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Author | Topic: The Changing World Order | |||||||||||||||||||||||||||||||||||||||
Theodoric Member Posts: 9197 From: Northwest, WI, USA Joined: Member Rating: 3.2 |
You advocated it earlier on this thread when you said keep transactions under 3k. Still taxable just makes it easier not to claim.
What can be asserted without evidence can also be dismissed without evidence. -Christopher Hitchens Facts don't lie or have an agenda. Facts are just facts "God did it" is not an argument. It is an excuse for intellectual laziness. If your viewpoint has merits and facts to back it up why would you have to lie?
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Theodoric Member Posts: 9197 From: Northwest, WI, USA Joined: Member Rating: 3.2 |
So you know nothing about Biden and digital currency, but is in the book so it must be something bad.
What can be asserted without evidence can also be dismissed without evidence. -Christopher Hitchens Facts don't lie or have an agenda. Facts are just facts "God did it" is not an argument. It is an excuse for intellectual laziness. If your viewpoint has merits and facts to back it up why would you have to lie?
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Phat Member Posts: 18348 From: Denver,Colorado USA Joined: Member Rating: 1.0 |
Ray Dalio is quite thorough in his research about this stuff. I know that you guys think that I get far too much information from "YouTube Videos", but I am no stupid rube trolling for clickbait. (hopefully, anyway! ) Ray Dalio is respected among political, financial, and social analysts throughout the world.
8 months ago, he did an interview with Fareed Zakaria at the Council On Foreign Relations website. quote:John B. Hurford Memorial Lecture With Ray Dalio He may not be an "official" economist, but he would never get interviews with such commentators were he simply a gold bug rube. I think that Theodoric resents him because he is a wealthy Libertarian, rather than a Democrat.
quote: The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of a doubt, what is laid before him.” - Leo Tolstoy, The Kingdom of God is Within You (1894). When both religious and non-religious people reach the same conclusions then you know religion isn't the reason.--Percy Nor are Democrats the best party or the only one we should have. -Phat,2022 addressing The Peanut Gallery.
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Phat Member Posts: 18348 From: Denver,Colorado USA Joined: Member Rating: 1.0 |
Dalio does not elaborate much on digital currencies, but in the interview with Fareed, the question was brought up. The prevailing thinking is that a new blockchain digital currency will be created, backed by Gold. Dalio didn't say this, however.
The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of a doubt, what is laid before him.” - Leo Tolstoy, The Kingdom of God is Within You (1894). When both religious and non-religious people reach the same conclusions then you know religion isn't the reason.--Percy Nor are Democrats the best party or the only one we should have. -Phat,2022 addressing The Peanut Gallery.
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Taq Member Posts: 10084 Joined: Member Rating: 5.1 |
Phat writes: The prevailing thinking is that a new blockchain digital currency will be created, backed by Gold. And what would you do with this currency? Trade it in for US dollars? If so, then why not just buy gold instead of dealing with a blockchain based system that is notorious for getting hacked? Binance hit by $100 million blockchain bridge hack • TechCrunch Better yet, buy a diverse selection of investments spread over bonds, index funds, and a smattering of riskier stocks. Oh, and cash them out in dollars. If you keep them for more than a year you can pay the much lower long-term capital gains tax. If you make less than ~$500,000 in investments held over 1 year you only pay 15% tax, much lower than the equivalent in income tax.
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Taq Member Posts: 10084 Joined: Member Rating: 5.1 |
Phat writes: Ray Dalio is quite thorough in his research about this stuff. I know that you guys think that I get far too much information from "YouTube Videos", but I am no stupid rube trolling for clickbait. You can be as thorough as you like, but still get it wrong. Like I said earlier, you are much better of learning what the consensus is among economists instead of relying on one dude who isn't an economist.
He may not be an "official" economist, . . . Exactly. Would you go to someone for health care if they weren't an "official" MD, or a dentist who was not an "official" dentist? Better yet, would you rely on a single economist? I wouldn't. I want to know what the consensus is, and why.
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Theodoric Member Posts: 9197 From: Northwest, WI, USA Joined: Member Rating: 3.2 |
I have no resentment for him. He is out of his league. The book has been shown by knowledgeable critics to be dross. Just because he is a rich dude does not make him.an expert on world affairs and economics.
Ray Dalio is respected among political, financial, and social analysts throughout the world
Easily said. He is a billionaire. Of course people blow smoke up his ass. Edited by Theodoric, . Edited by Theodoric, . What can be asserted without evidence can also be dismissed without evidence. -Christopher Hitchens Facts don't lie or have an agenda. Facts are just facts "God did it" is not an argument. It is an excuse for intellectual laziness. If your viewpoint has merits and facts to back it up why would you have to lie?
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Theodoric Member Posts: 9197 From: Northwest, WI, USA Joined: Member Rating: 3.2 |
The prevailing thinking is that a new blockchain digital currency will be created, backed by Gold. Dalio didn't say this, however.
Who said this? How would it work? Blockchain backed by gold seems to antithesis of what crypto is. Who is going to provide the gold? If it is backed by a set amount of gold then the value of the currency will be equal to the amount if gold backing it. It will have an extremely small base as no one has or can acquire enough gold to back a currency.Unless maybe it is Liechtenstein. What can be asserted without evidence can also be dismissed without evidence. -Christopher Hitchens Facts don't lie or have an agenda. Facts are just facts "God did it" is not an argument. It is an excuse for intellectual laziness. If your viewpoint has merits and facts to back it up why would you have to lie?
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Phat Member Posts: 18348 From: Denver,Colorado USA Joined: Member Rating: 1.0 |
My long-range thinking and planning is that the dollar will tank...within 5 years at the most.
I am fully legal in my investments at this point in time. The silver coins which I bought were $20.00 spot and I paid $27.00 for them. As of now, they have no capital gains. IF I am wrong in my future assessment of the dollar's demise, I still believe that I will eventually recoup the commodity investment. I am watching a good documentary based on our conversations regarding capital gains.
The Silent Killer of the Middle Class | Tax Evasion | ENDEVR Documentary I now am under no illusion that I am even middle class anymore. I earn under $30,000.00 a year. In the documentary, one gentleman from Vancouver moved to London as a Tax Haven. The Feds caught up with him and his defense was that he was not evading anything. He was simply redistributing assets, a process that he called "Tax Efficiency". The Feds responded that what he called efficiency, they might call avoidance. If my silver investment(cost me $10k and is worth 7K at current value) ever gained in value, it would likely only allow me to break even unless the dollar totally tanked and silver went up 5 times (such as many of the clever YouTube "click bait" videos assert)
Theodoric writes: I have never said that it is ok to cheat. In the video, the authorities said to one defendant at one point "we do not insinuate that what you are doing is illegal. We are suggesting that it is immoral." We already know that Phat thinks it is ok to cheat on taxes. These defendants were each worth over $100,000.00 which puts them far out of my league. All that I have suggested is that a man in my position, (63 and about to retire, net worth under 30K) should have no reason to worry about tax evasion.
Phat, earlier writes:
One can legally avoid capital gains if one sells small amounts of commodities at a time.pro-government liberal, Tanypteryx writes: Again, this documentary seems to suggest that there is a threshold. If one had $7k worth of silver, paid 10K for it, and the price rose to $40.00 oz (net profit 4k) only an authoritarian nazi would insist that the government had a right to $1000.00 of your profits. It is not immoral to be efficient with your finances if your very livelihood depends on them. The basic question, then is what is fair. Only if you are a tax cheat. This is one of my basic gripes about the authoritarianism of the current system as it is being overhauled. the small fish get caught up in the net designed to catch bigger fish.If an old retiree can't rely on social security, WTF are they supposed to do? Of course, these questions are moot if you all think that Ray Dalio is "no economist" and is a hated billionaire. Ask yourselves what it is that you do to avoid taxes. How about political contributions? How about charity? And can any of us really think that Dalio and his accountants don't do the same thing on a larger scale?
Taq writes: I think that Taq has the rightTactic! Better yet, buy a diverse selection of investments spread over bonds, index funds, and a smattering of riskier stocks. Oh, and cash them out in dollars. If you keep them for more than a year you can pay the much lower long-term capital gains tax. If you make less than ~$500,000 in investments held over 1 year you only pay 15% tax, much lower than the equivalent in income tax. Edited by Phat, . The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of a doubt, what is laid before him.” - Leo Tolstoy, The Kingdom of God is Within You (1894). When both religious and non-religious people reach the same conclusions then you know religion isn't the reason.--Percy Nor are Democrats the best party or the only one we should have. -Phat,2022 addressing The Peanut Gallery.
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Phat Member Posts: 18348 From: Denver,Colorado USA Joined: Member Rating: 1.0 |
Theo writes:
There are already gold-backed cryptocurrencies. What we are talking about, however, is a Federal Reserve Digital Currency and the discussion surrounding it.
Who said this?quote:Basically, this argument hinges on whether an investor should trust 1)Government 2)Banks 3) The Federal Reserve There are pros and cons to these issues. Many people these days are considering investments outside of1)Government oversight (control) 2)Banks and the honesty and integrity of said institutions 3) Does the Federal Reserve know what they are doing any more than does a man such as Ray Dalio? None of you will watch the video, so I guess I will have to become knowledgeable about the argument. I'm still waiting for the book. Theo writes:
And yet it is already happening.
Blockchain backed by gold seems to (be the) antithesis of what crypto is.Top 6 Gold-Backed Cryptocurrency For 2022 quote: Personally, I'm no fan of Cryptocurrencies and am scared of a FedCoin (or) a FedCrypto. It will essentially become a fiat-crypto, backed by the Federal Reserve and (they claim) the full faith of the people. Many of us doubt the integrity and/or wisdom of the Fed. They helped cause the Great Depression, for example. Methinks that many of you are scared to NOT trust the system since unified trust seems to equate with a unified party, ideology, and method. Billionaires fear government control of their assets. An authoritarian government could raise taxes to 80% for them, in a crisis. The question, however, is what fate awaits the little fish? Edited by Phat, : fixed broken quote link The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of a doubt, what is laid before him.” - Leo Tolstoy, The Kingdom of God is Within You (1894). When both religious and non-religious people reach the same conclusions then you know religion isn't the reason.--Percy Nor are Democrats the best party or the only one we should have. -Phat,2022 addressing The Peanut Gallery.
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Theodoric Member Posts: 9197 From: Northwest, WI, USA Joined: Member Rating: 3.2
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If you make 1k in an investment and you sell that investment you owe taxes on 1k. You made a profit, it is income. It is taxable. That is how taxation works. There are many other reasons, income level, deductions, how long you held asset, that it may not be fully or at all taxable. You truly have no clue how taxation works why.
Done here. You prefer youtubers to an actual evidence based conversation. My wife and I do well. Alas, we are in a place that we do cannot afford investments that would decrease ou tax burden, but make enough to pay a lot of tax. You know how I feel about this? I feel great. I see the wonderful society my taxes support. I have family members that are on various types of gov't assistance. My taxes support that and I do not have to deal with the issues every day because of the gov't support What can be asserted without evidence can also be dismissed without evidence. -Christopher Hitchens Facts don't lie or have an agenda. Facts are just facts "God did it" is not an argument. It is an excuse for intellectual laziness. If your viewpoint has merits and facts to back it up why would you have to lie?
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Taq Member Posts: 10084 Joined: Member Rating: 5.1
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Phat writes: My long-range thinking and planning is that the dollar will tank...within 5 years at the most. If history has shown us anything, if the dollar tanks then so too will other currencies. There is also a silver lining to the dollar tanking. Suddenly, our exports are cheaper for other countries. This would increase profits from exports and increase profits from manufacturing. Imports would be more expensive which would incentivize people to buy US. This is why normal business cycles are actually healthy. Recessions get rid of bloated companies and reward streamlined and efficient companies. Dips in the dollar increase profits from exports and support domestic manufacturing. This sets the foundation for future booms in the economy. By preventing natural cycles of recessions and booms we are propping up bloated and inefficient economic systems. One could also argue that trying to stop recessions only makes them worse when they inevitably occur.
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Taq Member Posts: 10084 Joined: Member Rating: 5.1
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Phat writes: Basically, this argument hinges on whether an investor should trust1)Government 2)Banks 3) The Federal Reserve You shouldn't fully trust any institution, but I would rather deal with those three agencies than the current crypto market. Have you seen what has happened with FTX? Does any cryptocurrency guarantee to insure $250,000 of your deposit? Is your bank running a Ponzi scheme like FTX with little to no oversight or regulation?
3) Does the Federal Reserve know what they are doing any more than does a man such as Ray Dalio? Would you be able to determine who is more knowledgeable about the economy?
Many of us doubt the integrity and/or wisdom of the Fed. They helped cause the Great Depression, for example. Methinks that many of you are scared to NOT trust the system since unified trust seems to equate with a unified party, ideology, and method. The one upside is that the Fed is accountable to the people of the US. They don't spend all of your money and then hideout on a Caribbean island to escape accountability, like the former head of FTX is doing right now. Would you prefer a system where no one is accountable to people like you?
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ringo Member (Idle past 440 days) Posts: 20940 From: frozen wasteland Joined: |
Phat writes:
It does. Are you going to try to argue that it doesn't?
Now I suppose you will bring up the philosophy of how a rising tide lifts all boats. Phat writes:
No need to pretend. They are.
Let's say that people in the US were actually starving. Phat writes:
It would be fair. I don't know what you mean about "my" 3 peeps.
Let's say the government (of, by and for the people, right?) mandated 60% taxes across the board. My point is that you would consider it a fair game (and legal if your 3 peeps were in power) Phat writes:
I have said that to you. How DARE you?
You will now say how dare I prefer to have a private property while my neighbors starve. Phat writes:
But you're not doing it. You're the priest and the Levite who avoided helping the man that the Good Samaritan eventually helped. Do you understand that the Samaritan is the good guy in that story?
Feeding them is up to me...not to a kum ba yah government. Phat writes:
Read the Book of Job. Satan is God's minion. You once thought satan had a bum rap!Come all of you cowboys all over this land, I'll teach you the law of the Ranger's Command: To hold a six shooter, and never to run As long as there's bullets in both of your guns. -- Woody Guthrie
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ringo Member (Idle past 440 days) Posts: 20940 From: frozen wasteland Joined: |
Phat writes:
We already have digital currency. Where have you been for the past forty years?
Bidens push for digital currency... Phat writes:
I have told you before, when my brother died, we had access to his bank statements. Every cup of coffee he bought at Tim Hortons was on there. ...may mean that even small transactions can be tracked. And why not? It would be dishonest for you to hide your financial transactions. That's how they got Al Capone.Come all of you cowboys all over this land, I'll teach you the law of the Ranger's Command: To hold a six shooter, and never to run As long as there's bullets in both of your guns. -- Woody Guthrie
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