It can be argued that DC is filled with many politicians and a bureaucratic state that does not allow “American Exceptionalism” take over. Sorry, just exposing my Gen X thoughts.
I’m reading this and trying to not pay attention to a news clip about states restricting what SNAP recipients can eat. Elon should permanently relocate to his beloved Mars. Humans are increasingly losing currency. I’m beginning to find the movie Armageddon comforting.
If I recall correctly, there have always been restrictions on what could be purchased with food stamps. Couldn't buy alcohol of any kind. You couldn't buy soda, but you could buy apple juice with twice the sugar in it as soda. (Hell, you could buy Hawaiian Punch). You couldn't buy potato chips, or popcorn, but you could buy pretzels. (Or maybe I have that backwards, anyway, one of them was considered a frivolous snack and one of them was considered "real food")
I changed a (very) few words, and some formatting, just in case they are not too lazy to compare the intake, and thus discover that this is a (semi-) organized effort. 😏
Sent the Nasdaq email - I do wonder if the changes proposed would increase collectible tax revenue in the direction that our balance sheet requires. At any rate, not a productive, sustainable way to go about it.
Great thing to point out. I was also focused on the spending side but maybe because I have very little confidence that the government would do anything worthwhile if they got the 13%.
You have convinced me we need to fix the tax code. The simple guiding principle should be to incentivize production and penalize rent seeking activities “passive cash flows”. In other words, incentivize actual work. I know, bummer.
"...Roosevelt effectively 'printed' $69 billion in equity for the nation. He saved the railroad equity, the farmer’s land, and the average citizen’s bank deposits..."
In the U.S history I learned, many farmer's *lost* their land, many depositors *lost* their savings. As for the railroad's equity wasn't that a corrupt thing to save given the Credit Mobilier scandal of 60 years earlier.
Hmmm thought provoking piece. An interesting comment on books like The Dictators Handbook which suggest that at the limit, more authoritarian forms of government don’t differ much from representative governments. Both will select winners and losers, but do so in different ways (with the representative government doing so in ways more palatable for our modern Christian sensibilities).
On the debt jubilee, all 3 options involve picking winners they just do so in different currencies. Mussolini and Hitler options obviously enrich (bail out) creditor insiders at the expense of the outsiders explicitly. Roosevelt’s option costs the general public to help the general class of creditor: depreciate the debt, add liquidity, generalize the consequences. Roosevelt probably had his favorite creditors but largely all the creditors could benefit.
Similarly, leaky tax codes (or “complex” tax codes) are the currency that democracies use to enrich insiders. Rather than enrich insiders explicitly they can use taxes and subsidies to help insiders (both sides of the expense/revenue spectrum), but like above a lot of these tax codes can and will be exploited by the general public (read the rich). The existence of these exploits is the cost of keeping a permanent political class in power.
But the I believe that gestures do matter to preserve the System so we do not need to rely on a Manager. We need another Roosevelt that can preserve the currency of the political class (leaky legislation) while preserving the faith in the System. A tall order indeed.
Great post. A tip on the Nasdaq email - if you placed it below the paywall, fewer people will see it and thus harder to get to 50,000 :)
I'm about to go send mine; with some adjustments for the litigation exposure they might subsequently face if they change the rules timed for a few specific IPOs.
Brilliant insights. This deserves way more eyes than just Substack.
Forward it!
Fiduciaries like Vanguard have supported these changes? Passive ETF holders are pigeons? I will cc Vanguard.
Thank you
It can be argued that DC is filled with many politicians and a bureaucratic state that does not allow “American Exceptionalism” take over. Sorry, just exposing my Gen X thoughts.
I’m reading this and trying to not pay attention to a news clip about states restricting what SNAP recipients can eat. Elon should permanently relocate to his beloved Mars. Humans are increasingly losing currency. I’m beginning to find the movie Armageddon comforting.
If I recall correctly, there have always been restrictions on what could be purchased with food stamps. Couldn't buy alcohol of any kind. You couldn't buy soda, but you could buy apple juice with twice the sugar in it as soda. (Hell, you could buy Hawaiian Punch). You couldn't buy potato chips, or popcorn, but you could buy pretzels. (Or maybe I have that backwards, anyway, one of them was considered a frivolous snack and one of them was considered "real food")
Do you think they would be interested in hearing from a foreign national? 😲😏
Absolutely. This is a private institution.
Fine, then. I did it.
I changed a (very) few words, and some formatting, just in case they are not too lazy to compare the intake, and thus discover that this is a (semi-) organized effort. 😏
I haven't encountered these details about the Business Plot. Is there a book you recommend on the subject?
I’d start with Archer’s “The Plot to Steal the Whitehouse”
The more I learn about American history the more shocking it becomes. I just ordered the book.
Ok I sent the email
My email sent. Thank you Mike.
another thought provoking piece, mike. i have been meaning to subscribe for some time and your recent discussion with rupert and benny reminded me….
thanks
Fascinating read as always, Michael.
Sent the Nasdaq email - I do wonder if the changes proposed would increase collectible tax revenue in the direction that our balance sheet requires. At any rate, not a productive, sustainable way to go about it.
Sent. Thanks Mike!
Email sent to Nasdaq index consultations!
Diddo
Great thing to point out. I was also focused on the spending side but maybe because I have very little confidence that the government would do anything worthwhile if they got the 13%.
You have convinced me we need to fix the tax code. The simple guiding principle should be to incentivize production and penalize rent seeking activities “passive cash flows”. In other words, incentivize actual work. I know, bummer.
Get rid of income tax. Tax land outside of primary residence. Two of my suggestions for reform.
I like getting rid of W2 income tax and shifting to a consumption tax of sorts. You incentivize work and incentive where and where not to spend money.
A grumble:
"...Roosevelt effectively 'printed' $69 billion in equity for the nation. He saved the railroad equity, the farmer’s land, and the average citizen’s bank deposits..."
In the U.S history I learned, many farmer's *lost* their land, many depositors *lost* their savings. As for the railroad's equity wasn't that a corrupt thing to save given the Credit Mobilier scandal of 60 years earlier.
Hmmm thought provoking piece. An interesting comment on books like The Dictators Handbook which suggest that at the limit, more authoritarian forms of government don’t differ much from representative governments. Both will select winners and losers, but do so in different ways (with the representative government doing so in ways more palatable for our modern Christian sensibilities).
On the debt jubilee, all 3 options involve picking winners they just do so in different currencies. Mussolini and Hitler options obviously enrich (bail out) creditor insiders at the expense of the outsiders explicitly. Roosevelt’s option costs the general public to help the general class of creditor: depreciate the debt, add liquidity, generalize the consequences. Roosevelt probably had his favorite creditors but largely all the creditors could benefit.
Similarly, leaky tax codes (or “complex” tax codes) are the currency that democracies use to enrich insiders. Rather than enrich insiders explicitly they can use taxes and subsidies to help insiders (both sides of the expense/revenue spectrum), but like above a lot of these tax codes can and will be exploited by the general public (read the rich). The existence of these exploits is the cost of keeping a permanent political class in power.
But the I believe that gestures do matter to preserve the System so we do not need to rely on a Manager. We need another Roosevelt that can preserve the currency of the political class (leaky legislation) while preserving the faith in the System. A tall order indeed.
Great post. A tip on the Nasdaq email - if you placed it below the paywall, fewer people will see it and thus harder to get to 50,000 :)
I'm about to go send mine; with some adjustments for the litigation exposure they might subsequently face if they change the rules timed for a few specific IPOs.