It’s A Trap

Central Planning Ignores the Needs of Women

"An American visiting the Communist Bloc in the 1980s would be aghast to find most women still doing laundry the way they had in the United States 50 years prior, without washing machines. The communist system didn’t produce machines to make women’s lives easier for the same reason it neglected their other needs and wants. For all the complaints about the profit motive, markets incentivize people to satisfy each other’s preferences through voluntary exchange, while state-run economies provide no such incentive. There is no shortage of soaring communist rhetoric on gender equality, but that cannot make up for the pervasive and sexist shortages under central planning."

Continue ReadingCentral Planning Ignores the Needs of Women

Enter the ‘petro’: Venezuela to launch oil-backed cryptocurrency

"'Venezuela will create a cryptocurrency,' backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. Ironically, Venezuela’s currency controls in recent years have spurred a bitcoin fad among tech-savvy Venezuelans looking to bypass controls to obtain dollars or make internet purchases. Maduro’s government has a poor track record in monetary policy. Currency controls and excessive money printing have led to a 57 percent depreciation of the bolivar against the dollar in the last month alone on the widely used black market."

Continue ReadingEnter the ‘petro’: Venezuela to launch oil-backed cryptocurrency

Congress Is Coming After Your 401(k)

"The new proposal would treat all 401(k) and traditional IRA contributions as if they were Roth IRA contributions. You’d lose the tax exclusion of those contributions, but your future 401(k)/IRA earnings and appreciation would be tax-free. Some think this could raise $1.5 trillion in additional tax revenue over the next decade, making the corporate tax slash feasible. Unless they decide to tax retirement earnings and appreciation too." Continue reading →

Continue ReadingCongress Is Coming After Your 401(k)

So, Sir Patrick Stewart Wants to Become a US Citizen?

"There are a few things you should know before taking the plunge. I am happy to assist you with your pre-immigration US tax planning. Just let me know when you would like an appointment. If instead, you feel more comfortable speaking to a fellow Brit, I am sure Boris Johnson will be able to tell you a few things about the US tax system (and most likely, why you should avoid it at all costs)." Continue reading →

Continue ReadingSo, Sir Patrick Stewart Wants to Become a US Citizen?

Ending the Ownership of Money

"The overriding effect that the elimination of cash will have on people will be that they will lose their freedom of monetary movement. They will be subject to government and banking surveillance of every transaction and, increasingly, will be subject to legislation that limits currency movement. Once this point is reached, governments will be free to move to a stage in which they declare that money is not the possession of the individual or company. It’s the possession of the government and the government 'allows' the public to use its currency in order to conduct commerce. As such, individuals and companies had best 'behave,' or they might find the privilege taken away and the money confiscated." Continue reading →

Continue ReadingEnding the Ownership of Money

Bill Bonner: There Is No Security in Bonds Right Now

"Debt is always and everywhere a worry and a threat. It must be repaid. The more of it there is outstanding, the more cause for worry. Who won’t be able to pay? And if he doesn’t pay, will his creditors still be solvent? What if the currency goes down? What if inflation goes up? Debt raises questions… and makes the financial system fragile. As the quantity of debt increases, in other words, the quality should go the opposite direction. It doesn’t make sense for the amount of debt to increase as the price of it increases, too. It is contrary to the most basic law of supply and demand. And yet, yesterday, the price of debt went up… even as the supply of debt worldwide reaches epochal levels." Continue reading →

Continue ReadingBill Bonner: There Is No Security in Bonds Right Now

US State Bank Supervisors to Discuss Bitcoin at Public Hearing

"In late February, the US Conference of State Bank Supervisors (CSBS), a membership organisation for state banking regulators that liaises with Congress, announced it would launch a new task force aimed at investigating emerging payments issues, including topics related to bitcoin and other digital currencies. To date, nine state banking officials have joined the task force, including New York Department of Financial Services superintendent Benjamin Lawsky. The organisation’s fact-finding mission will take one of its first steps on 16th May, when the CSBS will hold a public hearing on emerging payment issues in Chicago, Illinois." Continue reading →

Continue ReadingUS State Bank Supervisors to Discuss Bitcoin at Public Hearing

NYPD urging people to upgrade Apple devices to iOS7 because it is ‘safer’

"New York police officers were handing out flyers to people around New York City on Saturday urging them to upgrade their devices to Apple's new iOS7 operating system. NYPD's Public Awareness Notice promotes the software as giving 'added security to your devices'. The NYPD notice also urges people to register their devices with their 'Operation Identification Program'. One of those given a flyer was Michael Hoffman, who posted a picture on his Twitter account showing the paper from the police that was given to him at his subway stop. His tweet says: 'Four uniformed NYPD officers were at my subway stop tonight asking me to upgrade to iOS 7. Not a joke!'" Continue reading →

Continue ReadingNYPD urging people to upgrade Apple devices to iOS7 because it is ‘safer’

FATCA: a Tool of the Electronic Surveillance State

"If FATCA’s sole purpose were to 'recover' tax revenues from assets squirreled away offshore by American 'fat cats,' it seems odd that it targets only individuals and specifically exempts reporting on accounts held by U.S. corporations. On the other hand, targeting individuals makes a lot of sense if FATCA’s purpose is directed towards something else: adding to U.S. government agencies’ global electronic 'map' of personal information. It should be further understood that any data transmitted by foreign financial institutions will not be confined to the IRS but will be handed over ('upon request,' of course) to other 'three-letter' agencies of the U.S. government." Continue reading →

Continue ReadingFATCA: a Tool of the Electronic Surveillance State