Resistance

Two-thirds of millionaires left Britain to avoid 50p tax rate

"In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs. This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election. It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes. Far from raising funds, it actually cost the UK £7 billion in lost tax revenue." Continue reading →

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Former Microsoft exec plans high-end marijuana business

"A former Microsoft executive and Washington state resident is planning to enter the upscale marijuana business, in the hopes that it will help bring some respectability to the industry, reported KiroTV. Jamen Shively plans to name his business after his grandfather, who supplied hemp rope to the Spanish Armada at the time of the Spanish-American War. 'By creating the category of premium marijuana, we want to position it similar to a fine cognac, a fine brandy, a fine cigar,' Shively told KiroTV." Continue reading →

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California’s Humboldt State University launches marijuana institute

"California’s Humboldt State University announced recently it would form a new institute that combines experts from the fields of economics, psychology, sociology, politics, geography, social work and public policy to help better inform the nation’s ongoing debate on marijuana reform. The school, which is accredited and funded by taxpayer dollars, said it would begin offering lectures on marijuana policies as soon as Tuesday evening. At least 11 faculty members are also onboard, according to the institute’s website." Continue reading →

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Dollar-Less Iranians Discover Virtual Currency

"Under sanctions imposed by the U.S. and its allies, dollars are hard to come by in Iran. The rial fell from 20,160 against the greenback on the street market in August to 36,500 rials to the dollar in October. It’s settled, for now, around 27,000. The central bank’s fixed official rate is 12,260. Yet there’s one currency in Iran that has kept its value and can be used to purchase goods from abroad: bitcoins, the online-only currency." Continue reading →

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Iran: Oil for gold deals bypass sanctions, US unveils new penalties

"The United States and European Union have imposed tough sanctions on Iran that have weakened its economy. But Tehran has found ways to bypass the penalties, such as Turkey's use of gold to pay for Iranian natural gas imports. The Menendez-Kirk measure would allow the president to impose sanctions in cases of the sale or transfer of precious metals, targeting efforts by Iran to circumvent the penalties." Continue reading →

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Americans Forced to Close Their Intrade Accounts

"Intrade decided all its U.S. customers must now close their accounts and withdraw their money from the site. Why did the American government sue Intrade? It was not for operating an online gambling operation, but for allegedly violating America's incomprehensible financial regulations. The government says that many of the things Intrade allows people to predict - everything from what the price of gold will be in the future to whether the U.S. will go to war soon - are legally considered 'commodity options,' and that Intrade broke the law because it isn't licensed to trade those. The penalty is $140,000 per violation." Continue reading →

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The U.S. Plot to Nuke the Moon

"Shortly after the Soviets lunched the Sputnik satellite in 1957, the U.S. government seriously considered a nuclear strike against the Moon in order to intimidate Russia. A missile carrying an atom bomb would have been launched from an undisclosed location and then detonated on impact. Preparations were made for a missile launch in 1959, but the program was quietly scrapped. What is truly strange is that the plan to nuke the moon was supposedly inspired by the need to catch up with the Soviets in the space race. Yet there’s evidence that Washington actually spotted Moscow a lead by allowing the Russians to launch the first satellite." Continue reading →

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Merry Christmas: Congress Could Vote for an Online Sales Tax before the End of the Year

"With less than five weeks to go in the year, supporters are concentrating most of their efforts on the Senate, where a measure giving states greater latitude to collect sales taxes from online purchases has a powerful backer in Majority Whip Dick Durbin (D-Ill.), says Politico. Both the Senate and House proposals would allow states to collect sales taxes from internet retailers located in other states, an approach that also has been backed by prominent GOP governors, such as Cato favorite Chris Christie." Continue reading →

Continue ReadingMerry Christmas: Congress Could Vote for an Online Sales Tax before the End of the Year

Student Debt Bubble Officially Pops; 90+ Day Delinquency Rate Goes Parabolic

"It shouldn't be a surprise, at least to our readers who read about it here first, but what will stun the general public are the two charts below, the first of which shows the amount of 90+ day student loan delinquencies, and the second shows the amount of newly delinquent 30+ day student loan balances. The charts speak for themselves." Continue reading →

Continue ReadingStudent Debt Bubble Officially Pops; 90+ Day Delinquency Rate Goes Parabolic