debt crisis

Using Cameras in the Hunt for Taxes | Armstrong Economics

Posted on by johnbarleycorn12

COMMENT: Hi, Hunt for taxes is running full scale in Scandinavia. In Sweden, all vehicles including foreign registered vehicles, are obliged to pay congestion taxes in Stockholm and Gothenburg as well as infrastructure charges in Motala and Sundsvall. Sometimes, the automatic camera system reads the license plate falsely and few people in Finland have gotten monthly invoices, even though they or their car never were in Sweden, including some fire trucks that never leave their home town. The payment is usually a few euros but the overdue payment is 500 SEK. The most horrible thing is that, of course, the due date comes so fast that if you don’t want to pay the 500 SEK overdue payment you just pay the invoice and then it is your burden to prove you never were in Sweden. BR JP REPLY: We are witnessing police being converted into tax agents. This is no longer about protecting the public. It is about exploiting the public to fund government pensions. For every person who moves to retirement, the state then hires their replacement. Consequently, the cost of government is growing now exponentially on a global basis and this is the reason why we are undergoing a MAJOR Cycle Inversion in how the markets will react between now and 2032. In Australia, they have been handing out parking tickets in your own driveway. In Australia, there are people who have figured out how to beat all these automated cameras. They clone license plates so other people get the tickets. In the USA, there have been major class actions lawsuits against automated cameras. In Cherry Hill, New Jersey, if you stopped but were 6 inches over the white line, you were still being given a ticket for running a red light. Then people making a right turn on a red were being given tickets for “rolling” rather than coming to a complete halt for at least 5 seconds. Other states are photographing your plate and then send you a ticket for whatever they can find or make up. Failure to have insurance is a popular one even if you have it, they know it is often cheaper to just pay it than spend all day in court. This is no longer about safety or protecting anyone. It is just about raising revenue any way they can pretend to justify it. This is one component that illustrates how Western Society is collapsing. Governments are greedy and only care about raising revenue.
— Read on www.armstrongeconomics.com/world-news/taxes/using-cameras-in-the-hunt-for-taxes/

Just as I pointed out in “The National Debt”, the are trying to tax away their overspending on our backs.

Raising Taxes by Redefining Who Are the Rich | Armstrong Economics

Posted on by johnbarleycorn12

QUESTION: I get up in the morning, make coffee and read your blog. Thank you for your service to humanity. Ok, so the Democrats want to go back to the 1950’s with 70% tax rates. Does that also mean they’ll reinstate the same deductions that were available back then? For example, passive activity loss rules would go away, personal credit card interest, medical expenses, and job expenses would be deductible, companies could deduct meals and entertainment, vehicle expenses, corporate jets etc. Also, there was a tax credit of 10% of the cost of new and used equipment placed in service. It is unfair to look only at the tax rate without looking at how taxable income was calculated. And how about Social Security tax being applied to a few thousand of earned income. M ANSWER: No. They will never put back all the deductions. This is all about raising taxes for their claimed Socialistic Agenda but in fact, as the deficits rise and interest expenditures explode, they will be raising taxes sharply as they always do pretending to be taxing just the super-rich. They NEVER lower taxes on the middle class. They just point to the rich to raise taxes without any benefit to anyone else. Normally, the play games with the definition of the rich. The Trump Taxcut denied deducting what you pay in taxes to a state after 10k. They blame Trump for that yet this has been on their wish list for the past 30 years. If the Democrats get hold of the White House and the Senate, you can bet your life they will not change that deduction. They silently all cheered for that – both Democrats and Republicans. The Definition of the rich has always been classified as “household” income. The burden of student loans preventing the youth from leaving home and buying their own house is wiping out the economy. It has reached a 75-year high coming in at a stunning 40%! The impact of this is the call among Democrats behind the curtain to get the IRS to add all the incomes in a household including the children to push them higher into the category of the “rich” which starts at the $250,000 level – not $10 million. The plan will be to raise the taxes on the rich and the define who are the rich. They will NEVER tell you the truth to your face. This is all part of the decline and fall of Western society.
— Read on www.armstrongeconomics.com/world-news/taxes/raising-taxes-by-redefining-who-are-the-rich/

The hunt for taxes will speed up as the national debt increases.

Why Does the Fed Need to Raise Rates? | Armstrong Economics

Posted on by johnbarleycorn12

QUESTION: Hello Mr Armstrong I would like first to thank u for all the good information u give to us i have just a question : why do u write the fed need to increase rates to save the us pensionneers Not realy clear for me ( and maybe a lot of people) Thanks again and i wish u a wonderful 2019 year ! regards T ANSWER: The entire problem of lowering interest rates to “stimulate” the economy demonstrates that central banks cannot really manage anything. This theory is based upon the idea that if rates are cheap then you will borrow. They fail to even understand HOW the economy functions. The stock market and the economy has NEVER peaked with the same level of interest rates TWICE in history. If you BELIEVE the market will double you will pay 20% interest for a year. If you do not BELIEVE the market will rise at all, you will not borrow at 1%. Pension funds were based upon the idea that at 8% you double your money in less than 10 years compounded. The system of a pension cannot function at interest rates of 1-3%. This is why states are raising taxes and going broke. They have to make up the losses on investments. Then throw in the corruption of governments. They directed pensions to be “conservative” and thus must own typically more t6han 50% government bonds up to 85% generally and some are at 100% like Social Security. The lower rates on government bonds, the greater the losses and thus taxes must be raised to compensate for state pensions. Then, so many funds ran into Emerging Markets to try to compensate for the losses on government bond holdings. Spanish banks ran into Turkish debt which they assumed would become a member of the Eurozone. Turkey was one of the first members of the Council of Europe in 1949, and it became an associate member of the EEC in 1963, joined the EU Customs Union in 1995 and started accession negotiations with the European Union in 2005. However, ever since Erdogan, all negotiations with Turkey to join the EU came to an end in 2017. Therefore, the Fed realizes that the next crisis is a pension crisis and they need to raise rates to help try to bail out the pension funds. They will not be able to raise the rates fast enough to avoid the crisis coming very rapidly which will contribute to raising tax rates and further suppressing economic growth into the future.
— Read on www.armstrongeconomics.com/markets-by-sector/interest-rates/why-does-the-fed-need-to-raise-rate/

Good explanation

Merry Christmas: Federal Debt Up $1.37 Trillion Since Last Dec. 25; $10,743 Per Household

Posted on by johnbarleycorn12

House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer and House Minority Leader Nancy Pelosi at the U.S. Capitol, Jan. 17, 2018. (Getty Images/Al Drago-Pool)
— Read on www.cnsnews.com/news/article/terence-p-jeffrey/merry-christmas-federal-debt-137-trillion-last-dec-25-10743-household

Keep it shutdown until the debt is back to 0, zero, nada, zilch, zip,nothing

You Owe $86,000 per Person in your Household – Pay Up NOW! | Armstrong Economics

Posted on by johnbarleycorn12

The total global debt hit a record $184 trillion, which is the equivalent to more than $86,000 per person. That is actually more than double the average per-capita income. People ask me will our solution work? Can we really just end government debt and convert it to cash restricted to investing in domestic companies? I will put it this way. There is absolutely NO OTHER CHOICE!!!! We either default, which will result in civil war and revolution, or you inflate your way out like Venezuela so your Social Security check will not even buy a cup of coffee. A default will result in war. People will then riot demanding they have been cheated. Inflating the way out is completely different. You paid them what was promised. It’s not your fault it buys nothing. To inflate the way out requires a completely different set of patterns. Right now, the theory is that WE THE PEOPLE are the problem. If we all paid what the government thinks we should then they will be fine. They increase taxes and increase enforcement and believe it is their divine right of kings to act in this manner. What we are witnessing so far is not the inflation path – but the hardline path that leads to only violence as we are witnessing in France.
— Read on www.armstrongeconomics.com/world-news/sovereign-debt-crisis/you-owe-86000-per-person-in-your-household-pay-up-now/

I would add that it is already here. In California, New York, Connecticut, Illinois and other high tax states in America. People here can vote with their feet on state debt, but not federal debt, unless you leave the country.