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But that's been the deal hasn't it.. the USA would drop interest rates the americans would refinance and spend the cash... It would slosh around the US until it finally disappears off to China et al... look at the US trade deficit when it reaches $83 billion a month thats a trillion a year... Last month was $74.4 billion!
2008 was caused by banks handing out sub prime loans and then flogging them around the globe as AAA securities according to the BBC in their Trillions..Surely that was fraud??.. With goldman (our chancellors former employer.. the Swamp at work) being accused of deceiving customers.. to settle they paid a fine of 5 billion I think... which went to the government... their cut??
Cant drop interest rates anymore.. a quote from independence Day ....''Times up!''
But really the only bloke worth a listen is Peter Schiff schiffradio.com..
And I hear today on RT Boom n Bust .. the US government want to be notified on whos buying bitcoin.. for tax purposes.. there goes the confidentiality.. Theres no escaping government..
For fools they've got it pretty well tied up!.. or i should say ...For fools they've got US pretty well tied up!
Ho hum!
mrtibbles, as in Japan, you basically extend the mortgage to 50 years. They bend the rules etc so they can hang on, people in power and with the wealth have too much to loose to let the system fail. But with every dollar printed, gold should be becoming more attractive
So how would today's homebuyers cope with the interest rates of 12% we had to cope with 25 years back?
This is the party that claims to be more financially competent!
Sky World News 16th September 1992 Sterling crisis in ERM
https://www.youtube.com/watch?v=MGuKJT15SV8
https://www.youtube.com/watch?v=q9za9-T7vrM
Problem is that VAT and PAYE hits the ordinary people the hardest, whilst the richest have ways of claiming it back or avoiding paying their fair share such as Amazon!
Think on this
The equivalent of one nurse’s annual salary is lost to a tax haven every second!
Countries are losing a total of over $427 billion in tax each year to international corporate tax abuse and private tax evasion, costing countries altogether the equivalent of nearly 34 million nurses’ annual salaries every year – or one nurse’s annual salary every second.1 As pandemic-fatigued countries around the world struggle to cope with second and third waves of coronavirus, a ground-breaking study published today reveals for the first time how much public funding each country loses to global tax abuse and identifies the countries most responsible for others’ losses. In a series of joint national and regional launch events around the world, economists, unions and campaigners are urging governments to immediately enact long-delayed tax reform measures in order to clamp down on global tax abuse and reverse the inequalities and hardships exacerbated by tax losses.2
https://www.taxjustice.net/2020/11/20/427bn-lost-to-tax-havens-every-year-landmark-study-reveals-countries-losses-and-worst-offenders/
https://www.taxjustice.net/videos/
Yes they are fools.. but the voter is the bigger fool.. or should I say easily fooled.. Black Wednesday BBC on the tube clarke says
It was while we were in the sitting room in the afternoon that we suddenly realised that we were probably the less well informed than anybody else in the United Kingdom about exactly what was going on .
So we actually began to search for a transistor radio. We decided we should try to keep in touch with the money markets and here we were cooped up in the Admiralty House ''the three people in the country least well informed'' about the hour to hour movements in the money markets'' which kept being reported to us upon which we were acting! ''
And he says it with a big grin on his face? .. so who are the fools..
I like MoneyWeek and subscribed.
But really they want you to have an app... on which you'll have to reject the cookies nonsense everytime you sign in.. a password.. and to read it on PC you need another password... Another password?? So I cancelled it..
Lifes too short to keep making up new passwords.. let alone having to remember them..
Taxation easily collectible.. The taxes on home electricity... Which including Green tax & VAT is now 38%... yes 38%
You can look t Ofgem n they tell you taxes make up 27% of your lecky bill.. a decption..the actual tax %age is 38%
And to pacify the chat commandos I bought 2 dollops today one for my ISA one for my bog standard a/c!
But also while I am here any views on the Royal Mints gold etf RMAU and Widomtrees PHAG silver and Gold SGBS..
Both got from MoneyWeek as being totally backed by Silver & Gold??
I'm sure everyone knows this already, but just thought a reminder that by far, the two most effective taxes are Income Tax and Sales Tax, i.e. VAT in the UK.
Many people are employed by the big tech companies and are taxed by PAYE, which is easily collected by the governments where they are employed.
When we buy products or services from Apple, MS or Amazon we pay Sales Tax or VAT in the applicable country, which is also easily collected. Even AirBnB now has to pay a tax in some countries directly on rentals and the net goes to the owner.
Governments earn massive taxes from these companies and the same will occur for a DAO as long as they employ people or sell something to us.
Companies like Facebook may not charge users for their service but they charge the companies that advertise to us and eventually sell to us and again the sales tax is effective and Facebook employs a lot of people in many countries.
When commentators suggest big tech is getting away with paying too little tax, they mean tax on profits, Corporation Tax, but many suggest scrapping Corporation Tax, because it is too ineffective as too easily manipulated
So maybe DAOs won't be such a big problem for Governments.
Anyway, happy to see all my goldies up today.
Hi Drinkinfti,
The article that referred to them as fools was from Money Week.
Excellent and very interesting summing up,I agree, not fools just a bunch of crooks, but they have all the levers as you rightly point out.
As a matter of interest I don't hold any bitcoin or intend to.
I must disagree
Government might be fools but they are in charge. I think Warren Buffet said they have the guns..
And the police and the secret services GCHQ.. etc etc..
In 2008 everyone including HMG were saying the Banks are to blame... Did one banker go to jail?
fred Goodwin got a slap on the wrist and thats it hes still doing nicely!
HMG gives the UK for banks to operate.. they are licenced.. did one bank lose its licence.. maybe a small Chinese one in the USA?.. but other than that.??
"A Tehran court has sentenced to death four people convicted in Iran's biggest-ever banking scandal,......"
DT reported
You'd see some pretty fancy banking after that!!
A banking licence was revoked in Russia.
Banks work for governments!
Bitcoin et al.. the Internet Kill switch there are references on Wijipedia.. and some countries have already used it. So how many bitcoin do you have?
In simplicity A on line movie company offering to rent movies or even buy them and place them in your internet movie bookshlef.
The company went bust and so did all those movies owned by punters. Over simplifying yes.. but without internet access you have no bitcoin available to you or anything on the internet!
Anyone bought gold bullion... HMG now have a record of your buying how much and when if they want to access it to buy you gold back under duress if they deem it so.
Google, Facebook... etc pulling the wool over HMGs eyes... nah. If they are getting away with it.. they have been allowed to do so.. Google n Facebook work for governments supplying info on us..
Not quite sure where starbucks fits in... maybe lots of politicians are invested there.
Maybe buying shares is the only way to be safe.. in an ISa... you can bet if things get tight the benefits of an ISA will be suspended until this little bit of trouble is over..
Reduce the safety net on cash held in banks could be removed too.. your £85K is no longer safe
Government appear to be fools because they want it that way..
''Whoops we've made a mistake.''. ''Lessons must be learned '' '' We apologise unreservedly'' (there's a statement that sounds a little grand but means nothing) ''we are only human''!!
Bitcoin... Pppfffttt.
''“Satoshi Nakamoto” designed bitcoin, one of his key aims was to create a money system that had no central point of failure.'' Did he say that?... I didnt think anyone knew who he/she/ or they were/are?