Opinion The FT View
US recession is a smaller danger than long-term inflation
The Fed needs to hold its nerve on tightening further
The editorial board
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Investors have spent much of this week puzzling over what this all means — edging up predictions for the future path of interest rates and for the chances of recession. But there is good news in some of it — it is hard to read the markets’ responses as indicating that investors think this ultra-high inflation is now a permanent feature of American life. The Fed has credibility. But it still needs to tighten further to justify that faith.
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I respectfully disagree.
The current 30T$+ national debt and the guesstimated 226T+ in unfunded liabilities that our posterity will have to deal with is inescapable.
The Russian “sanctions” over Ukraine have put the USA on a collision course to crush the U$D. (The fact that it’s the cleanest dirty shirt in the laundry is little comfort.)
For decades, responsible people have been pointing out that empires fall when their currency is debased. Why should the USA be any different?
We have kicked the can down the road and we can see the end of the road.
End the FED and return to sound money.
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Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns.
What is Virtual Currency?
Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” currency (i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance), but it does not have legal tender status in the U.S. Cryptocurrency is a type of virtual currency that utilizes cryptography to validate and secure transactions that are digitally recorded on a distributed ledger, such as a blockchain.
Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as “convertible” virtual currency. Bitcoin is one example of a convertible virtual currency. Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies.
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Sounds like they are defining “money”!
We don’t tax when “dollars” (i.e., Federal Reserve Note fiat greenbacks) are converted to Euros or visa versa. So why are we taxed on “Virtual Currencies”? For that matter, why are we taxed when buying gold or silver? Doesn’t the Constitution define a “dollar” as an amount of gold or silver?
Guess the IRS is going have a hard time finding all the non-custodial crypto wallets!!!
If they can keep drugs out their prisons, how will the keep crypto out of a free society?