The Freedom Watch

For Bitcoin VCs, There’s No Sexier Word Than “Compliance”

"'There are few things scarier than the threat of the government turning off your [portfolio] business and that possibility 100 percent exists with bitcoin,' said Matthew Witheiler, principal at Flybridge Capital Partners, and one of the four investor panelists at the pitch event. 'The bitcoin companies that win will be the ones that play by the rules.' Andrew Chang, a partner at Liberty City Ventures, a VC firm that has created a dedicated bitcoin startup fund, said he is looking for startups that approach their business 'not necessarily as tech startups would approach it, but as financial institutions would.'" Continue reading →

Continue ReadingFor Bitcoin VCs, There’s No Sexier Word Than “Compliance”

US Supreme Court Rules Against DMV Disclosing Driver Info

"The US Supreme Court issued a ruling Monday confirming federal privacy protections for the personal information stored by state motor vehicle departments. The justices considered the issue in a case where one group of lawyers found a way to file a $200 million class action lawsuit against another group of lawyers that also files class action lawsuits. Ordinarily, the federal Driver's Privacy Protection Act (DPPA) prohibits the disclosure of personal information from motor vehicle records, unless it is for law enforcement or public safety purposes. The law does have an additional exemption for 'investigation in anticipation of litigation.'" Continue reading →

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Final Score: Dwight Howard 8,000,000 – Jerry Brown 0

"A state nurse getting $331,000 of annual compensation; A county administrator getting $423,000 pensions; A state psychiatrist getting $822,000 of annual compensation; Cops that get $188,000 of annual compensation; A city manager getting $800,000 of annual compensation. But overpaid bureaucrats are not the only problem. California politicians are experts at wasting money in other ways, such as the supposedly high-speed rail boondoggle that was supposed to cost $33 billion and now has a price tag of $100 billion." Continue reading →

Continue ReadingFinal Score: Dwight Howard 8,000,000 – Jerry Brown 0

The European Parliament’s Pro-Tax Politicians Should Go After their Own Tax-Protected Salaries

"What’s the most noxious example of hypocrisy from the political class? Our old friend Dan Hannan from the European Parliament has another contestant. His tax-hungry colleagues (like their American counterparts) are bashing Apple, Google, and other multinationals for legally minimizing their tax burdens. Yet as Dan explains, parliamentarians from 24 out of 27 nations get a sweetheart deal and pay a very low flat tax. But I must say none of these examples of hypocrisy can compete with the bureaucrats from the OECD and IMF, both of whom get completely tax-free salaries while pushing for higher taxes on the rest of us." Continue reading →

Continue ReadingThe European Parliament’s Pro-Tax Politicians Should Go After their Own Tax-Protected Salaries

Congress OKs General Atomics deal to sell Reaper drones to France

"The NATO-led air war in Libya in 2011 and the French military intervention in Mali this year have underscored France’s shortage of surveillance drones, which have transformed warfare in the past decade since being introduced on a large-scale in the US wars in Iraq and Afghanistan. In justifying the sale, the agency said it is 'vital to the US national interest to assist France to develop and maintain a strong and ready self-defense capability' and that the drones would bolster the intelligence and surveillance capability of France while also ensuring American and French forces can operate jointly." Continue reading →

Continue ReadingCongress OKs General Atomics deal to sell Reaper drones to France

US blocks G20 crackdown on tax avoidance by net firms like Google and Amazon

"Senior officials in Washington have made it known they will not stand for rule changes that narrowly target the activities of some of the nation's fastest growing multinationals. The OECD plan has been billed as the biggest opportunity to overhaul international tax rules since a framework for bilateral tax treaties was first established after the first world war. In the case of Google, in 2011 French tax officials demanded €1.7bn (£1.47bn) in back taxes. Google settled the case, agreeing to paying €60m. The French president, François Hollande, said it was 'a model for effective partnership and is a pointer to the future in the global digital economy.'" Continue reading →

Continue ReadingUS blocks G20 crackdown on tax avoidance by net firms like Google and Amazon

Which States Are Most Drunk on Wine Taxes?

"I shared some fascinating details the other day about how federal taxes inhibited the development of America’s beer industry. And I’ve used a story about buddies sharing beer to illustrate the dangers of redistribution and class warfare. But this blog hasn’t paid much attention to wine. Well, thanks to this new map from the Tax Foundation, that oversight has been addressed. I reckon the politicians in Kentucky don’t have much use for those effete, wine-sipping bi-coastal elites?" Continue reading →

Continue ReadingWhich States Are Most Drunk on Wine Taxes?

French president auctions off wines in austerity fire sale

"The expected price of the wines range from 20 euros to 2,500 euros ($25 to $3,235) per bottle and include top-end offerings such as a Chateau Latour dating back to 1936, a 1990 Petrus and a slew of 1985 Romanee wines. The cellar at the Elysee was established in 1947 during the presidency of Vincent Auriol and now holds 12,000 bottles. Burgundy and Bordeaux wines will dominate in the auction but there are also offerings from Alsace, the Loire and the Rhone valley. Demand for wine from France, the world’s leading wine producer by value, is high especially from well-heeled buyers in China and the United States. China is the world’s biggest importer of Bordeaux wines." Continue reading →

Continue ReadingFrench president auctions off wines in austerity fire sale

Idea of Euro Exit Finds Currency in Portugal

"A book by a Portuguese economist achieved a small feat on its release last month: It instantly topped Portugal's bestseller list. The book, 'Why We Should Leave the Euro' by João Ferreira do Amaral, has helped ignite a public debate in Portugal about the real cause of the country's economic pain. Communist parties in Portugal and Cyprus have turned against euro membership. Two parties in Italy's Parliament want a euro referendum. And two small anti-euro parties recently formed in depression-hit Greece. Even in prosperous Germany, angst about the cost of euro-zone bailouts has led to the launch of an anti-euro party, Alternative for Germany." Continue reading →

Continue ReadingIdea of Euro Exit Finds Currency in Portugal

Pot smoking to be reduced to ticketing offence in Switzerland

"A revision of the country’s drug laws, set to take effect on October 1st, will allow police officers to issue 100-franc ($105) tickets for people caught smoking a joint. On-the-spot fines will replace a court appearance in cases of cannabis possession involving amounts of 10 grams or less. The federal government issued a reminder of the planned change on Friday. It follows amendments to drug laws adopted by the senate and the house of representatives (national council) on September 28th 2012. If the person ticketed agrees to pay the fine, he or she can avoid appearing in court." Continue reading →

Continue ReadingPot smoking to be reduced to ticketing offence in Switzerland