Theft is defined as “the taking of another person’s property or services without that person’s permission or consent.”
Almost invariably, governments pass tax laws and set tax rates without any consultation with the citizenry. Further, no final approval is sought by the citizenry that they consent to the tax or the rates. It is simply imposed.
Most of us tend not to regard taxation as theft, yet, by definition, that’s exactly what it is.
It was a significant week for news as President Trump met with North Korea’s Kim Jong Un, the U.S. Federal Reserve held its Federal Open Market Committee meeting and the European Central Bank and the Bank of Japan also both conducted their own monetary policy meetings this week.
Trade frictions between the U.S., Canada, Mexico, Europe and China continued to be the top news story this week. U.S. President Donald Trump is now scheduled to meet with North Korea’s Kim Jong Un next week in Singapore and that historic event will likely be the primary focus for news outlets next week, despite another upcoming FOMC meeting where the Federal Reserve is widely expected to raise rates again.
The increasing odds that the Trump administration is on the verge of sparking a global trade war sent equity markets tumbling this week. Political turmoil in Italy and Spain also added to the uncertainty.
I was flying back from giving a presentation in Vancouver last week and browsed through the financial publications at an airport newsstand, scanning to see what passes as mainstream advice these days. I spotted Money Magazine’s May issue and saw an article titled “5 Ways to Invest if You’re Worried About a Crash.” My curiosity was piqued—surely they’ll mention gold… right?
In the run-up to the 1929 crash, which heralded in the Great Depression, many pundits claimed that the new highs in the market signified that the business cycle had been “repealed.”
In the chaotic world today, people worry about security. Not only physical safety but financial firewalls. Even in America, despite a few signs of improving financial markets, there are austerity clouds on the horizon.
Market volatility continued this week as Donald Trump called off his upcoming summit with North Korean leader Kim Jong Un and Iran issued a list of demands that it says must be met for it to remain a party to the nuclear agreement. Concerns over the ongoing trade negotiations between the US and China were also a factor in market uncertainties this week.
For eight years (2008-2016), the US liberal media touted the brilliant accomplishments of the liberal president, whilst the conservative media groused that nothing he did was of value.
Today, the conservative US media are touting the brilliant accomplishments of the conservative president, whilst the liberal media grouse that nothing he does is of value.
Market volatility continued this week as North Korea threatened to call off the upcoming summit between Kim Jong Un and Donald Trump over military exercises that the US was to hold with South Korea and differences on what “denuclearization” means, precisely.