How High can Bitcoin Prices Go? Our Scientific Guess… $2,456

by on Apr.17, 2014, under Headlines

I Have Bitcoins How High can Bitcoin Prices Go Our Scientific Guess 2456

56% of Bitcoiners believe the Bitcoin price will reach $10,000 in 2014, according to CoinDesk. Business Insider’s Henry Blodget thinks Bitcoin could hit $1 million. At the end of February, we ran an article that tried to answer….Read More >>>

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New Report from Princeton and Northwestern Proves It: The U.S. is an Oligarchy

by on Apr.17, 2014, under Benjamin Page, billionaires, Constitutional Republic, Democracy, Headlines, lobbyists, Martin Gilens, plutocracy, special interests

What is most incredible to me is that the data under scrutiny in the study was from 1981-2002. One can only imagine how much worse things have gotten since the 2008 financial crisis. The study found that even when 80% of the population favored a particular public policy change, it was only instituted 43% of the time. We saw this first hand with the bankster bailout in 2008, when Americans across the board were opposed to it, but Congress passed TARP anyway (although they had to vote twice).

I read the entire 42 page study and have highlighted what I found to be the key excerpts below. Please share with others and read more here.

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Venture Capital Boost to Bitcoin Companies: Adam Draper

by on Apr.17, 2014, under Headlines

I Have Bitcoins Venture Capital Boost to Bitcoin Companies Adam Draper

“We chose Bitcoin because it was the most innovative, revolutionary concept I had seen in a while, and it has the potential to change EVERYTHING, however the Bitcoin Community is what has fostered our interest into obsession”, said ……Read More >>>

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Plants love carbon dioxide

by on Apr.17, 2014, under Headlines

Grocery shoppers may soon need more green in their wallets to afford their next salad. http://t.co/OetUSW4wwU pic.twitter.com/6yXHlNHqk3

— Wall Street Journal (@WSJ) April 16, 2014

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What the Heck is Going on With US Treasuries In Belgium?

by on Apr.17, 2014, under Headlines

The tiny country of Belgium – my beloved hunting grounds for three years a while back – with a GDP of $484 billion, a country which you can cross by bicycle in a single day if you’re really fit, a country that became famous to the chagrin of some people because it did just fine for a couple of years without a national government – well, that tiny speck of land is starting to grow an enormous mountain of US Treasury Securities.

Read…. What the Heck is Going on With US Treasuries In Belgium?

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JIM WILLIE: FED HAS LOST CONTROL, SYSTEMIC FAILURE FLASHING WARNING SIGNALS NOW!

by on Apr.17, 2014, under collapse, dollar collapse, Federal Reserve, Hat Trick Letter, Headlines, Hyperinflation, Jim Willie, The Doc

The US Federal Reserve has been printing money since 2011 to cover USGovt debt securities in a frenetic mannerThey have lost control. They call it stimulus, when it is actually the opposite. It does assist the speculators with nearly zero cost money to borrow, but one must be a club member to win loan grants. The Quantitative Easing programs are deceptive. When the program was initially announced, the Jackass claimed it would be part of an endless sequence. With QE1 and QE2 and Operation Twist and QE3, following the failed trial balloon called Taper Talk, it is quite clear to anyone with an active brain stem and absent rose colored glasses that the USFed is caught in a trap called QE to Infinity. It is not stimulative. Instead, the uncontrollable bond monetization causes capital destruction. It causes economic degradation. It causes lost jobs and vanished income. It is a gigantic wet blanket to smother and destroy the USEconomy slowly, amidst unending propaganda. QE is the device that will result in Systemic Failure, which is already flashing signals of its arrival.

Click here for the latest Hat Trick Letter from Jim Willie:

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What’s the Difference Between Fascism, Communism and Crony-Capitalism? Nothing

by on Apr.17, 2014, under communism, consumption tax, Corruption, Crony Capitalism, Fascism, Headlines, state-owned enterprises, tax on unearned income, vested interests

The essence of crony-capitalism is the merger of state and corporate power–the definition of fascism.

When it comes to the real world, the difference between fascism, communism and crony-capitalism is semantic. Let’s start with everyone’s favorite hot-word, fascism, which Italian dictator Benito Mussolini defined as “the merger of state and corporate power.” In other words, the state and corporate cartels are one system.

Real-world communism, for example as practiced in the People’s Republic of China, boils down to protecting a thoroughly corrupt elite and state-owned enterprises (SOEs). The state prohibits anything that threatens the profits (and bribes) of SOEs–for example, taxi-apps that enable consumers to bypass the SOE cab companies.

What A Ban On Taxi Apps In Shanghai Says About China’s Economy

The Chinese mega-city of Shanghai has been cracking down on popular taxi-booking apps, banning their use during rush hour. Until the apps came along, the taxi companies, which are government owned, set the real price for fares and collected about 33 cents each time someone called for a cab. That can add up in a city the size of Shanghai. Wang says the apps bypassed the old system and cut into company revenues.Much has been made of China’s embrace of capitalism, but — along with transportation — the government still dominates key sectors, including energy, telecommunications and banking. Wang says vested government interests won’t give them up easily.

How else to describe this other than the merger of state and corporate power? Any company the state doesn’t own operates at the whim of the state.

Now let’s turn to the crony-capitalist model of the U.S., Japan, the European Union and various kleptocracies around the globe. For PR purposes, the economies of these nations claim to be capitalist, as in free-market capitalism.

Nothing could be further from the truth: these economies are crony-capitalist systems that protect and enrich elites, insiders and vested interests who the state shields from competition and the law.

The essence of crony-capitalism is of course the merger of state and corporate power. There are two sets of laws, one for the non-elites and one for cronies, and two kinds of capitalism: the free-market variety for small businesses that are unprotected by the state and the crony variety for corporations, cartels and state fiefdoms protected by the state.

Since crony-capitalism is set up to benefit parasitic politicos and their private-sector cartel benefactors, reform is impossible. Even the most obviously beneficial variety of reform–for example, simplifying the 4 million-word U.S. tax code–is politically impossible, regardless of who wins the electoral equivalent of a game show (i.e. Demopublicans vs. Republicrats).

The annual cost of navigating the tax code comes to about $170 billion:

Since 2001, Congress has enacted about one new change to the tax law per day. Pathetic, isn’t it? This tax code is a burden and a fiasco and deeply unpatriotic. As Olson’s Taxpayer Advocate Service notes, this code helps tax evaders; hurts ordinary, honest taxpayers; and corrodes trust in our system.

Here’s why the tax code will never be simplified: tax breaks are what the parastic politicos auction off to their crony-capitalist benefactors. Simplify the tax code and you take away the the intrinsically corrupt politicos’ primary source of revenue: accepting enormous bribes in exchange for tax breaks for the super-wealthy.

You would also eliminate the livelihood of an entire industry that feeds off the complexities of the tax code. Tax attorneys don’t just vote–they constitute a powerful lobby for the Status Quo, even if that Status Quo is rigged, unjust, wasteful, absurd, etc.

It’s not that hard to design a simple and fair tax code. Setting aside the thousands of quibbles that benefit one industry or another, it’s clear that a consumption-based tax is easier to collect and it promotes production rather than consumption: two good things.

As for a consumption tax being regressive, i.e. punishing low-income households, the solution is very straightforward: exempt real-food groceries (but not snacks, packaged or prepared foods such as fast-food), rent, utilities and local public transportation–the major expenses of low-income households.

1. A 10% consumption tax on everything else would raise about $1.1 trillion, or almost 2/3 of total income tax revenues, not counting payroll taxes (15.3% of all payroll/earned income up to around $113,000 annually, paid half-half by employees and employers), which generate about one-third of all Federal tax revenues and fund the majority of Social Security and a chunk of Medicare.

As for the claim that a 10% consumption tax would kill business–the typical sales tax in California is 9+%, and that hasn’t wiped out consumption.

2. The balance could be raised by a progressive tax on unearned income, collected at the source. Most of the income of the super-wealthy is unearned, i.e. dividends, investment income, interest, capital gains, stock options, etc. As a result, a tax on unearned income (above, say, $10,000 annually to enable non-wealthy households to accrue some tax-free investment income) will be a tax on the super-wealthy who collect the vast majority of dividends, interest, capital gains and investment income.

A rough estimate would be 20% of all unearned income.

This would “tax the rich” while leaving all earned income untaxed, other than the payroll tax, which is based on the idea that everyone should pay into a system that secures the income of all workers. This would incentivize productive labor and de-incentivize speculation, rentier skimming, etc.

The corporate tax would be eliminated for several reasons:

1. It is heavily gamed, rewarding the scammers and punishing the honest

2. All income from enterprises is eventually distributed to individuals, who would pay the tax on all unearned investment income.

But such common-sense reform is politically impossible. That’s why the answer to the question, what’s the the difference between fascism, communism and crony-capitalism is nothing.

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The death of Tony Gray of The Alberts, who linked BBC2’s awful opening to The Goons, the Bonzo Dogs & Monty Python

by on Apr.17, 2014, under Headlines

“Subversive figures winking at the audience and slyly tapping their noses were seen to lay a charge of dynamite under his chair, reel out the cable to a plunger and finally blow themselves up with another thunderous bang.” - Read my latest daily blog here

• SO IT GOES – John Fleming’s Blog

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