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InternationalRockSuperstar

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Everything posted by InternationalRockSuperstar

  1. InternationalRockSuperstar

    California Uber Alles - States in Trouble

    California controller to suspend tax refunds, welfare checks http://www.latimes.com/news/local/la-me-bu...0,4472460.story "State Controller John Chiang announced today that his office would suspend tax refunds, welfare checks, student grants and other payments owed to Californians starting Feb. 1, as a result of the state's cash crisis. Chiang said he had no choice but to stop making some $3.7 billion in payments in the absence of action by the governor and lawmakers to close the state's nearly $42-billion budget deficit. More than half of those payments are tax refunds. The controller said the suspended payments could be rolled into IOUs if California still lacked sufficient cash to pay its bills come March or April."
  2. InternationalRockSuperstar

    HYPERINFLATION

    fiat only has value because the state demands that you must use it to pay its various taxes, licenses and fees else face imprisonment. stop paying all your taxes and see how long before you end up being kidnapped by these thugs. or cease to obey their arbitrary regulations (e.g. road speed limits) then don't pay the fine and see how long before you get kidnapped. Of course "capital gains tax" is really a nominal gains tax - which just gives the state even more incentive to print, as if they needed any more!
  3. InternationalRockSuperstar

    MAJOR DERIVATIVE MELTDOWN ALERT

    double post
  4. InternationalRockSuperstar

    MAJOR DERIVATIVE MELTDOWN ALERT

    Cheers, glad you remember me
  5. InternationalRockSuperstar

    Sterling knocking on the gates of hell

    Here's a hint: you'll need a DeLorean, a flux capacitor and 1.21 jigawatts
  6. InternationalRockSuperstar

    MAJOR DERIVATIVE MELTDOWN ALERT

    I don't think there'll be a 3rd and 4th bailout - only because I suspect that the 2nd one won't ever come to an end! They'll just start up the printing presses and keep going 'till there's no purchasing power left. I doubt the system has enough juice left to go on for more than a few months at most now.
  7. InternationalRockSuperstar

    HYPERINFLATION

    The fiat part is the bad bit, not the debt-based bit. The fiat bit means that you are forced use paper tokens to pay protection money ("tax") to a giant mafia ("the state") else be kidnapped ("arrested") and locked up ("imprisoned"). As for the debt-based bit: in the absence of fiat, you can choose whether to take debt on or not. If no-one is forcing you to take debt on then who cares? If you don't want to take on debt, then simply don't. fiat is not accepted, but imposed upon all against their will using brute force
  8. InternationalRockSuperstar

    Sterling knocking on the gates of hell

    No chance! The value of fiat currency is set by supply and demand, as with anything else. The demand for fiat is set by taxes, licenses and fees (which must be paid to the state else face imprisonment). The supply of fiat is set by gov't spending. Right now, the tax revenue is falling off a cliff (particularly PAYE and property related taxes), while gov't spending is exploding (dole, bailouts, 'Q. easing' etc). This massive increase in the supply of fiat coupled with a massive decrease of demand can only lead to a collapse in its value.
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