Wealth & Poverty Review | Page 6

manhattan-new-york-usa-stockpack-adobe-stock
Manhattan, New York. USA
Manhattan, New York. USA

Book Review: George Gilder’s Brilliant ‘Life After Capitalism’

It was probably fifteen years ago that I was at lunch with Banknote Capital’s Jim Fitzgerald. We were finishing up when the conversation shifted to tax rates, at which point Fitzgerald dismissed the notion that lower rates stimulate more work. To be clear, Fitzgerald was not saying that he opposed lower tax rates. He was and is very much for them. But he was expressing his disdain for the theory that lower rates cause people to work more. In his case, Fitzgerald would work a great deal precisely because there was joy in it. Still, what he said at the time was jarring. It called into question so much that was accepted wisdom. Gradually it made lots of sense. Tax Read More ›

close-up-franklins-face-on-a-one-hundred-dollar-american-us-dollars-cash-money-background-stockpack-adobe-stock
Close up Franklin's face  on a one hundred dollar. American, US Dollars Cash Money background.
Close up Franklin's face on a one hundred dollar. American, US Dollars Cash Money background.

Reserve Currency?  We Don’t Need No Stinkin’ Reserve Currency

A hot question among economic pundits of late is, “What will replace the US dollar (USD) as the world’s reserve currency?” Perhaps a better question is, “Does there need to be an actual replacement?” Currently, the USD plays several major roles: There would appear to be no current alternative that completely contains every one of these attributes.  But recently, there has been a plethora of bi-lateral and multi-lateral trade agreements, particularly among the BRICS nations (Brazil, Russia, India, China, South Africa), which provide the ability to settle trade transactions in local currency or other acceptable payment mechanisms, thus satisfying the USD role number one cited above.  Simply put, if a country can settle much of its trade liabilities without requiring the Read More ›

spend-budget-money-hand-opens-the-tap-with-money-money-flows-stockpack-adobe-stock
Spend budget money. Hand opens the tap with money. money flows.
Spend budget money. Hand opens the tap with money. money flows.

A Limitless Limit

The National debt now stands $32 trillion, a literally incomprehensible number. President Biden and Speaker McCarthy have yet to engage in the meaningless ritual referred to in Washington D.C. as Federal Budget Negotiations, necessary to reach a compromise enabling the nation to increase its debt ceiling. Read More ›
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The facade of the Federal Reserve Bank.

Fed Transfers Risk from Banks to You and Me

The Federal Reserve (i.e. the “Fed”) recently shifted a huge risk from the banking system to the taxpayer through something called the Bank Term Funding Program (BTFP).  The negative consequences of this historic action were lost on many because of the complex nature of the banking system. Read More ›
illustration of salary comparison, inequality concept

What’s Being Done to Reduce Wealth Inequality in the US?

Wealth inequality has grown in recent years. There are nearly 1,000 billionaires in the U. S. and the wealthiest Americans have never been richer. In contrast, poor and working-class Americans have seen their incomes stagnate and fall. Discovery Fellow Nathan Lewis joined NPR to discuss what can be done to reduce wealth inequality in the United States. Read More ›
safe-haven-currency-for-investment-financial-concept-us-100-usd-dollar-banknotes-on-a-table-depict-most-popular-asset-for-central-bank-reserve-global-money-for-using-or-paying-debt-in-the-world-stockpack-adobe-stock
Safe-haven currency for investment, financial concept : US 100 USD dollar banknotes on a table, depict most popular asset for central bank reserve / global money for using or paying debt in the world
Safe-haven currency for investment, financial concept : US 100 USD dollar banknotes on a table, depict most popular asset for central bank reserve / global money for using or paying debt in the world

“Taxing All Income The Same” Done Right

“Taxing all income the same” is the right idea. Without it, we are lost at sea where every possible stupidity can be justified by “fairness.” This is the principle of Uniformity, and it should be the basis for our tax system of the future. Read More ›
tax-season-with-wooden-alphabet-blocks-calculator-pen-on-1040-tax-form-backgrounda-stockpack-adobe-stock
Tax season with wooden alphabet blocks, calculator, pen on 1040 tax form backgrounda
Tax season with wooden alphabet blocks, calculator, pen on 1040 tax form backgrounda

Why Joe Biden’s Tax Plan Isn’t Going To Work

Socialists always have all kinds of fantasies, but they live in the same real world as the rest of us, and in the real world there are certain cause and effect relationships that are, by now, well known. Read More ›