Tag Archives: 6) Gold and Austrian Economics

The battle to end taxation of constitutional money has reached the federal level as U.S. Representative Alex Mooney (R-WV) today re-introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion. The Monetary Metals Tax Neutrality Act (H.R. 1089) backed by the Sound Money Defense League and free-market activists – would clarify that the sale or exchange of precious metals...

-Large Gold Bullion Shipment Moves From London to Dublin Gold Vaults As Brexit Concerns Deepen– Growing demand from investors to relocate tangible assets out of the UK– “Zurich continues to be the most sought-after location for storage, but Dublin has already surpassed Hong Kong and will likely usurp the second spot from London” Gold bars sit across a one kilo gold bar at precious metals storage specialist GoldCore....

Last week, in part I of this essay, we discussed why a central planner cannot know the right interest rate. Central planner’s macroeconomic aggregate measures like GDP are blind to the problem of capital consumption, including especially capital consumption caused by the central plan itself. GDP has an intrinsic bias towards consumption, and makes no distinction between consumption of the yield on capital, and...

Malaysia’s leading gold distributor saves money with a Monetary Metals lease Scottsdale, Ariz, February 8, 2019—Monetary Metals® announces that it has leased gold to Quantum Metal, to support the growth of its business of selling gold through retail banks. Investors earn 4.5% on their gold, which is held as Perth Mint minted gold bars in inventory. Monetary Metals has a disruptive model, leasing gold from investors who...

Washington, DC (February 5, 2018) – A member of the U.S. House Financial Services Committee today pressed the Commodities Futures Trading Commission (CFTC) on its conspicuous failure to uncover the very silver market manipulation now being prosecuted by the U.S. Department of Justice. In a probing letter dated February 5 to CFTC Chairman J. Christopher Giancarlo, Rep. Alex X. Mooney (R-WV) writes: “U.S. Justice...

Several bills introduced in the Tennessee legislature would eliminate sales and use tax against  gold, silver, platinum, and palladium. Introduced by Representative Ron Gant (R-Rossville), House Bill 212 removes sales and use tax against platinum, gold and silver bullion, some numismatic coins, and numismatic coins sold at trade show. Senator Delores (R-Somerville) has introduced a bill, Senate Bill 333, identical to...

On January 6, we wrote the Surest Way to Overthrow Capitalism. We said: “In a future article, we will expand on why these two statements are true principles: (1) there is no way a central planner could set the right rate, even if he knew and (2) only a free market can know the right rate.” Today’s article is part I that promised article. Let’s consider how to know the right rate, first. It should not be controversial to...

Newly elected Representative Alexandria Ocasio-Cortez recently said that Modern Monetary Theory (MMT) absolutely needed to be “a larger part of our conversation.” Her comment shines a spotlight on MMT. So what is it? According to Wikipedia, it is: “a macroeconomic theory that describes the currency as a public monopoly and unemployment as the evidence that a currency monopolist is restricting the supply of the financial...

Last week, we joked that we don’t challenge beliefs. Here’s one that we want to challenge today: the dollar doesn’t work as a currency, because it’s losing value. Even the dollar’s proponents, admit it loses value. The Fed itself states that its mandate is price stability—which it admits means relentless two percent annual debasement (Orwell would be proud). So there is no question that the dollar loses value. The only...

Crypto-friendly Swiss regulation and data security has enticed many people to keep their bitcoin in Swiss vaults. Bitcoin services provider Xapo is winding down activities at its Hong Kong base and transferring key operations to Switzerland. Xapo president Ted Rogers said the move has been driven by Switzerland’s friendlier regulatory environment. “It was once thought that Hong Kong was the holy grail of crypto...