Category Archives: The Political Money System

Bloomberg: The IMF Should Get Out of Greece

It has long been evident the Greek government, over the years, has been so overburdened with debt that much of it would eventually need to be forgiven. Now, even the mainstream media is touting that as the necessary solution to Greece’s predicament. In his recent article, published on the Bloomberg website, Princeton Prof. and former IMF deputy research director Ashoka Mody argues that the IMF is to blame for Greece’s debt situation and that it ought to pull out. He proposes that the IMF’s principal shareholders — the Europeans and Americans, must “honorably accept real losses.”

But he also points out that “the IMF’s Board, over the fierce opposition of several executive directors, the Europeans and Americans pushed through a bailout program that, contrary to the fund’s rules, did not impose losses on Greece’s private creditors. The decision was based on a spurious claim that “restructuring” private debt would trigger a global financial meltdown.”

So, here we have another case of private bank creditors being bailed-out. Yes, the Greek debt must be forgiven to allow the Greek economy to recover, but the burden now falls upon European and American citizens instead of on the banks’ owners, where it properly belongs.

Roberts says raise taxes on corporations’ offshore profits; the FED manipulates all markets, may crash the economy.

Here is another excellent interview of Dr. Paul Craig Roberts in which he outlines the political situation in the U.S, some of the prospects for the Trump administration, limits to Presidential power,  and what would need to be done to rebuild the American economy.

Israel Slaps Capital Tax on Bitcoins

According to Barter News Weekly, the Israeli government will now charge capital gains tax on profits made from Bitcoin transactions. here is their report:

TEL AVIV – Transactions involving Bitcoins in Israel could be treated as barter transactions, and profits from coin sales could be charged a capital gains tax.

Late last week the Israeli Tax Authority issued a circular detailing the authority’s stance on the taxation of cryptocurrencies, saying that the Bitcoins and other cryptocurrencies shall be treated as assets when sold.

Cryptocurrencies are often considered to fall into a legal grey area for the purposes of taxation, with some countries classifying them as financial instruments, or currency, or an equivalent of a currency, or an asset.

The ITA has now decided that any cryptocurrency sold in Israel shall be regarded as the sale of an asset, and, subsequently, will carry a potential capital gains tax obligation.

The profits made from the sale of cryptocurrencies will need to be declared to the tax authority.

Some experts have noted that if the currency is treated as assets, any businesses accepting crypto-coins as payment will need to treat the transaction as a barter transaction, and will be required to complete their tax filling obligations accordingly.

The treatment of cryptocurrency as an assets does not preclude any transactions from falling under the scope of the country’s VAT system.

It has been said that, “the power to tax is the power to destroy.” Well, the decision of the Israeli tax authorities to tax Bitcoin transactions as asset transfers may not destroy Bitcoin as a speculative medium, but it will surely inhibit its use as a payment medium. The money and banking cartel hates competition.–t.h.g.

A World Without Money and Interest

During my October tour, I gave three presentations in Kuala Lumpur, Malaysia and another in Sardinia, Italy. Two of the Malaysia presentations were at the International Forum on Inclusive Wealth, but I do not yet have recordings of those. The third was an extended presentation and discussion (on October 10) at the Institute of Advanced Islamic Studies titled, A World Without Money and Interest: A pathway toward social justice and economic equity. Here below is the video of the proceedings, or you can watch it on YouTube at https://youtu.be/8BejigzDAVY. The audio only is here, and the slides that were used in that talk can be viewed here.

Prepare to be poorer

Michael Hudson is one of the few academic economists who is worth listening to. He understands how bankers and politicians of both major parties have been deceiving and fleecing the people and he is willing to expose it. In this video he explains how it works and how both Trump and Hillary have planned to continue (and intensify) the fleecing

Michael Hudson: Donald Trump Wants to Make the 1% Even Richer

David Stockman on Donald Trump’s Demagoguery—The Dangers And Digressions Of It

David Stockman, who was Budget Director under President Ronal Reagan, makes a great deal of sense in this essay which is about much more than Donald Trump’s “domineering and authoritarian personality” and his scary authoritarian inclinations (he accuses Trump of being and “incipient police statist.)” Stockman also presents facts that belie the justifications for insane government policies like monetization of government debts, the war on drugs, and foreign interventions, as well as the illusions created by the sensationalist media. I recommend reading the entire article but here are a few excerpts.—t.h.g.

Donald Trump’s Demagoguery—–The Dangers And Digressions Of It
By David Stockman

“…both parties are fully onboard, of course, with the massive fraud that has become central bank policy both here and around the world.”

“The Fed has actually purchased $4 trillion of Treasury debt and GSE securities since the year 2000 and funded it with credits conjured from thin air. This has been a monumental act of “something for nothing” economics in which the trillions Congress has wasted on war and peace have been financed with digital money magic.”

“The purported crime and terrorism wave, in fact, is essentially a figment of cable news version of reality TV, and most especially the CNN War Channel and its perennial Black versus Blue &White race narrative. …According to the FBI data there has been an astonishing 50% reduction in the U.S. violent crime rate since the early 1990s.”

And regarding the supposed increase in targeting of police officers by criminals, Stockman points out that, “In fact, the actual rate of intentional, felonious killings per 100,000 officers has been plummeting for decades. During 2014 it was actually 71% lower than the year Ronald Reagan left office.”

“At the end of the day, the overwhelming message of the data is that there is no crime wave nor an eruption of police violence on either the giving or receiving end.” —More

Brexit and the prospects for Europe and the world

It’s very difficult to know what the tactics and specific manipulations of the global elite might be from day to day. The Brexit vote surprised almost everyone, including me. But it’s hard for me to imagine that Brexit might be something the elite want because they have engineered the terms of European union to concentrate ever more power in their own hands, which is what they’ve been up to for decades, if not centuries.

Therefore, I expect a lot of foot dragging and I do not expect the referendum to be acted on with any haste. Instead, terms of union will be renegotiated with the apparent, but not real, return of some sovereignty to the Brits. Then “stay” will be sold to them and another referendum held to legitimize remaining in the union.

In the meantime, the ongoing financial crisis is approaching another tipping point which may throw the banking system into a chaotic state with which governments will be unable to cope.[i] It may then be a case of “every nation for itself” as people demand that their respective governments “do something” to prevent breakdown of their domestic economies, and to hell with EU regulations. That will mark the de facto disintegration of the European Union.

Of course, I may be completely wrong, but it will more likely be an error of timing, as I see the breakup of the UE and the demise of the global money and financial regime as inevitable. –t.h.g.

[i] According to a recent IMF report, “…Germany’s contribution to ensuring the success of the new European financial stability architecture is crucial for fostering its domestic financial stability and the success of the European reform agenda.” (IMF Country Report No. 16/189. GERMANY FINANCIAL SECTOR ASSESSMENT PROGRAM, FINANCIAL SYSTEM STABILITY ASSESSMENT). But an analysis of that same IMF report by Tyler Durden, (http://www.zerohedge.com/news/2016-06-29/imf-deutsche-bank-poses-greatest-risk-global-financial-system) concludes that “Deutsche Bank poses the greatest systemic risk to the global financial system.”