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- Post #12,801
- Quote
- Apr 24, 2024 7:17am Apr 24, 2024 7:17am
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
- Post #12,802
- Quote
- Apr 24, 2024 9:02am Apr 24, 2024 9:02am
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
- Post #12,803
- Quote
- Apr 24, 2024 9:07am Apr 24, 2024 9:07am
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
ACCOUNT NUMBER 00464221 - NEW - OPENED AT 7:50 PM on April 23, 2024.
This account will be traded for 7 days until April 30, 2024, and on May 1, 2024, WE will see what the balance is.
My goal is to bring it to $60,000 US dollars by May 1, 2024. Stay tuned in to track my progress.
https://finviz.com/futures_charts.ashx?p=i5&t=YM
www.avielforexlearningedge.com
TESTIMONIALS
"After the first meeting, I turned my financials over to AVIEL FOREX LEARNING EDGE. They go above and beyond."
Daniel Gates
https://0901.nccdn.net/4_2/000/000/038/2d3/forex.png
As an experienced forex trader and educator, I have helped many people learn how to trade forex successfully and earn a lot of money. My comprehensive approach to trading combines fundamental and technical analysis with risk management strategies to identify profitable trading opportunities.
If you're interested in learning forex trading and earning a lot of money, my 90-day course is the perfect place to start. This course covers everything from the basics of forex trading to advanced strategies for maximizing your profits. Best of all, for a limited time, I'm offering a 50% discount on the course fee.
During the 90-day course, you'll learn how to read and analyze charts, identify trends and patterns, and use technical indicators to make informed trading decisions. You'll also learn how to manage your risk and minimize losses so that you can maximize your profits.
One of the most important things you'll learn during the course is the psychology of trading. Trading forex can be stressful and emotional, and it's essential to develop a mindset that allows you to stay calm and focused under pressure. I'll teach you proven techniques for managing your emotions and staying disciplined so that you can make rational, well-informed trading decisions.
In addition to the 90-day course, I also offer a range of other educational resources, including webinars, coaching programs, and one-on-one mentoring. Whether you're a beginner or an experienced trader, my goal is to help you achieve success in forex trading and reach your financial goals.
If you're ready to learn forex trading from an experienced professional and start earning a lot of money, sign up for my 90-day course today. With the 50% discount, you'll get all the knowledge and skills you need to become a successful forex trader at a fraction of the usual cost.
SIGN UP FOR THE COURSE
Send an E Transfer of 125.00 Canadian dollars to: [email protected]
CONTACTS
Contact us any time - we look forward to meeting you!
My cellphone: 438 995 2549
By email: [email protected]
Bruce Warren Margolese
My cellphone: 263 778 3577
This account will be traded for 7 days until April 30, 2024, and on May 1, 2024, WE will see what the balance is.
My goal is to bring it to $60,000 US dollars by May 1, 2024. Stay tuned in to track my progress.
https://finviz.com/futures_charts.ashx?p=i5&t=YM
www.avielforexlearningedge.com
TESTIMONIALS
"After the first meeting, I turned my financials over to AVIEL FOREX LEARNING EDGE. They go above and beyond."
Daniel Gates
https://0901.nccdn.net/4_2/000/000/038/2d3/forex.png
As an experienced forex trader and educator, I have helped many people learn how to trade forex successfully and earn a lot of money. My comprehensive approach to trading combines fundamental and technical analysis with risk management strategies to identify profitable trading opportunities.
If you're interested in learning forex trading and earning a lot of money, my 90-day course is the perfect place to start. This course covers everything from the basics of forex trading to advanced strategies for maximizing your profits. Best of all, for a limited time, I'm offering a 50% discount on the course fee.
During the 90-day course, you'll learn how to read and analyze charts, identify trends and patterns, and use technical indicators to make informed trading decisions. You'll also learn how to manage your risk and minimize losses so that you can maximize your profits.
One of the most important things you'll learn during the course is the psychology of trading. Trading forex can be stressful and emotional, and it's essential to develop a mindset that allows you to stay calm and focused under pressure. I'll teach you proven techniques for managing your emotions and staying disciplined so that you can make rational, well-informed trading decisions.
In addition to the 90-day course, I also offer a range of other educational resources, including webinars, coaching programs, and one-on-one mentoring. Whether you're a beginner or an experienced trader, my goal is to help you achieve success in forex trading and reach your financial goals.
If you're ready to learn forex trading from an experienced professional and start earning a lot of money, sign up for my 90-day course today. With the 50% discount, you'll get all the knowledge and skills you need to become a successful forex trader at a fraction of the usual cost.
SIGN UP FOR THE COURSE
Send an E Transfer of 125.00 Canadian dollars to: [email protected]
CONTACTS
Contact us any time - we look forward to meeting you!
My cellphone: 438 995 2549
By email: [email protected]
Bruce Warren Margolese
My cellphone: 263 778 3577
- Post #12,804
- Quote
- Edited 9:21am Apr 24, 2024 9:10am | Edited 9:21am
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
https://www.zerohedge.com/economics/...ovid-lockdowns
Durable Goods Orders Suffer Biggest YoY Decline Since COVID Lockdowns
https://zh-prod-1cc738ca-7d3b-4a72-b.../picture-5.jpg
BY TYLER DURDEN
WEDNESDAY, APR 24, 2024 - 08:40 AM
The roller-coaster ride that is 'Durable Goods New Orders' continues this morning after the last six months so have seen monthly swings higher and lower with no trend discernible whatsoever (especially noteworthy given yesterday's slump into contraction for the Manufacturing PMI) amid the on-again-off-again turmoil's of Boeing's orders.
Preliminary March data showed a slightly better-than-expected 2.6% MoM rise (2.5% exp) in the headline orders print. However, thanks to the downward revisions, Durable goods orders are now down 2.2% YoY... the biggest YoY drop since the COVID lockdowns...
https://assets.zerohedge.com/s3fs-pu...?itok=t8z7bzPW
Source: Bloomberg
This is the 8th downward revision of durable goods orders in the last year...
https://assets.zerohedge.com/s3fs-pu...?itok=k_xi7cRG
Source: Bloomberg
Under the hood, defense and non-defense capital goods orders rose with non-defense aircraft orders surging over 30% MoM...
https://assets.zerohedge.com/s3fs-pu...?itok=IQC-1GJi
Source: Bloomberg
But... it looks like the AI bubble just burst as Computer & related Products orders plunged 3.9% MoM - the biggest drop since COVID lockdowns...
https://assets.zerohedge.com/s3fs-pu...?itok=oMPsVsPS
Source: Bloomberg
Finally, and more problematically, core capital goods shipments - a figure that is used to help calculate equipment investment in the government’s gross domestic product report - saw only a small 0.2% MoM rise, which left core shipments down 1.2% YoY - the biggest YoY drop since the COVID lockdowns...
https://assets.zerohedge.com/s3fs-pu...?itok=VBQjRFZH
Source: Bloomberg
More 'bad' news to BTFD?
Durable Goods Orders Suffer Biggest YoY Decline Since COVID Lockdowns
https://zh-prod-1cc738ca-7d3b-4a72-b.../picture-5.jpg
BY TYLER DURDEN
WEDNESDAY, APR 24, 2024 - 08:40 AM
The roller-coaster ride that is 'Durable Goods New Orders' continues this morning after the last six months so have seen monthly swings higher and lower with no trend discernible whatsoever (especially noteworthy given yesterday's slump into contraction for the Manufacturing PMI) amid the on-again-off-again turmoil's of Boeing's orders.
Preliminary March data showed a slightly better-than-expected 2.6% MoM rise (2.5% exp) in the headline orders print. However, thanks to the downward revisions, Durable goods orders are now down 2.2% YoY... the biggest YoY drop since the COVID lockdowns...
https://assets.zerohedge.com/s3fs-pu...?itok=t8z7bzPW
Source: Bloomberg
This is the 8th downward revision of durable goods orders in the last year...
https://assets.zerohedge.com/s3fs-pu...?itok=k_xi7cRG
Source: Bloomberg
Under the hood, defense and non-defense capital goods orders rose with non-defense aircraft orders surging over 30% MoM...
https://assets.zerohedge.com/s3fs-pu...?itok=IQC-1GJi
Source: Bloomberg
But... it looks like the AI bubble just burst as Computer & related Products orders plunged 3.9% MoM - the biggest drop since COVID lockdowns...
https://assets.zerohedge.com/s3fs-pu...?itok=oMPsVsPS
Source: Bloomberg
Finally, and more problematically, core capital goods shipments - a figure that is used to help calculate equipment investment in the government’s gross domestic product report - saw only a small 0.2% MoM rise, which left core shipments down 1.2% YoY - the biggest YoY drop since the COVID lockdowns...
https://assets.zerohedge.com/s3fs-pu...?itok=VBQjRFZH
Source: Bloomberg
More 'bad' news to BTFD?
- Post #12,805
- Quote
- Apr 24, 2024 11:04am Apr 24, 2024 11:04am
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
ACCOUNT NUMBER 00464221 - NEW - OPENED AT 7:50 PM on April 23, 2024.
This account will be traded for 7 days until April 30, 2024, and on May 1, 2024, WE will see what the balance is.
My goal is to bring it to $60,000 US dollars by May 1, 2024. Stay tuned in to track my progress.
UPDATE AS OF APRIL 24, 2024 11:06 AM
I have made 17 PERFECT Forex trades today and my Net Profit is $1,107.43 US dollars SO... Well on target to reach $60,000 US dollars by May 1, 2024.
https://finviz.com/futures_charts.ashx?p=i5&t=YM
www.avielforexlearningedge.com
TESTIMONIALS
"After the first meeting, I turned my financials over to AVIEL FOREX LEARNING EDGE. They go above and beyond."
Daniel Gates
https://0901.nccdn.net/4_2/000/000/038/2d3/forex.png
As an experienced forex trader and educator, I have helped many people learn how to trade forex successfully and earn a lot of money. My comprehensive approach to trading combines fundamental and technical analysis with risk management strategies to identify profitable trading opportunities.
If you're interested in learning forex trading and earning a lot of money, my 90-day course is the perfect place to start. This course covers everything from the basics of forex trading to advanced strategies for maximizing your profits. Best of all, for a limited time, I'm offering a 50% discount on the course fee.
During the 90-day course, you'll learn how to read and analyze charts, identify trends and patterns, and use technical indicators to make informed trading decisions. You'll also learn how to manage your risk and minimize losses so that you can maximize your profits.
One of the most important things you'll learn during the course is the psychology of trading. Trading forex can be stressful and emotional, and it's essential to develop a mindset that allows you to stay calm and focused under pressure. I'll teach you proven techniques for managing your emotions and staying disciplined so that you can make rational, well-informed trading decisions.
In addition to the 90-day course, I also offer a range of other educational resources, including webinars, coaching programs, and one-on-one mentoring. Whether you're a beginner or an experienced trader, my goal is to help you achieve success in forex trading and reach your financial goals.
If you're ready to learn forex trading from an experienced professional and start earning a lot of money, sign up for my 90-day course today. With the 50% discount, you'll get all the knowledge and skills you need to become a successful forex trader at a fraction of the usual cost.
SIGN UP FOR THE COURSE
Send an E Transfer of 125.00 Canadian dollars to: [email protected]
CONTACTS
Contact us any time - we look forward to meeting you!
My cellphone: 438 995 2549
By email: [email protected]
Bruce Warren Margolese
My cellphone: 263 778 3577
- Post #12,806
- Quote
- Apr 24, 2024 11:38am Apr 24, 2024 11:38am
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
- Post #12,807
- Quote
- Apr 24, 4:40pm (46 hr ago) Apr 24, 4:40pm (46 hr ago)
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
ACCOUNT NUMBER 00464221 - NEW - OPENED AT 7:50 PM on April 23, 2024.
This account will be traded for 7 days until April 30, 2024, and on May 1, 2024, WE will see what the balance is.
My goal is to bring it to $60,000 US dollars by May 1, 2024. Stay tuned in to track my progress.
UPDATE AS OF APRIL 24, 2024 11:06 AM
I have made 17 PERFECT Forex trades today and my Net Profit is $1,107.43 US dollars SO... Well on target to reach $60,000 US dollars by May 1, 2024.
UPDATE AS OF APRIL 24, 2024 at 4:40 PM
I have now made 21 PERFECT Forex trades today and my Net Profit is $1,486.13 US dollars.
https://finviz.com/futures_charts.ashx?p=i5&t=YM
www.avielforexlearningedge.com
TESTIMONIALS
"After the first meeting, I turned my financials over to AVIEL FOREX LEARNING EDGE. They go above and beyond."
Daniel Gates
https://0901.nccdn.net/4_2/000/000/038/2d3/forex.png
As an experienced forex trader and educator, I have helped many people learn how to trade forex successfully and earn a lot of money. My comprehensive approach to trading combines fundamental and technical analysis with risk management strategies to identify profitable trading opportunities.
If you're interested in learning forex trading and earning a lot of money, my 90-day course is the perfect place to start. This course covers everything from the basics of forex trading to advanced strategies for maximizing your profits. Best of all, for a limited time, I'm offering a 50% discount on the course fee.
During the 90-day course, you'll learn how to read and analyze charts, identify trends and patterns, and use technical indicators to make informed trading decisions. You'll also learn how to manage your risk and minimize losses so that you can maximize your profits.
One of the most important things you'll learn during the course is the psychology of trading. Trading forex can be stressful and emotional, and it's essential to develop a mindset that allows you to stay calm and focused under pressure. I'll teach you proven techniques for managing your emotions and staying disciplined so that you can make rational, well-informed trading decisions.
In addition to the 90-day course, I also offer a range of other educational resources, including webinars, coaching programs, and one-on-one mentoring. Whether you're a beginner or an experienced trader, my goal is to help you achieve success in forex trading and reach your financial goals.
If you're ready to learn forex trading from an experienced professional and start earning a lot of money, sign up for my 90-day course today. With the 50% discount, you'll get all the knowledge and skills you need to become a successful forex trader at a fraction of the usual cost.
SIGN UP FOR THE COURSE
Send an E Transfer of 125.00 Canadian dollars to: [email protected]
CONTACTS
Contact us any time - we look forward to meeting you!
My cellphone: 438 995 2549
By email: [email protected]
Bruce Warren Margolese
My cellphone: 263 778 3577
- Post #12,808
- Quote
- Edited 5:24pm Apr 24, 4:53pm (46 hr ago) | Edited 5:24pm
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
“They said, 'You are a savage and dangerous woman.' I am speaking the truth. And the truth is savage and dangerous.” ~ Nawal El Saadawi
THE END OF MONEY. 98% of the world’s central banks are deploying or about to deploy CBDCs.
Now we’re in utopia. Everything’s decentralized. Everybody’s equal. But these systems end up hiding a new elite, which is probably just an old elite in a new arena.
KAREN HUNT AKA KH MEZEK
APRIL 24, 2024 5:15 PM
Break Free with Karen Hunt is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
YOU CAN LISTEN TO ME READ THIS ESSAY HERE:
Yes, it’s coming. If your money already seems to be disappearing at an alarming rate, get ready for it to go “poof” into the illusive world of the ether.
More than 98% of the world’s central banks are “researching, experimenting, piloting or deploying” central bank digital currencies (CBDCs), according to a new report from the World Economic Forum (WEF).
A CBDC is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central bank issues electronic coins or accounts backed by the full faith and credit of the government.
Well, that’s a relief, because we all have so much faith in the government now. right?
Money has always been something of an illusion. A bunch of stones, pieces of paper, a plastic card, their value based on faith.
Faith is sustained by the “story of money”, as told by those who control the narrative.
Yuval Noah Harari has famously said:
“The most successful story ever told is the story of money because it's the only story that everybody, almost without exception, believes.”
Well, I would say in one way that’s true, in another way it isn’t, but the reasons why are not something I can get into right now.
The story of money is certainly more powerful than most of us can even begin to understand. That’s why it’s important to be aware of how it is making this monumental shift into the realm of illusion.
For people to buy into this shift, a new, and very powerful story had to be told.
Enter Bitcoin, a story that has captured the imaginations of those who were most easily tempted by it—the younger generation who love tech and the latest trends, who think that, of course, they are smarter than all the clueless masses as well as the fuddy-duddy old-timers like Warren Buffet.
To which Buffet would respond:
“Whether it goes up or down in the next year or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything. It’s got a magic to it and people have attached magic to lots of things.”
Whereas the poor have already given up control of everything to the elites, therefore being of little consequence, Bitcoin and other “decentralized” cryptocurrencies have been used to acclimatize the educated (who rely less on common sense) to do the same.
“If every currency is a consensual delusion, then bitcoin, a digital cryptocurrency that changes hands over the internet, feels more like a consensual hallucination on psychedelic drugs.” (1)
Are people really this gullible? Yes, they are.
Bitcoin’s meteoric rise can be attributed in large part to the story of its mysterious creator, Satoshi Nakamoto.
Like Bitcoin, Satoshi Nakamoto exists only in the ether; a virtual god imparting his secrets to his followers. Also, like Bitcoin, they must have faith in this being that they cannot see or touch.
Let me tell you the story of Satoshi Nakamoto.
Once upon a time, there was a being named Satoshi Nakamoto. No one knew who he was or from whence he came. He lived far away in the clouds of a hidden realm where no mortal could reach him.
Satoshi dreamed of a world where all ordinary citizens could live like he did. Free of the overlords who had always stolen what they had, holding them under a heavy spell of servitude. In Satoshi’s magical realm, the spell could be broken, and ordinary citizens could mine for treasures of their own, exchange those treasures with one another, and buy whatever their hearts desired in the virtual utopias they, themselves, created, using their treasures as a new kind of ethereal currency.
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” Satoshi wrote to select followers, in an Oct. 3, 2008, email. Halloween is a perfect date to be immortalized forever after.
In the email, he linked to a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
With the ground rules established, Satoshi created tokens of power out of thin air and with a wave of his magic wand, cast them into the ether, calling on his followers to seek the tokens, offering winning points and special powers to those who found them quickly enough. This was not unlike the video games many of Satoshi’s followers were already familiar with and loved to play.
And with that, Satoshi mounted his white horse and road off into the deepest and darkest corner of his magical kingdom, never to be heard from again.
Thus, Satoshi Nakamoto became a legend.
Of course, Satoshi kept the most powerful bitcoins for himself, having obtained them through mining the cryptocurrency in its early days. His net worth is said to be somewhere around $23 billion, putting him among the top 100 richest people on the planet.
Some say when the world needs him most, Satoshi Nakamoto will appear, unleashing the last of the Bitcoins to save us all.
Or something like that.
None of this is turning out like the fairytale promised. The “decentralized” utopia is fading away, to be replaced by centralized CBDCs. The same game, played by the same elites.
NY Times article How ‘Trustless’ Is Bitcoin, Really? lays it out:
Erez Lieberman Aiden, a geneticist and computer scientist, calls this “decentralization theater.” Cryptocurrencies create an illusion: “‘Now we’re in utopia. Everything’s decentralized. Everybody’s equal.’ There’s this notion of democracy without annoyance.”
But, he said, these systems end up hiding a new elite, which is probably just an old elite in a new arena.
Be prepared to never again hold money in your hand or have any way to prove what you have is real—or that you even have it—except by the stories that are told to you by those in control, who fill your wallet or empty it at their whim.
Because money will be completely meaningless, you will attach increased value to fake products you buy in a fake world. You will be proud to show off these things as if they are important—and they will be.
THE END OF MONEY. 98% of the world’s central banks are deploying or about to deploy CBDCs.
Now we’re in utopia. Everything’s decentralized. Everybody’s equal. But these systems end up hiding a new elite, which is probably just an old elite in a new arena.
KAREN HUNT AKA KH MEZEK
APRIL 24, 2024 5:15 PM
Break Free with Karen Hunt is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
YOU CAN LISTEN TO ME READ THIS ESSAY HERE:
Yes, it’s coming. If your money already seems to be disappearing at an alarming rate, get ready for it to go “poof” into the illusive world of the ether.
More than 98% of the world’s central banks are “researching, experimenting, piloting or deploying” central bank digital currencies (CBDCs), according to a new report from the World Economic Forum (WEF).
A CBDC is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central bank issues electronic coins or accounts backed by the full faith and credit of the government.
Well, that’s a relief, because we all have so much faith in the government now. right?
Money has always been something of an illusion. A bunch of stones, pieces of paper, a plastic card, their value based on faith.
Faith is sustained by the “story of money”, as told by those who control the narrative.
Yuval Noah Harari has famously said:
“The most successful story ever told is the story of money because it's the only story that everybody, almost without exception, believes.”
Well, I would say in one way that’s true, in another way it isn’t, but the reasons why are not something I can get into right now.
The story of money is certainly more powerful than most of us can even begin to understand. That’s why it’s important to be aware of how it is making this monumental shift into the realm of illusion.
For people to buy into this shift, a new, and very powerful story had to be told.
Enter Bitcoin, a story that has captured the imaginations of those who were most easily tempted by it—the younger generation who love tech and the latest trends, who think that, of course, they are smarter than all the clueless masses as well as the fuddy-duddy old-timers like Warren Buffet.
To which Buffet would respond:
“Whether it goes up or down in the next year or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything. It’s got a magic to it and people have attached magic to lots of things.”
Whereas the poor have already given up control of everything to the elites, therefore being of little consequence, Bitcoin and other “decentralized” cryptocurrencies have been used to acclimatize the educated (who rely less on common sense) to do the same.
“If every currency is a consensual delusion, then bitcoin, a digital cryptocurrency that changes hands over the internet, feels more like a consensual hallucination on psychedelic drugs.” (1)
Are people really this gullible? Yes, they are.
Bitcoin’s meteoric rise can be attributed in large part to the story of its mysterious creator, Satoshi Nakamoto.
Like Bitcoin, Satoshi Nakamoto exists only in the ether; a virtual god imparting his secrets to his followers. Also, like Bitcoin, they must have faith in this being that they cannot see or touch.
Let me tell you the story of Satoshi Nakamoto.
Once upon a time, there was a being named Satoshi Nakamoto. No one knew who he was or from whence he came. He lived far away in the clouds of a hidden realm where no mortal could reach him.
Satoshi dreamed of a world where all ordinary citizens could live like he did. Free of the overlords who had always stolen what they had, holding them under a heavy spell of servitude. In Satoshi’s magical realm, the spell could be broken, and ordinary citizens could mine for treasures of their own, exchange those treasures with one another, and buy whatever their hearts desired in the virtual utopias they, themselves, created, using their treasures as a new kind of ethereal currency.
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” Satoshi wrote to select followers, in an Oct. 3, 2008, email. Halloween is a perfect date to be immortalized forever after.
In the email, he linked to a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
With the ground rules established, Satoshi created tokens of power out of thin air and with a wave of his magic wand, cast them into the ether, calling on his followers to seek the tokens, offering winning points and special powers to those who found them quickly enough. This was not unlike the video games many of Satoshi’s followers were already familiar with and loved to play.
And with that, Satoshi mounted his white horse and road off into the deepest and darkest corner of his magical kingdom, never to be heard from again.
Thus, Satoshi Nakamoto became a legend.
Of course, Satoshi kept the most powerful bitcoins for himself, having obtained them through mining the cryptocurrency in its early days. His net worth is said to be somewhere around $23 billion, putting him among the top 100 richest people on the planet.
Some say when the world needs him most, Satoshi Nakamoto will appear, unleashing the last of the Bitcoins to save us all.
Or something like that.
None of this is turning out like the fairytale promised. The “decentralized” utopia is fading away, to be replaced by centralized CBDCs. The same game, played by the same elites.
NY Times article How ‘Trustless’ Is Bitcoin, Really? lays it out:
Erez Lieberman Aiden, a geneticist and computer scientist, calls this “decentralization theater.” Cryptocurrencies create an illusion: “‘Now we’re in utopia. Everything’s decentralized. Everybody’s equal.’ There’s this notion of democracy without annoyance.”
But, he said, these systems end up hiding a new elite, which is probably just an old elite in a new arena.
Be prepared to never again hold money in your hand or have any way to prove what you have is real—or that you even have it—except by the stories that are told to you by those in control, who fill your wallet or empty it at their whim.
Because money will be completely meaningless, you will attach increased value to fake products you buy in a fake world. You will be proud to show off these things as if they are important—and they will be.
- Just as one example, you can pay in virtual tokens to dress your virtual avatar and personalize it to represent a realistic image of you—in fact, it’s possible you will begin to attach more importance to it than you do to yourself. Already, there are brands that create digital clothes to be worn only by avatars in the metaverse.
- You can buy real estate. “Pixelated parcels of land are being bought, sold and built upon in a market now worth $1.4 billion, making the metaverse a new frontier for real estate builders and investors.”
Every elite is salivating at how many billions they can make off of the billions of people “buying” into this illusion.
A look at this monumental shift to Central Bank Digital Currency (CBDC) and where it is happening.
- 134 countries & currency unions, representing 98% of global GDP, are exploring a CBDC. In May 2020 that number was only 35. Currently, 68 countries are in the advanced phase of exploration—development, pilot, or launch.
- 19 of the Group of 20 (G20) countries are now in the advanced stages of CBDC development. Of those, eleven countries are already in the pilot stage. This includes Brazil, Japan, India, Australia, South Korea, South Africa, Russia, and Turkey.
- 3 countries have fully launched a CBDC—the Bahamas, Jamaica and Nigeria.
- There is a new high of 36 ongoing CBDC pilots, including the digital euro. The European Central Bank (ECB) is now in the preparation phase, conducting practical tests with some transactions being settled in a controlled environment. The digital euro is in a 2-year preparation stage, ending in 2025.
- Brazil, Russia, India, China, and South Africa—the founding members of BRICS—are in the pilot phase of CBDC exploration. Several of the new members—Saudi Arabia, Iran and the UAE—are also exploring cross-border wholesale CBDCs. Since last year, BRICS has actively promoted developing an alternate payments system to the dollar.
- Since Russia’s invasion of Ukraine and the resulting G7 sanctions response, wholesale CBDC developments have doubled. There are currently 13 cross-border wholesale CBDC projects, including mBridge, which connects China, Thailand, the UAE, and Hong Kong, and will enter a new phase, expanding to 11 more countries this year.
- As the largest CBDC pilot in the world, China’s digital yuan (e-CNY) reaches 260 million wallets across 25 cities. Since 2022, it has been used in a range of settings from transit and healthcare to buying crude oil. In 2024, the pilot is focused on optimizing overseas tourist use and expanding cross-border applications of e-CNY.
Where is SWIFT in all of this?
SWIFT’s new platform will create a network of CBDC platforms, marking one of the most significant steps in the burgeoning CBDC ecosystem.
The push to create SWIFT’s CBDC network represents one of the largest collaborations on tokenized assets to date.
And how about Satoshi Nakamoto? What’s he up to?
The virtual god is probably lounging somewhere in his virtual realm drinking a virtual beer.
Satoshi leaves the day-to-day machinations to his loyal prophets, like Michael Saylor @sayl, who has declared:
“We will date human civilization to before and after Satoshi.”
Watch the video below and see if it doesn’t make you want to join the cult and buy some bitcoin.
https://ecp.yusercontent.com/mail?ur...ia7Xuew7mw--~D
If that doesn’t sell you on jumping off the cliff and into the ether, I don’t know what will.
Even if you don’t buy into the hype, it’s happening and unless you go live under a rock, you will have to jump anyway. Just like the tech overlords are building their empires, the Bitcoin overlords are doing the same. They are all making deals and alliances, vying for the most powerful positions when the transition to CBDCs occurs.
If you think you will have some sort of power in this brave new world, because you bought some Bitcoin in the beginning and you made some money, think again.
Check out a few of the Bitcoin prophets who sold us that lie. Some of them could well go down with the shift, but others will be rewarded and see their powers grow.
- Jack Dorsey’s Block Is Building a Bitcoin Mining System, with the goal to taking over the mining industry currently dominated by only a few players, with Beijing-based miner Bitmain controlling roughly 60% of the market. I always find Dorsey interesting since he is the quiet one who stays out of the limelight, unlike the flamboyant purchaser of Twitter, Elon Musk.
- Bitcoin biggest advocate and number one prophet, Michael Saylor, just earned $370 million from MicroStrategy stock sales. Keep in mind, at any minute, these guys can cash out and you are left holding the bill.
- Vitalik Buterin became the world's youngest crypto billionaire at age 27, creating Ethereum's “Ether”. I admit to a certain fascination with Buterin. He has really thought things out. He wants us living in his VR world, where rules revolve around Soul Bound tokens. SBTs represent “the commitments, credentials, and affiliations of ‘Souls’.”
It’s a scary world when your existence dependents on other Souls in your cohort who must verify you. What happens when your cohort turns on you and decides you cease to exist.
None of these prophets hold a candle Satoshi Nakamoto, the creator of it all.
Just as Satoshi, himself, is an illusion, the ivory towers of his kingdom are, too. It is only a matter of time before they will come crashing down and the harsh reality exposed—that the powers behind the new money narratives are the same as they have always been.
And the masses have fallen for the biggest scam in the history of the human race.
Agree or disagree? Let me know!
1
- Post #12,809
- Quote
- Edited 6:46am Apr 25, 6:04am (33 hr ago) | Edited 6:46am
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
ACCOUNT NUMBER 00464221 - NEW - OPENED AT 7:50 PM on April 23, 2024.
This account will be traded for 7 days until April 30, 2024, and on Wednesday, May 1, 2024, WE will see what the balance is.
My goal is to bring it to $60,000 US dollars by May 1, 2024. Stay tuned to track my progress. That will be an ROI (Return on Investment) of 20% in one week of Forex trading.
UPDATE AS OF APRIL 24, 2024 11:06 AM
I have made 17 PERFECT Forex trades today and my Net Profit is $1,107.43 US dollars ... Well on target to reach $60,000 US dollars by May 1, 2024.
UPDATE AS OF APRIL 24, 2024 at 4:40 PM
I have now made 21 PERFECT Forex trades today and my Net Profit is $1,486.13 US dollars.
UPDATE AS OF APRIL 25, 2024 at 6:09 AM
I have now made 23 PERFECT Forex trades since I opened this demo account.
I trade my demo account exactly as I trade my $100,000 in funds at Friedberg Direct in Toronto.
The CASH balance at the start of the Forex trading day is now at $51,576.08 US dollars.
Please click on the link below to see the 5-minute chart of the Dow 30. This is part of the UNIQUE method that we teach.
By KNOWING the PATTERN each day of the Dow 30 which is a bellwether for the stock markets around the world, I know the results of the instruments that I trade during my Forex trading plan in effect to June 30, 2024. That is called my 90-day Forex trading plan.
I SHORT 100 units of Dow 30. I SHORT 50 units of SP500. I go LONG 100 ounces of Gold. I go LONG 5000 ounces of Silver.
I choose daily one of the Currency pairs to go SHORT on or LONG on. My Five main pairs are (1) EUR/USD (2) USD/CAD (3) AUD/USD (4) EUR/JPY (5) USD/JPY
Think about that. That is why our Forex results are beyond the numbers done by any known Forex trader in the world.
SPECIAL OFFER UNTIL MAY 1, 2024, 5:00 PM
Anyone who registers to post here on Forex Factory on my thread will be given a FREE 90-day course and direct access to myself and you do not need to pay my corporation $125.00 for my 90-day learning and Forex trading course. The OFFER is only valid for 12 people who register to post here on our thread.
https://finviz.com/futures_charts.ashx?p=i5&t=YM
www.avielforexlearningedge.com
TESTIMONIALS
"After the first meeting, I turned my financials over to AVIEL FOREX LEARNING EDGE. They go above and beyond."
Daniel Gates
https://0901.nccdn.net/4_2/000/000/038/2d3/forex.png
As an experienced forex trader and educator, I have helped many people learn how to trade forex successfully and earn a lot of money. My comprehensive approach to trading combines fundamental and technical analysis with risk management strategies to identify profitable trading opportunities.
If you're interested in learning forex trading and earning a lot of money, my 90-day course is the perfect place to start. This course covers everything from the basics of forex trading to advanced strategies for maximizing your profits. Best of all, for a limited time, I'm offering a 50% discount on the course fee.
During the 90-day course, you'll learn how to read and analyze charts, identify trends and patterns, and use technical indicators to make informed trading decisions. You'll also learn how to manage your risk and minimize losses so that you can maximize your profits.
One of the most important things you'll learn during the course is the psychology of trading. Trading forex can be stressful and emotional, and it's essential to develop a mindset that allows you to stay calm and focused under pressure. I'll teach you proven techniques for managing your emotions and staying disciplined so that you can make rational, well-informed trading decisions.
In addition to the 90-day course, I also offer a range of other educational resources, including webinars, coaching programs, and one-on-one mentoring. Whether you're a beginner or an experienced trader, my goal is to help you achieve success in forex trading and reach your financial goals.
If you're ready to learn forex trading from an experienced professional and start earning a lot of money, sign up for my 90-day course today. With the 50% discount, you'll get all the knowledge and skills you need to become a successful forex trader at a fraction of the usual cost.
SIGN UP FOR THE COURSE
Send an E Transfer of 125.00 Canadian dollars to: [email protected]
CONTACTS
Contact us any time - we look forward to meeting you!
My cellphone: 438 995 2549
By email: [email protected]
Bruce Warren Margolese
My cellphone: 263 778 3577
- Post #12,810
- Quote
- Edited 7:18am Apr 25, 6:07am (33 hr ago) | Edited 7:18am
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
Taxing Unrealized Gains Would Obliterate The U.S. Economy
The reasoning is so simple, that a fifth grader could understand it - which is probably why the Biden administration doesn't.
QUOTH THE RAVEN
APRIL 25, 2024
Having used up all of the rest of the batshit, insane, counterintuitive economic dirty tricks left in the "we'll do anything but cut spending" bag, the Biden administration is pushing what could be the most destructive idea for our country since prohibition: taxing unrealized gains.
As part of its budget proposal for the 2025 fiscal year, the Biden administration is trying to raise an additional $4.3 trillion over 10 years in the worst way possible: imposing a minimum tax equal to 25 percent of a taxpayer’s taxable income and unrealized capital gains less the sum of their regular tax, for taxpayers with wealth over $100 million.
QTR’s Fringe Finance is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Putting aside the fact that this high-risk idea only amounts to a pittance, $430 billion per year (25% of which we just sent to foreign nations over the weekend in one fell swoop of a pen and it’s only April), the introduction of taxing unrealized gains could be one of the worst slippery slopes we ever dare to roll our country’s economy down.
I mean, shit, we could save $1 trillion just by not sending $100 billion a year to other nations for starters. But I digress. For an outline of exactly what an unrealized gains tax is, here's the American Institute on Economic Research:
A tax on unrealized capital gains means that individuals are penalized for owning appreciating assets, regardless of whether they have realized any actual income from selling them.
If you purchased a stock for $100 this year, for example, and it increased to $110 next year, you would pay the assigned tax rate on the $10 capital gain. You didn’t sell the asset, so you don’t realize the $10 appreciation, but must pay the tax regardless.
Taxing unrealized capital gains contradicts the basic principles of fairness and property rights essential for a free and prosperous society. Taxation, if we’re going to have it on income, should be based on actual income earned, not on paper gains that may never materialize.
AIER notes that implementing such a tax not only deeply infringes upon personal liberty and private property rights — but I can’t help but think about how it also sets a destructive wrecking ball rolling down a slippery slope for the first time in our nation's history.
And, given the precarious state of our nation's finances, it doesn't seem like the best time to start spitballing about new risky ideas that may or may not catch on only because they sound like they are addressing the problem of a widening wealth gap that Federal Reserve policies created and continue to exacerbate, to begin with.
If the administration wanted to address the problem of wealth inequality, it would be setting its sights on the central bank that sacrificed price stability so it could spray trillions of dollars in "stimulus" toward financial assets, while cutting American families' paltry checks of just $600, during COVID. When I did the math during COVID, the total amount spent to bail out the country when we decided to shut down the economy and have the Federal Reserve replace it with a fiat house of cards amounted to something like $17,500 per every citizen in the United States.
Except, again, only $600 of that went to each individual. The rest went to the financial sector, in turn widening the inequality gap further as billionaires like Mark Zuckerberg, Elon Musk, and Jeff Bezos saw tens of billions of dollars added to their net worth in a matter of months.
And so now, rather than take tangible, decisive action to address the problem, the Biden administration is putting forth a plan that won’t just be negative for the country, it could very well be the hill that our country’s economy dies on. And to be honest, I’m not being hyperbolic.
Over the last few years, we have seen an extraordinary exodus from places like New York and California, to places like Florida and Texas, because the former states were essentially taxing far too much relative to the benefits of what they were providing for citizens.
Ergo, places like California have seen people like Joe Rogan and Elon Musk move to Texas, while states like New York have seen businesses like Ken Griffin's Citadel move to Florida. There’s nothing to read between the lines about when it comes to this capital flight out of one state and into another. It is simple cause and effect: at some point, people simply don’t think it is worth living in these states due to the taxes being too high.
It’s a quintessential example of the Laffer Curve. Tax too much, people are disincentivized to generate productivity, or in this case, live in your state.
Biden's proposal to raise regular capital gains taxes is one thing, albeit still egregious; it is far less noxious of the two proposals. Taxing unrealized gains is an exponentially worse type of taxation that introduces not just a higher tax rate and a 3rd type of income tax, but a completely new system for taxation – one that taxes people's assets as they appreciate, not just when they realize the gains of said appreciation.
“But it will only be against people worth more than $100 million,” proponents of the idea will exclaim. Hell, I’m not worth 1% of that, so why should I even care?
First off, it can’t be understated how earth-shattering it is to put this terrible idea into motion, regardless of who it is going to affect. You can’t justify a stunning overreach on people's constitutional rights and civil liberties just because they sit in a certain tax bracket. And it is a line that, once crossed, the government won’t backtrack on. Once taxing unrealized gains makes its way into the zeitgeist, it sticks around for good. And, if it sticks around, it’ll only be another meaningful step in moving the U.S. economy closer to an anemic corpse of a state-planned economy.
A tax of this nature creates a vacuum that does nothing but suck the vibrancy out of an economy. In addition to setting a new moral hazard standard, the tax directly targets the people with the most capital at work in our country. By specifically targeting the people that have the means to create new enterprises and invest using this capital, and then driving them out of the country, the tax is a surefire way to suck the lifeblood out of what’s left of the United States economy.
Make no mistake: it will be a clarion call for billionaires to simply move out of the United States and into tax havens. And think about it — these are the people who have the means to up and simply leave the country and relocate anytime they want. For them, if it makes financial sense, they will do it. Implementing this unrealized gains tax will set the ball in motion, you can mark my words. The rich will be as good as gone.
And when billionaires decide to up and leave the United States, all of the tax revenue they were generating otherwise — not just the unrealized gains tax — leaves with them. In other words, an unrealized gains tax will push them past their limit and result in catastrophic consequences for the country's tax revenue as a whole. It’ll do far more harm than good. If I can understand why, a fifth grader can. That means the ultra-rich, who are much smarter than I am, definitely understand it. They’re not going to be interested in hanging around and forking over this much more cash “for the good of the cause”. They already likely have a plan in such case this tax is passed, and — as a hint — it isn’t to happily hand over a check to the Biden administration and say “thanks for being such great stewards of my capital, keep up the good work”.
In reality, it likely involves yachts, dual passports, “investments” in places like Bermuda and Mauritius, attending F1 rThanksaces and tennis matches, expensive champagne and Eastern European escorts (hereinafter referred to as: “The Hunter Biden Experience”).
But seriously, setting aside the billionaires for a moment, the tax is going to dampen everybody’s incentive to try and earn and invest to begin with. Who wants to invest in the market if they’re going to be taxed on their gains the very next day?
Possibly the worst part of this idea is its timing. The country is running a massive deficit now that looks to continue to widen because our government refused to cut spending on both sides of the aisle. As a reminder, you can only push the tax base so far before they turn tail and run. I know I’ve made jokes in the past (read: yesterday) about our government going through all of the solutions mandatory before arriving at any solution that works in the slightest, but this would be the granddaddy of all examples if implemented.
The timing of this proposed solution couldn’t be worse. We are at a point in our country's fiscal history where we need balance more than ever.
We have the largest deficit and the most debt relative to GDP we have had in recent history.
The BRICS nations, including Russia, China, and India, are actively pursuing ways to break off from the Western banking system and challenge the U.S. dollar.
Inflation is running rampant and high interest rates are more than likely to cause our economy to slow down markedly.
We’re running deficits, but we need the tax revenue we are currently bringing in if we have any hope of cutting spending to balance our budget and right the country's ship economically. The loss of tax revenue as a result of capital flight from the United States responding to this proposed unrealized gains tax would be catastrophic and would accelerate the country's financial and monetary demise, not help it.
QTR’s Disclaimer: I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have not been fact-checked and are the opinions of their authors. They are either submitted to QTR, reprinted under a Creative Commons license, or with the permission of the author. This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. These positions can change immediately as soon as I publish this, with or without notice. You are on your own. Do not make decisions based on my blog. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided on this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple of beers sometimes. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.
QTR’s Fringe Finance is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
The reasoning is so simple, that a fifth grader could understand it - which is probably why the Biden administration doesn't.
QUOTH THE RAVEN
APRIL 25, 2024
Having used up all of the rest of the batshit, insane, counterintuitive economic dirty tricks left in the "we'll do anything but cut spending" bag, the Biden administration is pushing what could be the most destructive idea for our country since prohibition: taxing unrealized gains.
As part of its budget proposal for the 2025 fiscal year, the Biden administration is trying to raise an additional $4.3 trillion over 10 years in the worst way possible: imposing a minimum tax equal to 25 percent of a taxpayer’s taxable income and unrealized capital gains less the sum of their regular tax, for taxpayers with wealth over $100 million.
QTR’s Fringe Finance is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Putting aside the fact that this high-risk idea only amounts to a pittance, $430 billion per year (25% of which we just sent to foreign nations over the weekend in one fell swoop of a pen and it’s only April), the introduction of taxing unrealized gains could be one of the worst slippery slopes we ever dare to roll our country’s economy down.
I mean, shit, we could save $1 trillion just by not sending $100 billion a year to other nations for starters. But I digress. For an outline of exactly what an unrealized gains tax is, here's the American Institute on Economic Research:
A tax on unrealized capital gains means that individuals are penalized for owning appreciating assets, regardless of whether they have realized any actual income from selling them.
If you purchased a stock for $100 this year, for example, and it increased to $110 next year, you would pay the assigned tax rate on the $10 capital gain. You didn’t sell the asset, so you don’t realize the $10 appreciation, but must pay the tax regardless.
Taxing unrealized capital gains contradicts the basic principles of fairness and property rights essential for a free and prosperous society. Taxation, if we’re going to have it on income, should be based on actual income earned, not on paper gains that may never materialize.
AIER notes that implementing such a tax not only deeply infringes upon personal liberty and private property rights — but I can’t help but think about how it also sets a destructive wrecking ball rolling down a slippery slope for the first time in our nation's history.
And, given the precarious state of our nation's finances, it doesn't seem like the best time to start spitballing about new risky ideas that may or may not catch on only because they sound like they are addressing the problem of a widening wealth gap that Federal Reserve policies created and continue to exacerbate, to begin with.
If the administration wanted to address the problem of wealth inequality, it would be setting its sights on the central bank that sacrificed price stability so it could spray trillions of dollars in "stimulus" toward financial assets, while cutting American families' paltry checks of just $600, during COVID. When I did the math during COVID, the total amount spent to bail out the country when we decided to shut down the economy and have the Federal Reserve replace it with a fiat house of cards amounted to something like $17,500 per every citizen in the United States.
Except, again, only $600 of that went to each individual. The rest went to the financial sector, in turn widening the inequality gap further as billionaires like Mark Zuckerberg, Elon Musk, and Jeff Bezos saw tens of billions of dollars added to their net worth in a matter of months.
And so now, rather than take tangible, decisive action to address the problem, the Biden administration is putting forth a plan that won’t just be negative for the country, it could very well be the hill that our country’s economy dies on. And to be honest, I’m not being hyperbolic.
Over the last few years, we have seen an extraordinary exodus from places like New York and California, to places like Florida and Texas, because the former states were essentially taxing far too much relative to the benefits of what they were providing for citizens.
Ergo, places like California have seen people like Joe Rogan and Elon Musk move to Texas, while states like New York have seen businesses like Ken Griffin's Citadel move to Florida. There’s nothing to read between the lines about when it comes to this capital flight out of one state and into another. It is simple cause and effect: at some point, people simply don’t think it is worth living in these states due to the taxes being too high.
It’s a quintessential example of the Laffer Curve. Tax too much, people are disincentivized to generate productivity, or in this case, live in your state.
Biden's proposal to raise regular capital gains taxes is one thing, albeit still egregious; it is far less noxious of the two proposals. Taxing unrealized gains is an exponentially worse type of taxation that introduces not just a higher tax rate and a 3rd type of income tax, but a completely new system for taxation – one that taxes people's assets as they appreciate, not just when they realize the gains of said appreciation.
“But it will only be against people worth more than $100 million,” proponents of the idea will exclaim. Hell, I’m not worth 1% of that, so why should I even care?
First off, it can’t be understated how earth-shattering it is to put this terrible idea into motion, regardless of who it is going to affect. You can’t justify a stunning overreach on people's constitutional rights and civil liberties just because they sit in a certain tax bracket. And it is a line that, once crossed, the government won’t backtrack on. Once taxing unrealized gains makes its way into the zeitgeist, it sticks around for good. And, if it sticks around, it’ll only be another meaningful step in moving the U.S. economy closer to an anemic corpse of a state-planned economy.
A tax of this nature creates a vacuum that does nothing but suck the vibrancy out of an economy. In addition to setting a new moral hazard standard, the tax directly targets the people with the most capital at work in our country. By specifically targeting the people that have the means to create new enterprises and invest using this capital, and then driving them out of the country, the tax is a surefire way to suck the lifeblood out of what’s left of the United States economy.
Make no mistake: it will be a clarion call for billionaires to simply move out of the United States and into tax havens. And think about it — these are the people who have the means to up and simply leave the country and relocate anytime they want. For them, if it makes financial sense, they will do it. Implementing this unrealized gains tax will set the ball in motion, you can mark my words. The rich will be as good as gone.
And when billionaires decide to up and leave the United States, all of the tax revenue they were generating otherwise — not just the unrealized gains tax — leaves with them. In other words, an unrealized gains tax will push them past their limit and result in catastrophic consequences for the country's tax revenue as a whole. It’ll do far more harm than good. If I can understand why, a fifth grader can. That means the ultra-rich, who are much smarter than I am, definitely understand it. They’re not going to be interested in hanging around and forking over this much more cash “for the good of the cause”. They already likely have a plan in such case this tax is passed, and — as a hint — it isn’t to happily hand over a check to the Biden administration and say “thanks for being such great stewards of my capital, keep up the good work”.
In reality, it likely involves yachts, dual passports, “investments” in places like Bermuda and Mauritius, attending F1 rThanksaces and tennis matches, expensive champagne and Eastern European escorts (hereinafter referred to as: “The Hunter Biden Experience”).
But seriously, setting aside the billionaires for a moment, the tax is going to dampen everybody’s incentive to try and earn and invest to begin with. Who wants to invest in the market if they’re going to be taxed on their gains the very next day?
Possibly the worst part of this idea is its timing. The country is running a massive deficit now that looks to continue to widen because our government refused to cut spending on both sides of the aisle. As a reminder, you can only push the tax base so far before they turn tail and run. I know I’ve made jokes in the past (read: yesterday) about our government going through all of the solutions mandatory before arriving at any solution that works in the slightest, but this would be the granddaddy of all examples if implemented.
The timing of this proposed solution couldn’t be worse. We are at a point in our country's fiscal history where we need balance more than ever.
We have the largest deficit and the most debt relative to GDP we have had in recent history.
The BRICS nations, including Russia, China, and India, are actively pursuing ways to break off from the Western banking system and challenge the U.S. dollar.
Inflation is running rampant and high interest rates are more than likely to cause our economy to slow down markedly.
We’re running deficits, but we need the tax revenue we are currently bringing in if we have any hope of cutting spending to balance our budget and right the country's ship economically. The loss of tax revenue as a result of capital flight from the United States responding to this proposed unrealized gains tax would be catastrophic and would accelerate the country's financial and monetary demise, not help it.
QTR’s Disclaimer: I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have not been fact-checked and are the opinions of their authors. They are either submitted to QTR, reprinted under a Creative Commons license, or with the permission of the author. This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. These positions can change immediately as soon as I publish this, with or without notice. You are on your own. Do not make decisions based on my blog. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided on this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple of beers sometimes. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.
QTR’s Fringe Finance is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
1
- Post #12,811
- Quote
- Edited 7:35pm Apr 25, 10:06am (29 hr ago) | Edited 7:35pm
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
www.avielforexlearningedge.com
ACCOUNT NUMBER 00464221 - NEW - OPENED AT 7:50 PM on April 23, 2024.
This account will be traded for 7 days until April 30, 2024, and on Wednesday, May 1, 2024, WE will see what the balance is.
My goal is to bring it to $60,000 US dollars by May 1, 2024. Stay tuned to track my progress. That will be an ROI (Return on Investment) of 20% in one week of Forex trading.
UPDATE AS OF APRIL 24, 2024 11:06 AM
I have made 17 PERFECT Forex trades today and my Net Profit is $1,107.43 US dollars ... Well on target to reach $60,000 US dollars by May 1, 2024.
UPDATE AS OF APRIL 24, 2024 at 4:40 PM
I have now made 21 PERFECT Forex trades today and my Net Profit is $1,486.13 US dollars.
UPDATE AS OF APRIL 25, 2024 at 6:09 AM
I have now made 23 PERFECT Forex trades since I opened this demo account.
I trade my demo account exactly as I trade my $100,000 in funds at Friedberg Direct in Toronto.
The CASH balance at the start of the Forex trading day is now at $51,576.08 US dollars.
Please click on the link below to see the 5-minute chart of the Dow 30. This is part of the UNIQUE method that we teach.
By KNOWING the PATTERN each day of the Dow 30 which is a bellwether for the stock markets around the world, I know the results of the instruments that I trade during my Forex trading plan in effect to June 30, 2024. That is called my 90-day Forex trading plan.
I SHORT 100 units of Dow 30. I SHORT 50 units of SP500. I go LONG 100 ounces of Gold. I go LONG 5000 ounces of Silver.
I choose daily one of the Currency pairs to go SHORT on or LONG on. My Five main pairs are (1) EUR/USD (2) USD/CAD (3) AUD/USD (4) EUR/JPY (5) USD/JPY
Think about that. That is why our Forex results are beyond the numbers done by any known Forex trader in the world.
SPECIAL OFFER UNTIL MAY 1, 2024, 5:00 PM
Anyone who registers to post here on Forex Factory on my thread will be given a FREE 90-day course and direct access to myself and you do not need to pay my corporation $125.00 for my 90-day learning and Forex trading course. The OFFER is only valid for 12 people who register to post here on our thread.
https://finviz.com/futures_charts.ashx?p=i5&t=YM
www.avielforexlearningedge.com
TESTIMONIALS
"After the first meeting, I turned my financials over to AVIEL FOREX LEARNING EDGE. They go above and beyond."
Daniel Gates
https://0901.nccdn.net/4_2/000/000/038/2d3/forex.png
As an experienced forex trader and educator, I have helped many people learn how to trade forex successfully and earn a lot of money. My comprehensive approach to trading combines fundamental and technical analysis with risk management strategies to identify profitable trading opportunities.
If you're interested in learning forex trading and earning a lot of money, my 90-day course is the perfect place to start. This course covers everything from the basics of forex trading to advanced strategies for maximizing your profits. Best of all, for a limited time, I'm offering a 50% discount on the course fee.
During the 90-day course, you'll learn how to read and analyze charts, identify trends and patterns, and use technical indicators to make informed trading decisions. You'll also learn how to manage your risk and minimize losses so that you can maximize your profits.
One of the most important things you'll learn during the course is the psychology of trading. Trading forex can be stressful and emotional, and it's essential to develop a mindset that allows you to stay calm and focused under pressure. I'll teach you proven techniques for managing your emotions and staying disciplined so that you can make rational, well-informed trading decisions.
In addition to the 90-day course, I also offer a range of other educational resources, including webinars, coaching programs, and one-on-one mentoring. Whether you're a beginner or an experienced trader, my goal is to help you achieve success in forex trading and reach your financial goals.
If you're ready to learn forex trading from an experienced professional and start earning a lot of money, sign up for my 90-day course today. With the 50% discount, you'll get all the knowledge and skills you need to become a successful forex trader at a fraction of the usual cost.
SIGN UP FOR THE COURSE
Send an E Transfer of 125.00 Canadian dollars to: [email protected]
CONTACTS
Contact us any time - we look forward to meeting you!
My cellphone: 438 995 2549
By email: [email protected]
Bruce Warren Margolese
My cellphone: 263 778 3577
ACCOUNT NUMBER 00464221 - NEW - OPENED AT 7:50 PM on April 23, 2024.
This account will be traded for 7 days until April 30, 2024, and on Wednesday, May 1, 2024, WE will see what the balance is.
My goal is to bring it to $60,000 US dollars by May 1, 2024. Stay tuned to track my progress. That will be an ROI (Return on Investment) of 20% in one week of Forex trading.
UPDATE AS OF APRIL 24, 2024 11:06 AM
I have made 17 PERFECT Forex trades today and my Net Profit is $1,107.43 US dollars ... Well on target to reach $60,000 US dollars by May 1, 2024.
UPDATE AS OF APRIL 24, 2024 at 4:40 PM
I have now made 21 PERFECT Forex trades today and my Net Profit is $1,486.13 US dollars.
UPDATE AS OF APRIL 25, 2024 at 6:09 AM
I have now made 23 PERFECT Forex trades since I opened this demo account.
I trade my demo account exactly as I trade my $100,000 in funds at Friedberg Direct in Toronto.
The CASH balance at the start of the Forex trading day is now at $51,576.08 US dollars.
Please click on the link below to see the 5-minute chart of the Dow 30. This is part of the UNIQUE method that we teach.
By KNOWING the PATTERN each day of the Dow 30 which is a bellwether for the stock markets around the world, I know the results of the instruments that I trade during my Forex trading plan in effect to June 30, 2024. That is called my 90-day Forex trading plan.
I SHORT 100 units of Dow 30. I SHORT 50 units of SP500. I go LONG 100 ounces of Gold. I go LONG 5000 ounces of Silver.
I choose daily one of the Currency pairs to go SHORT on or LONG on. My Five main pairs are (1) EUR/USD (2) USD/CAD (3) AUD/USD (4) EUR/JPY (5) USD/JPY
Think about that. That is why our Forex results are beyond the numbers done by any known Forex trader in the world.
SPECIAL OFFER UNTIL MAY 1, 2024, 5:00 PM
Anyone who registers to post here on Forex Factory on my thread will be given a FREE 90-day course and direct access to myself and you do not need to pay my corporation $125.00 for my 90-day learning and Forex trading course. The OFFER is only valid for 12 people who register to post here on our thread.
https://finviz.com/futures_charts.ashx?p=i5&t=YM
www.avielforexlearningedge.com
TESTIMONIALS
"After the first meeting, I turned my financials over to AVIEL FOREX LEARNING EDGE. They go above and beyond."
Daniel Gates
https://0901.nccdn.net/4_2/000/000/038/2d3/forex.png
As an experienced forex trader and educator, I have helped many people learn how to trade forex successfully and earn a lot of money. My comprehensive approach to trading combines fundamental and technical analysis with risk management strategies to identify profitable trading opportunities.
If you're interested in learning forex trading and earning a lot of money, my 90-day course is the perfect place to start. This course covers everything from the basics of forex trading to advanced strategies for maximizing your profits. Best of all, for a limited time, I'm offering a 50% discount on the course fee.
During the 90-day course, you'll learn how to read and analyze charts, identify trends and patterns, and use technical indicators to make informed trading decisions. You'll also learn how to manage your risk and minimize losses so that you can maximize your profits.
One of the most important things you'll learn during the course is the psychology of trading. Trading forex can be stressful and emotional, and it's essential to develop a mindset that allows you to stay calm and focused under pressure. I'll teach you proven techniques for managing your emotions and staying disciplined so that you can make rational, well-informed trading decisions.
In addition to the 90-day course, I also offer a range of other educational resources, including webinars, coaching programs, and one-on-one mentoring. Whether you're a beginner or an experienced trader, my goal is to help you achieve success in forex trading and reach your financial goals.
If you're ready to learn forex trading from an experienced professional and start earning a lot of money, sign up for my 90-day course today. With the 50% discount, you'll get all the knowledge and skills you need to become a successful forex trader at a fraction of the usual cost.
SIGN UP FOR THE COURSE
Send an E Transfer of 125.00 Canadian dollars to: [email protected]
CONTACTS
Contact us any time - we look forward to meeting you!
My cellphone: 438 995 2549
By email: [email protected]
Bruce Warren Margolese
My cellphone: 263 778 3577
- Post #12,812
- Quote
- Apr 25, 10:33am (28 hr ago) Apr 25, 10:33am (28 hr ago)
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
- Post #12,813
- Quote
- Apr 26, 4:48am (10 hr ago) Apr 26, 4:48am (10 hr ago)
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
www.avielforexlearningedge.com
ACCOUNT NUMBER 00464221 - NEW - OPENED AT 7:50 PM on April 23, 2024.
This account will be traded for 7 days until April 30, 2024, and on Wednesday, May 1, 2024, WE will see what the balance is.
My goal is to bring it to $60,000 US dollars by May 1, 2024. Stay tuned to track my progress. That will be an ROI (Return on Investment) of 20% in one week of Forex trading.
UPDATE AS OF APRIL 24, 2024 11:06 AM
I have made 17 PERFECT Forex trades today and my Net Profit is $1,107.43 US dollars ... Well on target to reach $60,000 US dollars by May 1, 2024.
UPDATE AS OF APRIL 24, 2024 at 4:40 PM
I have now made 21 PERFECT Forex trades today and my Net Profit is $1,486.13 US dollars.
UPDATE AS OF APRIL 25, 2024 at 6:09 AM
I have now made 23 PERFECT Forex trades since I opened this demo account.
I trade my demo account exactly as I trade my $100,000 in funds at Friedberg Direct in Toronto.
The CASH balance at the start of the Forex trading day is now at $51,576.08 US dollars.
Please click on the link below to see the 5-minute chart of the Dow 30. This is part of the UNIQUE method that we teach.
By KNOWING the PATTERN each day of the Dow 30 which is a bellwether for the stock markets around the world, I know the results of the instruments that I trade during my Forex trading plan in effect to June 30, 2024. That is called my 90-day Forex trading plan.
I SHORT 100 units of Dow 30. I SHORT 50 units of SP500. I go LONG 100 ounces of Gold. I go LONG 5000 ounces of Silver.
I choose daily one of the Currency pairs to go SHORT on or LONG on. My Five main pairs are (1) EUR/USD (2) USD/CAD (3) AUD/USD (4) EUR/JPY (5) USD/JPY
Think about that. That is why our Forex results are beyond the numbers done by any known Forex trader in the world.
SPECIAL OFFER UNTIL MAY 1, 2024, 5:00 PM
Anyone who registers to post here on Forex Factory on my thread will be given a FREE 90-day course and direct access to myself and you do not need to pay my corporation $125.00 for my 90-day learning and Forex trading course. The OFFER is only valid for 12 people who register to post here on our thread.
https://finviz.com/futures_charts.ashx?p=i5&t=YM
www.avielforexlearningedge.com
TESTIMONIALS
"After the first meeting, I turned my financials over to AVIEL FOREX LEARNING EDGE. They go above and beyond."
Daniel Gates
https://0901.nccdn.net/4_2/000/000/038/2d3/forex.png
As an experienced forex trader and educator, I have helped many people learn how to trade forex successfully and earn a lot of money. My comprehensive approach to trading combines fundamental and technical analysis with risk management strategies to identify profitable trading opportunities.
If you're interested in learning forex trading and earning a lot of money, my 90-day course is the perfect place to start. This course covers everything from the basics of forex trading to advanced strategies for maximizing your profits. Best of all, for a limited time, I'm offering a 50% discount on the course fee.
During the 90-day course, you'll learn how to read and analyze charts, identify trends and patterns, and use technical indicators to make informed trading decisions. You'll also learn how to manage your risk and minimize losses so that you can maximize your profits.
One of the most important things you'll learn during the course is the psychology of trading. Trading forex can be stressful and emotional, and it's essential to develop a mindset that allows you to stay calm and focused under pressure. I'll teach you proven techniques for managing your emotions and staying disciplined so that you can make rational, well-informed trading decisions.
In addition to the 90-day course, I also offer a range of other educational resources, including webinars, coaching programs, and one-on-one mentoring. Whether you're a beginner or an experienced trader, my goal is to help you achieve success in forex trading and reach your financial goals.
If you're ready to learn forex trading from an experienced professional and start earning a lot of money, sign up for my 90-day course today. With the 50% discount, you'll get all the knowledge and skills you need to become a successful forex trader at a fraction of the usual cost.
SIGN UP FOR THE COURSE
Send an E Transfer of 125.00 Canadian dollars to: [email protected]
CONTACTS
Contact us any time - we look forward to meeting you!
My cellphone: 438 995 2549
By email: [email protected]
Bruce Warren Margolese
My cellphone: 263 778 3577
ACCOUNT NUMBER 00464221 - NEW - OPENED AT 7:50 PM on April 23, 2024.
This account will be traded for 7 days until April 30, 2024, and on Wednesday, May 1, 2024, WE will see what the balance is.
My goal is to bring it to $60,000 US dollars by May 1, 2024. Stay tuned to track my progress. That will be an ROI (Return on Investment) of 20% in one week of Forex trading.
UPDATE AS OF APRIL 24, 2024 11:06 AM
I have made 17 PERFECT Forex trades today and my Net Profit is $1,107.43 US dollars ... Well on target to reach $60,000 US dollars by May 1, 2024.
UPDATE AS OF APRIL 24, 2024 at 4:40 PM
I have now made 21 PERFECT Forex trades today and my Net Profit is $1,486.13 US dollars.
UPDATE AS OF APRIL 25, 2024 at 6:09 AM
I have now made 23 PERFECT Forex trades since I opened this demo account.
I trade my demo account exactly as I trade my $100,000 in funds at Friedberg Direct in Toronto.
The CASH balance at the start of the Forex trading day is now at $51,576.08 US dollars.
Please click on the link below to see the 5-minute chart of the Dow 30. This is part of the UNIQUE method that we teach.
By KNOWING the PATTERN each day of the Dow 30 which is a bellwether for the stock markets around the world, I know the results of the instruments that I trade during my Forex trading plan in effect to June 30, 2024. That is called my 90-day Forex trading plan.
I SHORT 100 units of Dow 30. I SHORT 50 units of SP500. I go LONG 100 ounces of Gold. I go LONG 5000 ounces of Silver.
I choose daily one of the Currency pairs to go SHORT on or LONG on. My Five main pairs are (1) EUR/USD (2) USD/CAD (3) AUD/USD (4) EUR/JPY (5) USD/JPY
Think about that. That is why our Forex results are beyond the numbers done by any known Forex trader in the world.
SPECIAL OFFER UNTIL MAY 1, 2024, 5:00 PM
Anyone who registers to post here on Forex Factory on my thread will be given a FREE 90-day course and direct access to myself and you do not need to pay my corporation $125.00 for my 90-day learning and Forex trading course. The OFFER is only valid for 12 people who register to post here on our thread.
https://finviz.com/futures_charts.ashx?p=i5&t=YM
www.avielforexlearningedge.com
TESTIMONIALS
"After the first meeting, I turned my financials over to AVIEL FOREX LEARNING EDGE. They go above and beyond."
Daniel Gates
https://0901.nccdn.net/4_2/000/000/038/2d3/forex.png
As an experienced forex trader and educator, I have helped many people learn how to trade forex successfully and earn a lot of money. My comprehensive approach to trading combines fundamental and technical analysis with risk management strategies to identify profitable trading opportunities.
If you're interested in learning forex trading and earning a lot of money, my 90-day course is the perfect place to start. This course covers everything from the basics of forex trading to advanced strategies for maximizing your profits. Best of all, for a limited time, I'm offering a 50% discount on the course fee.
During the 90-day course, you'll learn how to read and analyze charts, identify trends and patterns, and use technical indicators to make informed trading decisions. You'll also learn how to manage your risk and minimize losses so that you can maximize your profits.
One of the most important things you'll learn during the course is the psychology of trading. Trading forex can be stressful and emotional, and it's essential to develop a mindset that allows you to stay calm and focused under pressure. I'll teach you proven techniques for managing your emotions and staying disciplined so that you can make rational, well-informed trading decisions.
In addition to the 90-day course, I also offer a range of other educational resources, including webinars, coaching programs, and one-on-one mentoring. Whether you're a beginner or an experienced trader, my goal is to help you achieve success in forex trading and reach your financial goals.
If you're ready to learn forex trading from an experienced professional and start earning a lot of money, sign up for my 90-day course today. With the 50% discount, you'll get all the knowledge and skills you need to become a successful forex trader at a fraction of the usual cost.
SIGN UP FOR THE COURSE
Send an E Transfer of 125.00 Canadian dollars to: [email protected]
CONTACTS
Contact us any time - we look forward to meeting you!
My cellphone: 438 995 2549
By email: [email protected]
Bruce Warren Margolese
My cellphone: 263 778 3577
- Post #12,814
- Quote
- Last Post: Edited 8:04am Apr 26, 7:52am (7 hr ago) | Edited 8:04am
- | Commercial Member | Joined Dec 2014 | 11,389 Posts
https://www.zerohedge.com/markets/our-enemy-fed
"Our Enemy, The Fed"
https://zh-prod-1cc738ca-7d3b-4a72-b.../picture-5.jpg
BY TYLER DURDEN
FRIDAY, APR 26, 2024 - 07:20 AM
Authored by George Ford Smith via The Mises Institute,
The first thing to know about Dr. Thomas E. Woods, Jr.’s’ book Our Enemy, the Fed is he’s giving it away. Click the link, get your copy, and read the whole book. Such intellectual charity is not only rare but also in the educational spirit of Mises.org. The subject matter is light-heavy but Woods, author of the bestseller Meltdown (reviewed here), navigates it with the smooth skill of a master, making the reader experience satisfying from beginning to end.
https://assets.zerohedge.com/s3fs-pu...?itok=Tf9qDPVw
The title reflects another insight, paralleling as it does Albert Jay Nock’s Our Enemy, the State. Most of us were raised to believe government and its agencies serve our best interests. As libertarian scholarship has shown the truth is the exact opposite, particularly with the government’s sleazy relationship with money and banking.
Admittedly, it’s a hard idea to accept since it involves a pernicious breach of trust, but Woods makes it abundantly clear. To our overlords, we are easily duped chattel.
Until Ron Paul decided to run for president and his End the Fed came along in 2009, the general public was mostly blind to the Fed’s existence.
Austrians aside, the few who knew something about it — mostly university-trained economists on the take from the Fed — considered it a vital part of an advanced industrial economy. Yet the Fed had been around for 96 years when Dr. Paul’s book emerged. Given that it’s in charge of the money we use how did it remain in the shadows for tax-burdened citizens for nearly a century? What’s up with that?
The Federal Reserve Bank of St. Louis tells us the Fed’s congressional assignment is “to promote maximum employment and price stability.” (Bold in original) For these, it talks about interest rates, and it aims to increase the money supply so that prices rise gently at or around a 2 percent rate.
How gentle is a two percent rate? After 10 years of two percent monetary inflation, it would take $121.90 to buy what $100 bought in year one. But that’s over a decade, and you might not notice it unless you’re one of the hungry poor not on welfare. The Fed’s inflation of the money supply has been ongoing since it began operations in 1914, draining 96 percent of the dollar’s purchasing power.
On what planet is a 96 percent devaluation considered stability? Its real purpose is to inflate and then assure us it makes good sense. Never mind the boom-bust cycle it creates along with the debauchery of our currency. We’re being gaslighted. Where did all the newly created money go?
Dr. Paul, who had a long career in Congress whose confrontations with Fed Chairmen Alan Greenspan and Ben Bernanke have become legendary in libertarian circles, tells us:
The law permits this highly secretive, private bank to create credit at will and distribute it as it sees fit.
The chairman of the Federal Reserve can blatantly inject in a public hearing that he has no intention of revealing where the newly created credit goes and who benefits. When asked, he essentially answered, “It’s none of your business,” saying that it would be “counterproductive” to do so. [My italics]
The picture I get is of people in a hideout somewhere — in this case, the FOMC meeting in the Eccles building in Washington, D.C. — cranking out money and then injecting it into the economy in some mysterious manner, while telling us in Keynesian doublespeak their operations keep us safe and prosperous.
Is it really hard to fathom that those in charge might be up to no good?
Woods comes out swinging
After defining the Federal Reserve System — the Fed — as the American central bank enjoying “a government-granted monopoly on the creation of legal-tender money,” Woods proceeds to evaluate the Fed from a broad or macro perspective.
What exactly did the Fed fix? Christina Romer who served under Obama as Chair of his Council of Economic Advisors found that “recessions were not more frequent in the pre-Fed than the post-Fed period.” Even comparing the periods of 1796-1915 to post-WW II — thus omitting the Great Depression of 1930-1945 — “economist Joseph Davis finds no appreciable difference between the length and duration of recessions as compared to the period of the Fed.”
Woods takes us back through American history to see how banking and credit developed. The government, which has no money of its own, befriends the ones that have it. During the period between the expiration of the First Bank of the US and the creation of the Second Bank of the US — 1811-1817 — the government granted banks the privilege of expanding credit unsecured by deposits while allowing them to tell depositors attempting to withdraw their money to “come back in a couple of years.” While banks could be charged with legal counterfeiting and embezzlement, Woods does not use the terms. Nowhere in the book does he use the words “counterfeit” or “embezzle.”
When the Second Bank of the US started inflating in 1817 it created the Panic of 1819. He writes:
The lesson of that sorry episode — namely, that the economy gets taken on a wild and unhealthy ride when the money supply is dramatically and artificially increased and then suddenly reduced — was so obvious that even the political class managed to figure it out.
Many inflationists before the panic became hard-money believers after. Condy Raguet and Daniel Raymond, a disciple of Alexander Hamilton, became hard-money advocates and wrote books on economics. John Quincy Adams cited the hard-money Bank of Amsterdam “as a model to emulate.”
But the inflationists persisted and pushed for more government intervention, and Unit banking in particular:
In the nineteenth century, nearly all American states instituted a regulation known as unit banking, which limited all banks to a single office. No branch banking was allowed, whether intrastate or interstate. The obvious result was a very fragile and undiversified banking system in which banks could be brought to ruin if local conditions turned sour.
Fractional-reserve banking is a major cause of bank panics. But the US went further. Other countries did not “cripple their banking systems” with unit banking laws. Canada, in particular, had no unit banking laws and no banking panics. The Bank of Canada did not emerge until 1934:
As Milton Friedman was fond of pointing out, although the Great Depression claimed over 9,000 American banks, the number of banks that failed in Canada at that time was zero. American bank panics, it turns out, were in large part the result of government intervention — in the form of unit banking — in the first place.
Yet it was the market and the imposed pseudo-gold standard that took the blame, and Americans got Hoover’s meddling then FDR’s New Deal.
Later in the book Woods mentions the hands-off approach to the depression of 1920-1921, “which saw unemployment shoot up to 12.4 percent and production decline by 17 percent. Wholesale prices fell by 56 percent.” And the Fed kept its printing press quiet. According to the National Bureau of Economic Research, the depression was over by the summer of 1921.
Falling prices are bad?
One of the strongest parts of Woods’ book is his treatment of deflation — falling prices. It is only in the inflationary world of larcenous economics that falling prices are the “It” to be avoided.
A few of the points he makes:
"Our Enemy, The Fed"
https://zh-prod-1cc738ca-7d3b-4a72-b.../picture-5.jpg
BY TYLER DURDEN
FRIDAY, APR 26, 2024 - 07:20 AM
Authored by George Ford Smith via The Mises Institute,
The first thing to know about Dr. Thomas E. Woods, Jr.’s’ book Our Enemy, the Fed is he’s giving it away. Click the link, get your copy, and read the whole book. Such intellectual charity is not only rare but also in the educational spirit of Mises.org. The subject matter is light-heavy but Woods, author of the bestseller Meltdown (reviewed here), navigates it with the smooth skill of a master, making the reader experience satisfying from beginning to end.
https://assets.zerohedge.com/s3fs-pu...?itok=Tf9qDPVw
The title reflects another insight, paralleling as it does Albert Jay Nock’s Our Enemy, the State. Most of us were raised to believe government and its agencies serve our best interests. As libertarian scholarship has shown the truth is the exact opposite, particularly with the government’s sleazy relationship with money and banking.
Admittedly, it’s a hard idea to accept since it involves a pernicious breach of trust, but Woods makes it abundantly clear. To our overlords, we are easily duped chattel.
Until Ron Paul decided to run for president and his End the Fed came along in 2009, the general public was mostly blind to the Fed’s existence.
Austrians aside, the few who knew something about it — mostly university-trained economists on the take from the Fed — considered it a vital part of an advanced industrial economy. Yet the Fed had been around for 96 years when Dr. Paul’s book emerged. Given that it’s in charge of the money we use how did it remain in the shadows for tax-burdened citizens for nearly a century? What’s up with that?
The Federal Reserve Bank of St. Louis tells us the Fed’s congressional assignment is “to promote maximum employment and price stability.” (Bold in original) For these, it talks about interest rates, and it aims to increase the money supply so that prices rise gently at or around a 2 percent rate.
How gentle is a two percent rate? After 10 years of two percent monetary inflation, it would take $121.90 to buy what $100 bought in year one. But that’s over a decade, and you might not notice it unless you’re one of the hungry poor not on welfare. The Fed’s inflation of the money supply has been ongoing since it began operations in 1914, draining 96 percent of the dollar’s purchasing power.
On what planet is a 96 percent devaluation considered stability? Its real purpose is to inflate and then assure us it makes good sense. Never mind the boom-bust cycle it creates along with the debauchery of our currency. We’re being gaslighted. Where did all the newly created money go?
Dr. Paul, who had a long career in Congress whose confrontations with Fed Chairmen Alan Greenspan and Ben Bernanke have become legendary in libertarian circles, tells us:
The law permits this highly secretive, private bank to create credit at will and distribute it as it sees fit.
The chairman of the Federal Reserve can blatantly inject in a public hearing that he has no intention of revealing where the newly created credit goes and who benefits. When asked, he essentially answered, “It’s none of your business,” saying that it would be “counterproductive” to do so. [My italics]
The picture I get is of people in a hideout somewhere — in this case, the FOMC meeting in the Eccles building in Washington, D.C. — cranking out money and then injecting it into the economy in some mysterious manner, while telling us in Keynesian doublespeak their operations keep us safe and prosperous.
Is it really hard to fathom that those in charge might be up to no good?
Woods comes out swinging
After defining the Federal Reserve System — the Fed — as the American central bank enjoying “a government-granted monopoly on the creation of legal-tender money,” Woods proceeds to evaluate the Fed from a broad or macro perspective.
What exactly did the Fed fix? Christina Romer who served under Obama as Chair of his Council of Economic Advisors found that “recessions were not more frequent in the pre-Fed than the post-Fed period.” Even comparing the periods of 1796-1915 to post-WW II — thus omitting the Great Depression of 1930-1945 — “economist Joseph Davis finds no appreciable difference between the length and duration of recessions as compared to the period of the Fed.”
Woods takes us back through American history to see how banking and credit developed. The government, which has no money of its own, befriends the ones that have it. During the period between the expiration of the First Bank of the US and the creation of the Second Bank of the US — 1811-1817 — the government granted banks the privilege of expanding credit unsecured by deposits while allowing them to tell depositors attempting to withdraw their money to “come back in a couple of years.” While banks could be charged with legal counterfeiting and embezzlement, Woods does not use the terms. Nowhere in the book does he use the words “counterfeit” or “embezzle.”
When the Second Bank of the US started inflating in 1817 it created the Panic of 1819. He writes:
The lesson of that sorry episode — namely, that the economy gets taken on a wild and unhealthy ride when the money supply is dramatically and artificially increased and then suddenly reduced — was so obvious that even the political class managed to figure it out.
Many inflationists before the panic became hard-money believers after. Condy Raguet and Daniel Raymond, a disciple of Alexander Hamilton, became hard-money advocates and wrote books on economics. John Quincy Adams cited the hard-money Bank of Amsterdam “as a model to emulate.”
But the inflationists persisted and pushed for more government intervention, and Unit banking in particular:
In the nineteenth century, nearly all American states instituted a regulation known as unit banking, which limited all banks to a single office. No branch banking was allowed, whether intrastate or interstate. The obvious result was a very fragile and undiversified banking system in which banks could be brought to ruin if local conditions turned sour.
Fractional-reserve banking is a major cause of bank panics. But the US went further. Other countries did not “cripple their banking systems” with unit banking laws. Canada, in particular, had no unit banking laws and no banking panics. The Bank of Canada did not emerge until 1934:
As Milton Friedman was fond of pointing out, although the Great Depression claimed over 9,000 American banks, the number of banks that failed in Canada at that time was zero. American bank panics, it turns out, were in large part the result of government intervention — in the form of unit banking — in the first place.
Yet it was the market and the imposed pseudo-gold standard that took the blame, and Americans got Hoover’s meddling then FDR’s New Deal.
Later in the book Woods mentions the hands-off approach to the depression of 1920-1921, “which saw unemployment shoot up to 12.4 percent and production decline by 17 percent. Wholesale prices fell by 56 percent.” And the Fed kept its printing press quiet. According to the National Bureau of Economic Research, the depression was over by the summer of 1921.
Falling prices are bad?
One of the strongest parts of Woods’ book is his treatment of deflation — falling prices. It is only in the inflationary world of larcenous economics that falling prices are the “It” to be avoided.
A few of the points he makes:
- Increasing the money supply to support increased production is a fallacy. “Any supply of money can facilitate any number of transactions.”
- The money supply under a hard money system grows “relatively slowly, and the supply of other goods and services increases more rapidly. With these goods and services more abundant concerning money, their prices fall.”
- The claim that people would stop buying things if they knew prices would fall ignores the fact that people “value goods in the present more highly than they do the same goods in the future. This factor offsets the desire to wait indefinitely for a lower price.”
- If deflation is anticipated entrepreneurs and the firms they deal with would adjust their bids accordingly.
- With the increase in money’s purchasing power people could save simply by hoarding.
- Who’s hurt the most by deflation? The power centers in society — government and Wall Street. We hear hysteria over deflation because it hurts the establishment the most, “and only the mildest concern about inflation, which hurts everyone else.”
Conclusion
Tom Woods has published another gem and is giving it away. The war we’re fighting now depends for its outcome on sound information and, as always, personal integrity. Never forget, the Fed must go. His book provides much of the intellectual ammunition needed to neutralize the enemy and avoid repeating the mistakes that brought us this mess in the first place.