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I was wondering if I could make my clients pay me in ounces of gold instead of fiat.
Back in '09 I put a sign up in my (Machine) Shop to stop people walking in with stuff they needed fixed. It reads:
Shop time is 2 Ounces Silver per hour plus tooling costs.
Gold is acceptable as well. WE NO LONGER ACCEPT USD.
I've had a couple of people that actually came in with some small jobs and had Silver to pay me. Once I had a run of parts and was paid in American Gold Eagles. Putting that sign up was the best thing I ever did. It also stopped most people taking up my time wanting me to make a bracket or an adaptor and whining about my $80 an hour shop time when I quoted that. I would just as soon not deal with the public at large.
China is saying, plint rike we do
Chinese understand that the european plan is a completely wonton attempt to kick the can further down the road.
i think people here might accept that because of its novelty factor.
But I was just thinking... is it possible that it's an awesome tax loophole? If I get paid in, let's say 20 gold Canadian Maple Leafs, it's still officially a total of 1000 Canadian dollars, those coins being legal tender...
That's been tried. The IRS was not too keen on it: http://www.lvrj.com/news/46074037.html
If you research this you'll find Kahre ended up convicted with nearly 50 counts of tax evasion in 2009.
The wierd thing is he was found not guilty in 2007. (I guess the IRS isn't subject to double jeopardy limits.)
It's not about tax avoidance at all. If people are allowed to use real money for trade or in exchange for labor the whole ponzi will collapse. They're making an example out of him to send a message out to people trading in gold and silver. The only reason fiat currency is still used is because of force to preserve the ponzi and without force it's just worthless paper. Somebody tell me the definition of fiat.
You better believe they will come down hard on you because it's a threat to the entire ponzi.
Exactly. Once faith in paper is lost, the paper-pushing fucknuts lost the power. Victums of their own greed if you ask me. Crash the fucking system already so we can find out just what the "value" of everyone's labor really is. Bring it!
They'll start convicting people for debasement of currency for criticising the ponzi before they bring in real money that has value (it's done in China which is a model state). They won't let go of fiat currency without a fight and if it crashes they'll just replace it with an even bigger ponzi.
Eventually enough inefficiencies in the state system result in the failure of the system to deliver basic necessities. At that point there is only one option. People die. No amount of bullshit (paper or otherwise) will "provide" anything if the resources are simply not there. Sort of like praying for rain in a desert.
There is no law that requires you to file or pay income tax.
as shocking as this may seem to you, there is a world outside the US.
I can assure you that over here there is such a law.
I observed a jury trial of a Amercan citizen who was charged with 4 counts of failure to file. The jury found him not guilty because the prosecutor and the judge could not produce the law that required the defendant to file, despite being asked by the jury twice for the exhibition of such alleged law.
Well, why don't you try not filing or paying income taxes and see how that works out for you in the long run. Will give a new meaning to the term "bitchez" so readily used on this site!
that's rich,... clinton "Mark Rich"
Thanks for the tip, Long John. I have a shop too - similar situation.
They're missing the investment opportunity of a lifetime!
Seriously though, no shit...
Whoever thought China was all-in on further funding Europes 50 year retirement and 6 months paid holidays at the beach was dreaming.
Prior Socialist India also get it - so we will hear "no soup for YOU"!
Women in China retire at 55. It's not about retirement or holidays. It's about posturing.
Unlike Greeks though, they start work in China at 5. I reckon they earn their retirement.
no jobs for them anyway. besides, they are not getting rich off Chinese pensions.
In state owned enterprises and official positions... yep, retirement's set at 55 and that's a fairly hard stop with little exception. For men it's 60. What do women want though? To boost it to 60. It's all about making room for the younger generation and it works out fairly nicely.
thought id throw this out there.....IMF planning new short term rescue fund.....http://www.yomiuri.co.jp/dy/business/T111029002454.htm
Yeah, is that the one where Italy won't be eligible for help? good luck with that.
Well at this point in China's history; they can either be the dumb money or the no money like everyone else. They already fronted the credit and are using propganda to keep their slaves from becoming angry that they eat 2 cups of rice a day while they are paying for Europe to eat 4.
A bit off-topic but I know ZeroHedge readers will love this ...
On LiveLeak, video of a man and a woman having sex while skydiving, they start making love on the aeroplane, and jump while joined to one another, and a camera follows their love-making while descending ... softcore images only but some nudity, six minutes
Definitely the gonzo attitude that could fix the global financial crisis ...
Found via a chain of links from the Drudge Report ...
Moral of the Story.The parachute fails to open signifying Greece fucking the rest of Europe to death.
American proverb: If at first you don't succeed, try try again.
Greek proverb: If at first you don't succeed, skydiving is not for you.
+1 so true
and i thought that was bird shit on my shoulder....
Surely they can find an "all will be fine" at G20 meeting rumor....
There will probably be a move to up the pickings by announcing expansion of G20 to G40. To join, new Members must promise 3 billion euro to the EFSF which they will leverage at 10 times and that will give them their 600 billion they are short. I think that sort of rumour might keep us going until next Monday.
Maybe the should consider importing Opium to dull the pain in Europe in exchange for PMs. Return the favor after alll these years.
Who says they're not?
Well lah-de-fucking-dah. Deus ex machina incarnate diminimus
Oh great, so the "China to the rescue" story can now be recycled at least one more time. That should good for a strategic pop in the markets when our wise overlords deem it necessary.
I had the same sad thought. Whether or not china ultimately participates, im quite confident that the possibility of chinese participation will cost me thousands (more) sometime this month.
Europe asking China for a bailout is like a Wall Street Banker asking a homeless begger
for $6 to buy his morning latte.
no Chinese take-away for Van Rompuy and Burosso
...you can always 'Eat Cake' boys
We can always eat Chinese, plenty to go 'round
nah, i'll pass. too much lead in chinese peeps.
There has to be some positive way of spinning this for the markets though. How about: China State Media Says Europe Fine Without Chinese Support.
At some point, the Chinese will say, "ship us all of your gold and we'll write you a really big check."
or Hard landing on sand paper with your pants down
If China won't bail, bernanke will. Have you seen his forearms? Motherfucker can bail out anything you throw at him.
Yep, followed by another bloody civil war in the U.S. Fucking brilliant. Bring it.
There is 120 trillion in the world, roughly, in somewhat liquid investments, the total stock and bond markets: Private wealth, pension and insurance funds, et cetera ... a lot of institutional funds, but you also have the wealth holdings of the oligarchs around the globe.
Of that, 20 trillion plus in the EU, 20 trillion plus in America ...
As Nomura's Richard Koo points out, the game is really to recycle - squeeze - push some of that investment capital that is always floating around, into sovereign debt. There is always a lot of capital looking for a place to park.
Really, Europe mostly owes its debt to itself, and should find or solicit any needed new 'investment' contributions from its own private wealth stock, if these programmes are really going to be viable and appealing to anyone ... not from China or Brazil. Ditto the USA.
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