How many of you know the fate of the mightly Buck?

The dollar, the buck the greenback = the worlds most powerful currency. How many of you know the plight it is in now? I would like to hear from you guys (hey i think you guys have brilliant minds) at least above average IMHO. It's always great to here from others.:twothumbs


PS: I'm a financial trader, trading currencies on the globex.

Forexer

The doom and gloom I'm hearing is not encouraging, with the rest of the world becoming unwilling to buy our debt. Devaluation looming and all that scary stuff. What I think I'd like to see implemented is the Fair Tax plan (not flat tax). As proposed this would, through not having capital gains taxes, encourage the $13 trillion in US business interests to return to this country and it would also bring foreign business here, too. Make the US a haven for business interests and we stand a chance to pull out of this mess. And, we'd be getting rid of the IRS, too.

If you're not familiar with the Fair Tax Plan (devised by Congressman John Lender) check it out. It sounds like something that could turn things around.

Geoff

I concur with your post 100% Geoff, especially the part about the Fair Tax. It makes the most sense not to tax things which are beneficial, such as earning income or investing. And nobody likes the IRS anyway. The cost to businesses of keeping track of their income and deductions for IRS purposes is staggering. That's lost productivity which could be better put into making them more competitive. Same with individuals.

Replace all that with a sales tax. All businesses need do is add the tax to purchases, and remit it to the government quarterly or whenever. Individuals don't have to do anything regarding taxes other than to pay the sales tax. No tax returns, keeping track of purchases if you're self-employed, etc. Lots of time/energy/aggravation saved across the board.

I read the other day, (sorry can't be specific) that there were 240,000
government employees in D.C. alone! WTF!! Can anyone verify that? If it's true, then I'm Mr. Naive because I really had no idea; clueless.

When talking about sales tax, I'd prefer to come up with another solution if possible. VAT (Value Added Tax) is a monster in disguise and shouldn't ever be taken seriously as a remedy of any kind. Flat Tax is better. Haven't read the Fair Tax; but even seeing the word 'Fair' conjours up the spectre of deciuding who exactly it is that decides what's fair.

One very simple money-saving decision will save 5 billion dollars/year: Pull out of the U.N. Yeah! Baby! Yeah!

There seems to be a concerted effort around the globe to see the dollar decline; and to replace it with a 'global' currency; kinda like the 'Euro' replaced all the European currencies; while simutaneously taking away their sovereignty in the name of Global Governance. Something a little scary about that.... ...

Some of us know but I think it would be best to discuss it in the Underground.
https://www.candlepowerforums.com/threads/244889

LUPARA said:

When talking about sales tax, I'd prefer to come up with another solution if possible. VAT (Value Added Tax) is a monster in disguise and shouldn't ever be taken seriously as a remedy of any kind. Flat Tax is better. Haven't read the Fair Tax; but even seeing the word 'Fair' conjours up the spectre of deciuding who exactly it is that decides what's fair.

Click to expand...

http://www.fairtax.org/site/PageServer

Everything I've studied on the subject tells me a sales tax wouldn't become the monster you think it would, provided the income was abolished simultaneously. If you raise the rate too high, revenue actually shrinks, so a sales tax is an automatic check on how large government can become. Not so with an income tax. Everyone must earn income to survive, so the percentage of GDP taken in taxes can be much higher before negative returns set in.

There seems to be a concerted effort around the globe to see the dollar decline; and to replace it with a 'global' currency; kinda like the 'Euro' replaced all the European currencies; while simutaneously taking away their sovereignty in the name of Global Governance. Something a little scary about that.... ...

Click to expand...

Well, in all honestly there's more pluses to that than minuses. I liken the situation to the United States. The states lost some sovereignity when they united and accepted a common currency. But on the plus side it facilitated free trade between them, and also more or less eliminated the potential for war ( the Civil War not withstanding ). On a global scale, if we do something similar, eliminate the need for nations to have large, expensive militaries, then that's a plus. We seem to be headed in that direction anyway, at least culture-wise. I'm all in favor of some sort of global union similar to the union between the states here. Only I would couple it with a worldwide abolition on income taxes in the interests of keeping this union from becoming too powerful or intrusive. Actually, I'd like to see such a provision in the UN Charter where member states must agree to abolish the income tax by such and such date.

forexer said:

The dollar, the buck the greenback = the worlds most powerful currency. How many of you know the plight it is in now? I would like to hear from you guys (hey i think you guys have brilliant minds) at least above average IMHO. It's always great to here from others.:twothumbs


PS: I'm a financial trader, trading currencies on the globex.

Forexer

Click to expand...

Don't fall for it he's a contrarian tech trader seeking to turn your responses in hope designing some evil derivitive trading product.


:wavearty is over folks. The other kids are taking their stuff home cause they are tired of us.

We will see even more massive expansions of m1,m2m3 (not that they even relase some of those figures anymore (they have embarrisng data that may alarm some sheep) in the coming months. This phuny muny is going to be used to roll over our own debt, becuase it become pretty smelly. Also, world leaders are a touch worried about this guy who loves photo ops & "pick up" games with the likes o Axelrod, & Freemartin Napalitano. The hip, slick and too cool to be square thang has worn off and we are realizing we are in a very dire situation with our debt level and ability to repay it (ever).

We are screwed within 2-3 three years if something drastic is not done but members of "The Reasonalble Man Standard" may be too late.

There are too many circustances (and not enough possible offsets) for this not to be an almost perfect storm and extended meltdown.
Expect it.

Expect it and then the cries of the "the sky is falling" "we must have a government study of it", who will then pretend it's not all that big a deal, but hey any crisis is an opportunity right?

Expect another massive, shady "stimulus" bill in the next few months and much more kabuki theatre from the Administration about how great things are going, how bad they could be and how bad they were under Bush (who most of us could not stand either). blah..blah...blah...

The Dollar will be worth 69 canadian cents in two years.

Just watch.

Oh, and remember interest rates under Carter?

Hopefull we have some left in the mattress to take advatge of the "windfall" we'll all be getting courtesy of Uncle 'Bama.

What LightWalker said.

For the Underground. Thread closed.