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Toto deVeer

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Posts posted by Toto deVeer

  1. 'Stateless' corporations still only exist because of the rules enforced by states.

    The image of globalisation currently peddled is a lie. It is nothing like 'Wealth of Nations' - style mutually beneficial trading, but a situation where corporations now rank above states and make their governments dance to their tune, with governments pimping out their citizens for cheap labour while working to preserve the assets of the elite.

    As has been constantly pointed out here in a number different ways, the situation is completely unsustainable as any sort of 'world economy'.

    WTO has usurped the power of the nation state in a viral way - using treaties to bypass Democratic means. There are a myriad or other organizations cropping up to do the same, throughout the world. Very insidious - one could say murderous in some cases.

  2. That site you posted just accepts cards and paypal. The state knows exactly who is paying what and when by these methods. How is this anonymous?

    Also, as I said, you don't need to go to an exchange - you can trade bitcoins with anyone directly with cash. That is, you don't need to use bitcoin exchanges connected to the fiat money system. See here: https://localbitcoins.com/

    There is a growing list of merchants/people who accept Bitcoins directly too - they are 'useful' in themselves and are considered as 'real' money already by such people. You don't need to convert them into fiat, unless you need to pay for taxes or some other demand for legal tender.

    Bitcoin is not money. At best it could become a transaction method for System D. Converting it to real use is going to become increasingly difficult if its use becomes more prevalent (ironic situation - its success can potentially kill it).

    To find out what they are doing at PressFreedomFoundation.org go to 15 minutes+ in the video below:

  3. Earlier today he announced the key points of his program:

    • No more austerity

    • Eurobonds

    • Speed up political integration in Europe

    • ECB to become like the FED (and presumably embark in full blown QE)

    Failing this, "countries will be forced to leave the Euro one by one and go back to their own currencies", he said.

    Much as I loathe the man, it's hard to deny that he has a point.

    We are quickly approaching the stage where either a United States of Europe actually happens, or the PIIGS will be forced out.

    Personally, I don't think his proposed scenario has a snowball chance in hell of happening, ever - but Silvio certainly knows how to play on the current implosion of the Italian economy and growing dissatisfaction of the populace, in a last-ditch effort to get re-elected.

    And we all thought the Euro crisis was over :unsure:

  4. What has changed so much in what's seems a few days to make people change their views so much on GBP is it the threat of yet another war against somebody somewhere nobody really cares or knows anything about but which may engineer a poll boost or have we just become so debt ridden there is no hope left

    Imminent credit downgrade

    Expected policy of BOE Governor Carney

  5. Sterling is caught in a vice. If the BOE does not take a hawkish stance towards interest rates there will be a currency collapse. This event could trigger a very significant rise in rates - creating a greater debt (interest) burden than the UK could sustain. This would be the equivalent of a nuclear meltdown - from an economic perspective.

    The US on the other hand, has the world's most robust and resilient economy - still. With all its problems the US is still the powerhouse economy. But the main danger is a complete political breakdown - a breakdown of the rule of law. This is a real possibility - for sure. The country is strung as taunt as a piano wire - I've never seen anything like it before. State legislatures are creating laws to arrest federal officials - the President is under assault from multiple directions, and the banks continue looting the country with impunity. Something is going to snap.

    So I don't agree with the Marketwatch analysis - the risks there are political - which could lead to an economic collapse. Compare this to the UK where the risks are economic - which could lead to political problems.

  6. The US dollar isn't a crypto-currency - it is a digital currency. The US government can - and does - track all transactions which go via this system (via the Fed). The same is true for other fiat currencies.

    Still, I don't need to convince you otherwise. No one is forcing anyone to use them. If the force is high enough to prevent people from using them, all over the world, then you could be right. I disagree though.

    Fair enough.. But the dollar can be anonymized electronically. The founder of the EFF has set up -this website - anonymizing dollars contributed to persons or organizations like WikiLeaks, for example. This, in my view, is more of a threat to the nation state that bitcoin.

  7. It doesn't matter whether you're buying a pizza, a super car or some sterling. You're just swapping stuff for bitcoins.

    You can send crypto-money to anyone, anywhere on the planet, within moments, without going through the banking system. You don't even need a regular net link either (you just need to access the distributed ledger to transfer). It also can't be directly controlled* by central banks. That is what makes it different from 'real' money.

    * Manipulated, perhaps. This has limits though.

    Don't get me wrong - I would love to see an unencumbered and anonymous form of money that could be used anywhere - but bitcoin isn't it. Perhaps the nearest to this ideal is the Swiss Franc.

    But even if bitcoin was fully exchangeable for Swiss Francs (and it well may be) the moment you purchased that house, the title to it would ring a bell with the local authorities. Where did that money come from?

    This again where they can interfere with it. So in my opinion crypto-currencies are not a threat to the nation state.

    Furthermore, in essence the US dollar is a crypto currency already. 97% of it is just electronic digits - its a state sanctioned crypto-currency.

    The main threat associated with crypto-currency and the nation state is the risk of its absence - for example, a large scale EMP or other electronic destruction event would render commerce amongst nation states impossible. This could be a threat.

    For US treasuries, for example, I don't think that there are any certificates. That is why the Chinese cannot dump them. They have to get permission from the US Treasury to transfer ownership. But these electronic records could be destroyed. What would happen to the world monetary system?

  8. How are they going to do that then?

    You can exchange bitcoins with anyone with a mobile phone, as discretely* as sending a text message.

    EDIT: * Hell, more discretely - you could just send them a transfer via blue tooth in theory. The receiver could then 'pull it down' to their wallet at their convenience.

    BTW, this may interest you: http://www.bloomberg.com/news/2013-01-28/bitcoin-s-gains-may-fuel-central-bank-concerns-chart-of-the-day.html

    That's OK if you want to buy a pizza - but what if you want a car or a house? This is what makes crypto-currencies different from real money.

  9. This is a very good point.

    When the goods are not physical, crypto-currencies are impossible to stop. They could attempt to ban them, but I doubt that would be successful, nor supported by citizens (unless draped in 'terrorism' or some such - doubt it would stick though, tbh).

    Combine this with 3D printers and it isn't just digital services which can be exchanged for crypto-currencies - you could buy/download the schematics and 'print' physical goods out too. Many people printing out various things, will inevitably mean that you can construct all sorts of stuff, with only raw materials added.

    This in itself creates an interesting challenge to authorities. I read something about a basic, plastic gun being 'printed' out (in Australia, I think - could be wrong). They confiscated the printer, but that pretty much misses the point - it is the schematics which are what the authorities need to stop and that isn't going to happen. The net will just distribute them regardless.

    By crypto-currencies do you mean things like bitcoin?

    If so, this is a non-starter. At some point you will have to exchange this virtual value for something in the real world. That's where the 'gotcha' is. All a state has to do is regulate the exchanges - and this is a doddle. At present the value of bitcoin is so insignificant that they are only curious, but it (oversight) will come eventually.

  10. Having come to this thread late, a gentle reminder of the late Northern Rock's Granite vehicle that was set up in a very similar way.

    At least this time the people running the trust have actually made a donation to charity (NR couldn't even get that right :lol:)


    Also (needs FT registration):


    Thanks - first time I've seen this. ;)

  11. Why such a concentration on liquidity? IMO he will have no choice but to raise interest rates initially to establish credibility on the international stage. Later on he can trash, if he so wishes.

    The 25% drop in the value of the pound/dollar and drop against the Euro has had little or no benefit on exports. What he needs to do is attract international investment. This is best done with a upward interest rate bias.

  12. no, I think you misinterpret my thoughts.

    I said each institution setting the rules see everything as OK.

    The whole however is a scheme to defraud....using their knowledge of how the policing occurs.

    Within all the rules the scheme is designed to benefit the members at the cost of the outsiders....so what is wrong?...clearly the rules are wrong, the police are beating up the wrong way, and the Authorities plead ignorance.

    bit like the burglar sees plod walk past, waits till he is out of site, then commits the burglary.

    Plod sees the burglar standing lawfully in the street.,,,he walks past. the crime is committed...plod returns, burglar still there doing nothing wrong...everyone is happy...except the householder when he comes home and finds his cash gone.

    For my 2c, it would seem that this would only apply to high income City types. An interesting point is, if something is considered fraudulent, who would be guilty of fraud? The Charity perhaps, but the investors could protest that they were simply assisting with a charitable contribution that they were told was completely legal...and that they thought the money was to be used for a good purpose...

    Nonetheless it has the smell of a Nigerian email scam.

  13. The trust buys £1million in UK gilts. And then gets £1million in UK gilts donated back by the generous "donor".

    A few posts above this one -> there is NO CGT on UK gilts.

    The "donor" receives between £250,000 and £350,000 back from the UK exchequer (for an outlay of probably less than £20K as an initial donation to the ahem, charity).

    So everybody is happy.

    Donor has £240-350K in their back pocket.

    The fund has £20K from the donor to cover admin fees, and Montecristo no 1s.

    A UK good cause* has £500.

    The UK exchequor has an approx £300K hole in it's finances that it can fill by cracking down hard on some shirkers, or closing an A&E department somewhere.

    Kinda like VAT carousel fraud. Except it's not fraud. Because... (all together now)...

    "The rules are the rules".

    * = probably the independent school the "donor" sends his/her kids to.

    I can understand why guilts are not subject to capital gains where they are initially purchased at 'market value'. But it is hard to believe that they could be considered tax exempt where they are effectively 'gifted' as illustrated.

  14. Unless we're going to get a paradise where everyone is given what they need for nothing, it's income that counts.

    It doesn't matter if you don't have a job, provided you have an income. (Rentiers don't fret about not having a job, do they?)

    The question is, if jobs are going to be done by machines even more than they already are, how will wealth be distributed so that everyone has an income to pay for the things they need?

    The present system won't work, because by all accounts it doesn't allow us to pay people not to work now, never mind in the future.

    Personal robotic money printers would solve this problem...

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