Essays

What Every Student in America Needs to Know About the Federal Reserve

"This whole concept of infinite fiat is hard for people to grasp; it is something outside of their experience. People's lifelong experience with money is that it is a limited resource. It is hard to conceive of a group of people who have unlimited, infinite money. Yet the Federal Reserve has just that. The Fed is not like a doctor who prescribes a short-term stimulus for a patient who is feeling run down. The Fed is not like a parent who temporarily puts training wheels on a bike until the kid learns how to ride it. These metaphors make people think that the Fed's fiat printing is temporary and limited. It is not." Continue reading →

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IRS Reporting Rules for Cash Transactions and Precious Metals

"As you can tell by the title this commentary is our third revision at understanding what the government had in mind when IRS reporting rules for cash transactions came up on the radar screen more than 30 years ago. This subject has to be one of the most misunderstood and misrepresented in the trade today so I can’t figure out why you don’t see more about these rules? The reason might be that these mystical directions while holding sway over dealers are a poorly written mess which should have been avoided or at least provided with updating options. With mistrust of government reaching new highs these famous reporting rules become more important." Continue reading →

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Internationalizing in Chile

"In Chile, there are incredible opportunities for those in the know. Opportunities for a guy like me, and maybe for you if you're really serious about planting a flag in a South American country where things actually work – and work quite well. I've been living in Chile for about 6 months of the last two years, fulfilling my residency requirements. So, while I'm not an expert in all things Chile, my intent is to share some up-front impressions and on-the-ground experiences in the hope that this information will be helpful should you decide to plant one of your flags in what I believe is a wonderful country. So, with that in mind, let's get started." Continue reading →

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Sticky Thoughts: The Market, Not The Government, Gave Us Super Glue

"It was the competitive market that finally gave the product life, but first it had to struggle through an incredible array of barriers, from disincentives to monopoly grants to regulatory restrictions. What might have helped people at daily life since the 1940s took a half a century. Part of that time passage is inherent in the market process, but much of the rest of it was due to intervention. It was not science as such that made the difference. It was science given flight by market forces. At each stage of its development, the market was there, encouraging, prodding, guiding, and leading to the light, despite all odds." Continue reading →

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Support the Egyptian Uprising and Go to Jail

"Lynne Stewart read a note to the press that was construed as exhorting Egyptian radicals to rise up and violently overthrow the Egyptian military dictatorship under Hosni Mubarak. She is now living the rest of her life in a federal penitentiary. Thus, the state of U.S. law is this: In principle, it’s okay to support the right of people to use force to resist tyranny. After all, that’s what the Declaration of Independence says, a document that Americans just celebrated on the Fourth of July. But in the minds of U.S. officials, by exhorting Egyptians to violently overthrow their tyrannical, U.S.-supported regime, Stewart was guilty of being a supporter of terrorism." Continue reading →

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Taxation of Americans Abroad versus the 14th Amendment

"The 'citizenship penalty' deserves consideration. Both US citizens abroad and non-resident aliens are non-residents of the U.S. The fact that the U.S. citizen pays higher taxes, because of U.S. citizenship, is arguably a violation of the 'equal protection' clause of the 14th amendment. Furthermore, the U.S. Supreme Court has ruled that 'citizenship classifications' are 'suspect classifications' and that they can be upheld only if the government can demonstrate a compelling state interest. Why should US citizens abroad pay a penalty because of their citizenship?" Continue reading →

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Hacking Law and Governance with Startup Cities

"Startup Cities compete to provide new and better functions—in this case, to provide citizens with services they want and need. One new zone hosting a Startup City might pioneer different environmental law or tax policy. Another may offer a custom-tailored regulatory environment for finance or universities. Still another may try a new model for funding social services. Startup Cities are a powerful alternative to risky, difficult, and politically improbable national reform. If bad social techs lead a zone to fail, we don’t gamble the entire nation’s livelihood. People can easily exit a Startup City—effectively putting the project 'out of business.'" Continue reading →

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Top Ten Reasons Why You Should Not Talk to the Police

"REASON #1: Talking to the police CANNOT help you. If the police are talking to you, it’s because they suspect you have committed a crime. If they have detained you, it’s because they already have enough evidence to arrest you and they want to see if you will admit it and thus, give them an even stronger case against you. If they have evidence to arrest you for a crime, they will. If they don’t, they won’t. It’s as simple as that. Talking to them or not talking to them won’t make a difference! No one has ever 'talked his way out of' an arrest. If the police have enough evidence to arrest, they will." Continue reading →

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