Trump is pressuring the world to stop trading with Iran. And starting November 4, Trump will sanction any country or company that does.
by Andy Hoffman, Miles Franklin:
Not that its experience is any different from the countless “empires” that destroyed themselves from within; but let’s face it, America is rapidly morphing into a Banana Republic.
And not just in terms of its monetary policy – as the leader, in the “race to the bottom,” of the terminal phase of history’s largest; most destructive; and for the first time, global; fiat Ponzi scheme. Unfortunately, the symptoms of the disease are widespread, affecting the political, economic, and social landscape – all by-products of the complacency, self-indulgence, and arrogance created by the false sense of superiority the “reserve currency” issuer temporarily enjoys, in ephemerally living far above its means. Unfortunately, aside from the inexorable secular headwinds pounding against America’s rapidly waning dominance – like the global population explosion, unfavorable demographic trends, and synchronous worldwide information dissemination – America’s exposure to the gargantuan, historic cyclical downturn its own policies caused, is as broad, and systematically dangerous, as any nation’s. And not just absolutely; but more importantly, relative to the sky-high, “sixth sigma” standard of living its fleeting stint as reserve currency issuer has enabled.
by Kenneth Schortgen, The Daily Economist:
On July 1, a new law went into effect which removes all taxation from the buying and selling of Bitcoin in the nation of Japan. And with their already having recognized the cryptocurrency as a viable medium of exchange within their monetary system, the world’s third largest economy has moved another step closer to recognizing Bitcoin as a legitimate currency.
Japan’s tax reform bill which officially eliminated consumption tax on the sale of Bitcoin came into effect on July 1. Bitcoin trading activities are expected to rise in Japan following the activation of the bill.
from Greg Hunter:
Kevin Lawton, recently wrote a Kindle short titled “Beyond the Bitcoin Trap: A Crypto Currency for Human 2.0” predicts, “This year is going to be the year of volatility in Bitcoin price. I expect liquidations, but it’s like a tug of war. There are reasons for people to tug the price up . . . then on the regulatory side, for example, prices could go down.
from World Alternative Media:
by Kenneth Schortgen, The Daily Economist:
One of the most confusing things about the rise of cryptocurrencies is that most countries at the present time are implementing different rules and regulations regarding their ownership, taxation, and even definition. For example, the country of Japan has gone full bore into cryptocurrencies, even passing laws that legitimize Bitcoin as a medium of exchange while also removing any tax obligations on its purchase or use. Yet over in the U.S., a court ruling calling Bitcoin a security is the current standard, and means that transactions in the cryptocurrency are to be designated as property, and subject to capital gains taxes.
by Simon Black, Sovereign Man:
By the time Louis XIV passed away in 1715, seven decades of his absurd extravagance had nearly bankrupted France.
His reign was marked by constant warfare and the most excessive spending imaginable, from opulent palaces (including Versailles) to a costly welfare state– public hospitals, parks, monuments, museums.
Louis XIV had turned France into the world’s leading power. But it came at a heavy cost.
The national debt was nearly as large as the entire French economy itself, and the government’s annual budget deficit was appalling.
The US National Security Agency targeted Bitcoin users around the world, according to classified documents released by Edward Snowden. The revelations strike a blow to the financial privacy of bitcoin users, academics warn.
The National Security Agency (NSA) managed to find ways to ‘track down senders and receivers’ of Bitcoins, according to an internal NSA report dated March 2013. The findings come from classified NSA documents, exposed by ex-CIA whistleblower Edward Snowden and first published by The Intercept.
Crucially, the tracking may also have involved amassing information from bitcoin users’ computers. One NSA memo suggests that the NSA collected some Bitcoin users’ password information, internet activity and MAC address, which is a type of unique device identification number.