Technocracy

The Logical Conclusion of the Modern, Monetary Argument

"One of the most terrible things about the globalization of finance, money and industry is that it homogenizes booms and busts. There is literally nowhere to go. As economic centralization continues, these cycles will only worsen. These days in the West – and certainly in Washington – Republicans are sure they can mandate a technocratic interest-rate rule that will restrain the Fed from doing inordinate damage to the economy. Ironically, Democrats argue for more flexibility and less government interference regarding money. This would be admirable from a free-market standpoint except that they are arguing on behalf of a MONOPOLY facility. As usual, both parties get it wrong." Continue reading →

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77,000 Foreign Banks To Share Account Info With IRS

"Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans' assets overseas. Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers. The law requires American banks to withhold 30 percent of certain payments to foreign banks that don't participate in the program — a significant price for access to the world's largest economy. The withholding applies to stocks and bonds, including U.S. Treasurys. Some previously owned securities would be exempt from the withholding, but in general, previously owned stocks would not." Continue reading →

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The Successor to Keynes

"The words, 'Brilliant!' 'Ground-breaking!' and 'Visionary!' He recommends: Uniform global taxation; Confiscatory tax on inherited wealth; 15% tax on capital; 80% tax on annual incomes over US$500,000; Enforced transparency on all bank transactions; Overt use of inflation to redistribute wealth downwards. Why didn’t anyone else think o"The words, 'Brilliant!' 'Ground-breaking!' and 'Visionary!' will no doubt be seen in many reviews of Mr. Piketty’s book. He recommends: Uniform global taxation; Confiscatory tax on inherited wealth; 15% tax on capital; 80% tax on annual incomes over US$500,000; Enforced transparency on all bank transactions; Overt use of inflation to redistribute wealth downwards. Why didn’t anyone else think of this brilliant plan? Well actually, they did. In fact, the above is essentially the shopping list of the IMF, the EU, the OECD and, in fact, many of the governments that make up what was formerly described as 'the free world.'" this brilliant plan? Well actually, they did. In fact, the above is essentially the shopping list of the IMF, the EU, the OECD and, in fact, many of the governments that make up what was formerly described as 'the free world.'" Continue reading →

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Who Needs Bitcoin? Venezuela Has Its ‘Sucre’

"The late Venezuelan president created the sucre, a virtual currency designed to dethrone the dollar as the main trading currency used with his country's regional trading partners: Ecuador, Cuba, Bolivia and Nicaragua. The sucre is managed by a board of central-bank representatives, which has helped bolster its use. Ecuadorean companies exported $737 million worth of goods to Venezuela using the sucre system in the first nine months of 2013, an 80% increase from the same period in 2012, according to Ecuador's central bank. That growth has drawn attention from the country's regulators, which are cracking down as fraud involving the virtual currency rises." Continue reading →

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Paul Krugman Is Wrong: Bitcoin Isn’t Evil, But Monetary ‘Stimulus’ Is

"Krugman asserts that bitcoin is evil because it is a 'weapon intended to damage central banking' and makes it harder for states to tax and monitor people. He gets it exactly backwards. A weapon is a tool used to attack someone. But bitcoin users aren’t attacking anyone; they are avoiding an attack. As the tax burden grows heavier, and surveillance intrudes more deeply, it’s reasonable for people to seek shelter. They just want to protect themselves." Continue reading →

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Sweden moves closer to a cashless society with new business registry

"The troublesome legislation does not end with a government registry and yet another extraction of resources from the citizens. Businesses must now in many cases also violate the privacy of its customers. According to the law, businesses or their employees must obtain detailed knowledge about its customers and also ask for their identification. Any suspicious activity should be reported to the financial police. Funnily enough businesses does not have to obtain knowledge about their customers if they are dealing with Swedish authorities or with banks and insurance companies. Article 2 section 5 of the law states that these are exempt." Continue reading →

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Cognitive Dissonance of Ben Bernanke?

"The aggrandizement of 'leaders' who preside over massive price-fixing facilities such as central banks and legislatures ought to be identified as the hype that it is. There is no possible way that even the most sophisticated analysis of previous indicators can yield up legitimate and accurate projections. Those internationalists who have constructed the current system know that. Hence, the almost obsessive concentration on academic degrees and 'expert' appellations. The idea is to fool people into believing the 'best-of-the-best' have 'expert' powers that allow them to peer into the future using the indicators at hand. But they can't any more than you can." Continue reading →

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Central Banking: Sterile as the Grave

"Central banking is a modern religion, a technocratic one. The world's top men, the ones who control banking, want to present central banking as a science. Any sense of spontaneity, gaiety or eccentricity is to be drained from the process. What is left is a dutiful acknowledgement that those minding the money store are the best of the best – and chosen for their fealty to honesty and their honest resoluteness in the face of the temptations of corruption. A straight-shooter, fearless, well-meaning, earnest ... even a bit nebbish. That's how the central banker is basically presented to the world. You don't usually see them in relaxed environments. You hardly ever see them at barbecues." Continue reading →

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Paul Craig Roberts: The Money Changers Serenade – A New Plot Hatches

"At the IMF Research Conference on November 8, 2013, former Treasury Secretary Larry Summers presented a plan to expand the con game. Summers says that it is not enough merely to give the banks interest free money. More should be done for the banks. Instead of being paid interest on their bank deposits, people should be penalized for keeping their money in banks instead of spending it. Summers acknowledges that the problem with his solution is that people would take their money out of banks and hoard it in cash holdings. Summers has a fix for this: eliminate the freedom by imposing a cashless society where the only money is electronic." Continue reading →

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American Express Ex-Chief Privacy Officer On ‘The Last Days of Cash’

"Andy Roth, a partner in Dentons' Privacy and Security Group, and Victor Boyajian, a partner in Dentons' Venture Technology Group, explore the evolution of digital payments, virtual currencies and security. The video examines: Bitcoin and other virtual currencies; Regulatory issues in connection to digital payments; The balance between privacy and technological progress; Privacy as a product or feature; and The outlook for consumer payments." Continue reading →

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