Issues

QE3 is a Huge Subsidy to the Top 10%.

"The Federal Reserve System’s policy known widely as QE3 is a massive subsidy of the rich at the expense of the middle class. This is the conclusion of Stephen Roach, who for years was chief economist for Morgan Stanley. He calls this policy destabilizing. He says this: the FED 'is courting an increasingly treacherous endgame at home and abroad.' The FED’s creation of $85 billion of counterfeit money — euphemistically called 'liquidity' — is based on a theory. The theory is that rich people, who buy most of the stocks and bonds, will feel wealthier, and therefore will buy more stocks and bonds. In short, QE3 is an indirect way to goose the equity markets." Continue reading →

Continue ReadingQE3 is a Huge Subsidy to the Top 10%.

Cashless trend is redefining money, and a central bank’s role as printer

"Throughout the world, central banks have woken up to the fact that their wholesale interbank clearing and settlement systems can be bypassed by mobile-to-mobile payments. Indeed, who will get the seigniorage, or the right to interest on the monetary creation, which traditionally has belonged to the state and been delegated to the central bank? Of course, we used to believe that central banks could only print money when it is backed by gold or promises to pay by the government. Today, advanced central banks are printing money faster than ever." Continue reading →

Continue ReadingCashless trend is redefining money, and a central bank’s role as printer

IRS Seizes Small Store’s Bank Account. It’s Asset Forfeiture. It’s Legal.

"This man runs a small store. His insurance company insures against theft for only $10,000 per robbery. So, his daughter waited until there was $9,000. Then she deposited the money in the bank. An IRS agent seized the money. She charged 'structuring.' The IRS requires you to report cash deposits in excess of $10,000. It also prohibits 'structuring' — deposits just under $10,000. 'How will I pay my workers?' he said. 'I don’t care,' she replied. She handed him her card. The Internet may give the story enough coverage to convince the IRS agent’s superior that the bad publicity isn’t worth $35,000. Otherwise, this man is out of business." Continue reading →

Continue ReadingIRS Seizes Small Store’s Bank Account. It’s Asset Forfeiture. It’s Legal.

Feds Steal $35K From Small Grocer’s Bank Account Despite ‘No Violations’

"Schott's Market, in Fraser, Michigan, was robbed in January of this year. Unfortunately for Terry Dehko and his daughter, Sandy, who own the place, the thieves are government agents in the emply of the Internal Revenue Service. The IRS doesn't even allege that the Dehkos committed a crime to justify cleaning out their bank account using civil asset forfeiture—they even sent the Dehknos a letter clarifying that 'no violations [of banking laws] were identified.' So, why the mugging? The feds just don't like the way the grocers have been depositing money in their bank account. Really." Continue reading →

Continue ReadingFeds Steal $35K From Small Grocer’s Bank Account Despite ‘No Violations’

Health Care Law’s Achilles Heel? A Growing Legal Morass

There are a number of well-kept secrets about the health care law, but I think the increasing legal morass has become the most important. “Morass” is a negative word: A growing number of citizens, businesses, and the state of Oklahoma have turned to the court system to seek relief. This means Americans are – or […]

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Ruling: State Lawsuit Against Illegal ObamaCare IRS Rule Can Proceed

On August 11, 2013, a federal judge ruled that the State of Oklahoma has standing to proceed with a lawsuit challenging an Internal Revenue Service rule issued in May 2012 regarding premium subsidies in the form of tax credits and penalties delivered through the Affordable Care Act’s insurance exchange provisions. Oklahoma’s Attorney General Scott Pruitt […]

Continue ReadingRuling: State Lawsuit Against Illegal ObamaCare IRS Rule Can Proceed