"A recent New Yorker article has awakened many Americans to the scourge of civil asset forfeiture in which police can seize property without charging anyone with a crime and pocket the proceeds. Many police organizations call the proceeds of civil asset forfeiture a vital source of funding. Scott Bullock, senior attorney at the Institute for Justice, describes the practice and the best avenues for reform." Continue reading →
"Felony charges were filed against one poor soul, which highlights the State’s refusal to recognize property rights and the idiocy of the drug war. A Glasco, N.Y. man had his world come crashing down after a neighbor snitched on him for killing the deer that were eating his marijuana plants. Barry J. Brice learned a hard lesson from his run-in with the law. Not only does the State own the deer that destroy your garden, they also dictate what plants are allowed to be grown. Statists would claim that Mr. Brice got what he deserved for growing an illegal plant and killing deer without a license. They would rejoice at the prospect of Mr. Brice being locked in a cage for committing 'crimes' without victims." Continue reading →
"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 →
"Last month, BaFin (the German ministry of finance) announced it does not consider bitcoin to be e-money or a functional currency. Instead, it referred to it as 'private money' and a 'financial instrument'. Just last week, Bitcoin.de received confirmation from BaFin that it has no objections to the exchange’s partnership with Fidor Bank. The partnership means customers will soon be able to trade on bitcoin.de in near real-time using a free FidorPay giro account. Elsewhere in the world, bitcoin companies have been facing problems when it comes to finding banking partners. For example, US company Tradehill recently had to cease bitcoin trading due to 'operational and regulatory issues'." Continue reading →
"Bitcoin has massive implications for markets that the current financial services industry has ignored or struggled to penetrate. Online commerce all but requires preexisting access to a credit card or bank account, yet according to the GSMA 1.7 billion people have a mobile phone and no alternative to the cash economy. As digital cash, Bitcoin appeals directly to consumers as an accessible payment alternative without the risk and fees associated with existing credit and debit networks. Rapid growth of startup payment networks like M-PESA in Kenya (founded in 2007 and now processing 30%(!) of the country’s GDP) are a great early indicator for both market demand and adoption." Continue reading →
"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 →
"In one case, a foreign national who worked for the U.S. government told a colleague she suspected that her boyfriend, who worked for the NSA, was eavesdropping on her phone calls. Investigators found the employee had been collected his girlfriend’s phone conversations with nine different women without valid purpose between 1998 and 2003, and he was suspended without pay and then resigned before he could be disciplined. In another case, a woman told the NSA that she’d recorded a conversation between her husband and a foreign telephone number because she suspected he’d been unfaithful. She also resigned before she could be punished, the inspector general said." Continue reading →
"A Missouri man insists he did nothing to deserve being pepper-sprayed and arrested the night his teenage daughter shot herself. Kevin Russell, of Joplin, said he won’t accept an offer to plead guilty to assault because he doesn’t want to admit he did anything wrong when he screamed at emergency crews tending to his 16-year-old daughter, Brooke. Russell and his son, 19-year-old Brant, found the girl unconscious from a single gunshot wound to the head in a park near their home, and they loaded her into their car and met an ambulance at the police department. " Continue reading →
"You must have a plan by January 1, or else pay a tax to the government: 1% of your 2013 income, or $95, whichever is more. This tax will rise every year. There is a calculator to show what coverage will cost you. It shows if you are eligible for tax credits. People with low incomes will not qualify for tax credits. But they will have to pay the extra premiums. This is called 'helping the poor.' I'm on Medicare. You pay my premiums ($12,000 a year). My wife has Christian Health Care Ministries. She pays $1,000 a year. What about you? What about your children? They lose your coverage at age 26. Young people lose the subsidies at lower income than had been originally promoted." Continue reading →
"Few voters know what the average Medicare beneficiary receives each year. This rises every year. It was about $11,000 in 2008. In 2011, it was $12,000. Americans become eligible at age 65. Beginning in the year 2010, the baby boomers began to reach age 65. They were born in 1946, the year after World War II ended. The birth rate soared. It did not reverse until 1958. There is no question what is going to happen to Medicare. It is today the #1 government expense: 23%. This percentage will be over 50% before the boomers depart, unless Medicare is abandoned by younger voters in a great default." Continue reading →