas massacre, 8 October 2023.

I was angry when I did that.

I am much angrier now.

Here are links to those twelve posts.

It's my Gaza Primer.

 

Either An Aperol Or A Campari Spritz; Which?

Why ask? Say you.

No real reason. Say I.

It's just that the liqueurs are slightly different in color.

So, one should be able to tell.

Campari or Aperol. 

Whichever.

We drank them all the way down Italy one Autumn.

Can We Get Serious Now?

The individual who sprinted through the Washington Hilton entry area during the White House Correspondents’ Dinner incident — identified as Cole Tomas Allen — was carrying multiple weapons:

• A 12‑gauge pump‑action shotgun
• A .38‑caliber semi‑automatic pistol
• Three knives

One wonders how many hands the attacker has.

But it's really good slapstick.

He sprinted through the Hilton entry portal like he was auditioning for a Three Stooges reboot, and he was carrying enough hardware to require:

• two hands for the shotgun
• one for the pistol
• three for the knives

My guess is he was auditioning for that reboot: Curly, Moe and Larry Conspire to Aspire and Perspire.

And Now, The Punchline:

I found this snippet lurking in my MSN feed amongst the pictures of women who feel deeper, cautions about the horrors of gelatin and a video of a device that can stainless-steel-brush the charcoaled accretion of years of mistreatment of one's outdoor grill away in seconds.

It's from a republican strategist once associated with, but no longer - a common state these days - the trump fiasco.

It's about the economy's impact on trump.

Not the donniEconomy's impact on those of us who shudder at the price of ground beef as we move past the beef counter and on to chicken where we hope to find a clearance on necks - but, instead, the bad effect that it has on donnie's standings.

"Shah characterized the problem as fundamentally one of presidential control over messaging rather than actual policy achievement. 'Oh, without a doubt. Because what voters wanted was a solution talk,' she explained when asked if this was a messaging problem."  (Quoted from a story by David McAfee)

In other words, misery is perception.

It should be pointed out that the misery of the governed (dare I say mudsill) isn't misery at all; it is just perception; however, the cosmic misery caused by the adverse effects of that perception on the dear leader are immeasurable

So, all this nation needs is a solution talk.

A talk that addresses the perception.

A talk from the gold laced fireside.

Black Becomes Red

The recent Supreme Court Decision getting rid of black elected representatives in America has generated a lot of discussion.

Most of those discussions have focused on the linkage between black people and the Democratic party.

That relationship, the discussers point out, means that everywhere but the two Coasts - the East one pretty far North - and a few oddball enclaves elsewhere, the "no black districts" law (known in the inner circles as Clarence's law) will usher in an alarmingly red future for America.

As an exit summary statement, I heard one of those discussers recently say something like: "until the Democrats can develop a message that appeals to rural, uneducated white voters ...".

You don't need to be educated to know that trump and the republicans have things as fucked up as Grogan's Goat.

If voters don't know that, or don't care, I can't imagine any "message" that's going to get them to vote for some message.

In the current state of affairs, a candidate named Generic Not A Republican ought to win in a landslide, no "message" required.

But being stupid, or being unwilling to admit having been conned, or both, or being "so really fucked, so who cares?"  is too thick a fog to penetrate with some message.

A Multi-Dimensional Quandary

On Friday the Fifth Circuit Court in New Orleans put a stay on FDA rules concerning mifepristone.

What’s being stayed is the FDA’s rules that allow mifepristone to be prescribed by telehealth, dispensed by retail pharmacies, and sent through the mail.

The stay has been issued because the Fifth Circuit believes that the challengers are likely to win their claim that the FDA’s 2021–2023 mifepristone rule changes were unlawful administrative actions.

The court stayed the rules because it thinks the FDA may have exceeded its authority, acted arbitrarily, or failed to follow required procedures when it loosened mifepristone restrictions.

Not surprisingly since this is coming from the Fifth Circuit, that is putting legal-sounding wrappings on a crypto moral package.

So, the next move, if one is made, is at the Supreme Court.

That's where things get interesting.

No, I mean really interesting.

When The Court overturned Roe v Wade and said that that sort of decision needs to be made at the state level, they laid down a pretty clear statement.

 1. Dobbs said: “Return abortion to the states.”

That was the Court’s own stated principle:

• abortion is not a federal constitutional right

• therefore, states may regulate it

• federal courts should step back

That was the Court’s announced philosophy.

2. But the Fifth Circuit stay is a federal override of state choices.

The stay:

• blocks mail order mifepristone

• blocks telehealth prescribing

• blocks pharmacy dispensing

Those blocks all apply even in states that explicitly chose to allow all of those things (are applying the Supreme Court's "Dobbs Principal"). 

That is the opposite of “returning the issue to the states.”

3. If the Supreme Court affirms the stay, it contradicts Dobbs.

They would be saying:

“States should decide abortion except when a federal court - in this case the Fifth Circuit - wants to impose a national restriction.”

That’s not federalism; that’s arbitrary and capricious federalism - federalism as a moral weapon, not a principle.

4. If the Supreme Court reverses the stay, it must defend the FDA.

Which means:

• reaffirming agency expertise (not law but instead, medical bureaucracy - not the Court's forté)

• implicitly allowing abortion access via medication

These actions risk angering the same political coalition that celebrated Dobbs; so, the Court must reverse without appearing to reverse the moral direction of Dobbs.

That’s gonna be a real interesting show of moral-rhetorical gymnastics.

5. If the Court refuses to hear the case, it silently endorses a national abortion restriction.

And that would be:

• a de facto national ban on mail order abortion

• imposed by a lower court

• without the Supreme Court taking responsibility

That would be an abdication of the stated principle of local states' rights in Dobbs.

So, the Court’s quandary is multi-dimensional.

They must somehow:

1. Avoid contradicting Dobbs

2. Avoid endorsing the Fifth Circuit’s attack on FDA authority

3. Avoid appearing to expand abortion access

There is no clean path; every path requires doctrinal contortion, a phenomenon that we used to call in the Air Force "flying up one's tailpipe".

And the absurdity of the quandary is that the Court created this trap for itself.

Dobbs was written as if the Court could simply “hand the issue back to the states” and walk away.

But abortion is not a neat, state-bounded issue.

The fact that that only looms large now suggests the paucity of intellect and talent, or the depth of the real revisionist agenda of the Supreme Court.

Abortion intersects:

• federal drug regulation

• interstate commerce

• telehealth

• mail delivery

• administrative law

• FDA authority

The Court pretended it could isolate abortion from the rest of the federal system. 

Reality is now proving otherwise.

And it's going to be a real goat rodeo.

Paris Parrot Eating Seeds

 

Tiger Swallowtail

 

Nightshade Blooms

 

World Liberty Financial

In 2024 the trump Family founded World Liberty Financial.

About 60% of the company is owned by trump affiliates.

About 40% is thought to be owned by various other founders of the entity, including some people named Witkoff.

The company seems to have two functions.

1. It sells WLFI governance tokens. WLFI governance tokens are "minted" not "mined".  Mined coins like Bitcoin are the classical product of a lights out data center chugging endlessly through an unbelievably complicated algorithm, the result of which is an occasional crypto coin. "Minted" coins are the product of the terms and conditions of a "smart contract".  A "smart contract" is a snippet of computer code that defines the terms, conditions and characteristics of the existence of that coin. Smart contracts eliminate the need to mine new tokens by allowing the contract creator to include a simple ‘mint’ function that produces tokens on demand. That "smart contract" is then hosted by various market standard blockchains. WLFI governance tokens have one function: they impart to the holder a say in the governance of World Liberty Financial. While the coins have no intrinsic value, they do have a market: they are currently worth about five cents each. Proceeds from the sale of WLFI are deposited with BitGo Trust Company which is a privately held company. Of the initial $4 billion issued, $1 billion have been purchased. Since that valuation was not discovered by mining or intrinsic value, it was created by the price at which WLFI tokens were sold to investors, including large private placements and structured deals. 

2. It sells USD1 stablecoins which are dollar denominated crypto coins. World Liberty Financial USD1 stablecoins are minted, not mined. Buyers send dollars or dollar-denominated securities to BitGo Trust Company. BitGo holds the dollars in custody. World Liberty Financial invokes the applicable block chain resident smart contract and the tokens are minted and deposited in the depositor's wallet. Dollars remain with BitGo until redemption. It is not known what the interest earning implication of those cash and cash-like holdings are, or what if any, kickback of those interest earning opportunities to the trumps might be.

Of the two products - WLFI governance tokens and USD1 stablecoins - WLFI governance tokens are by far the more profitable since they cost nothing and acquire value from a market driven by entities and individuals that desire influence with and say in the governance of a trump Family enterprise, and influence with the trumps themselves, perhaps even including the president. 

75% of proceeds from the sale of WLFI governance Tokens go to the trump Family.

By the end of 2025 the trump Family is thought to have received $1 billion in proceeds from those sales.

Not a bad day's proceeds for something with no intrinsic value; and since there are 3 billion more - at today's market price - waiting to be sold, and 96 billion in the hopper after that, the trumps' windfall can't be because they are selling something that is scarce.

******************************************

There is more.

But this has taken all my energy for researching, thinking and writing for today.

So, later.