Milei: A Dictator in Libertarian Clothing
Former Greek finance minister and anti-capitalist, Yanis Varoufakis, has cautioned that Argentina's incoming president Javier Milei is not the anarcho-capitalist figure that many libertarians perceive him to be. Varoufakis, who is now an economics professor, likened the far-right victor of the November 19th election to (Jorge Rafael) Videla, but dressed in libertarian attire. Videla served as Argentina's military ruler from 1976 to 1981.
These comments by Varoufakis, who led Greece's debt renegotiation talks with the European Central Bank (ECB) in 2015, follow reports that Milei intends to fulfill his promise to abolish the country's central bank. Alongside shutting down the central bank, Argentina's president-elect has reportedly pledged to privatize the state energy company YPF and divest all public broadcast networks.
Milei's unconventional solutions to the issues plaguing Argentina have captured the attention of bitcoiners and crypto enthusiasts worldwide. Furthermore, his previous positive remarks about cryptocurrencies have garnered him significant support within the bitcoin community.
However, in a post on X (formerly Twitter), Greece's former finance minister dismissed the notion that Milei is truly an anarcho-capitalist. Instead, Varoufakis identified the American philosopher and author Robert Nozick as the genuine representative of anarcho-capitalism.
Varoufakis Criticizes Dollarization as an Inflation-Fighting Strategy
Anarcho-capitalism, as per Wikipedia, is an anti-statist, libertarian political philosophy and economic theory that advocates for the replacement of centralized states with stateless societies governed by "systems of private property enforced by private agencies."
Meanwhile, as previously reported by various media outlets including Bitcoin.com News, Milei had committed to dollarizing the economy. Many experts, including Johns Hopkins economics professor Steve Hanke, support the president-elect's proposal to curb inflation by adopting the US dollar as the official currency in Argentina.
However, Varoufakis opposes Milei's plan to combat Argentina's rampant inflation through dollarization. He likens it to "nuking a country to get rid of Covid-19." Varoufakis expresses solidarity with the Argentinian people in the face of the impending nightmare.
What are your thoughts on this story? Share your opinions in the comments section below.
Frequently Asked Questions
How does a gold IRA work?
For people who are looking to invest in precious materials, Gold Ira account accounts provide tax-free investments.
You can purchase physical bullion gold coins at any point in time. You don't have a retirement date to invest in gold.
You can keep gold in an IRA forever. Your gold holdings will not be subject to tax when you are gone.
Your gold is passed to your heirs without capital gains tax. Your gold is not part of your estate and you don't have to include it in the final estate report.
To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've completed this step, an IRA administrator will be appointed to your account. This company acts as an intermediary between you and IRS.
Your gold IRA Custodian will manage the paperwork and submit all necessary forms to IRS. This includes filing annual reports.
Once you've established your gold IRA, you'll be able to purchase gold bullion coins. The minimum deposit is $1,000. The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
You'll have to pay taxes if you take your gold out of your IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
Even if your contribution is small, you might not have to pay any taxes. There are exceptions. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
It is best to not take out more than 50% annually of your total IRA assets. Otherwise, you'll face steep financial consequences.
Can the government seize your gold?
The government cannot take your gold because you own it. It is yours because you worked hard for it. It belongs to you. But, this rule is not universal. If you are convicted of fraud against the federal government, your gold can be forfeit. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
What are the advantages of a gold IRA
The best way to save money for retirement is to place it in an Individual Retirement Account. It's tax-deferred until you withdraw it. You can decide how much money you withdraw each year. There are many types and types of IRAs. Some are better for those who want to save money for college. Some are better suited for investors who want higher returns. Roth IRAs, for example, allow people to contribute after they turn 59 1/2. They also pay taxes on any earnings when they retire. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This account may be worth considering if you are looking to retire earlier.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. For people who would rather invest than spend their money, gold IRA accounts are a good option.
An additional benefit to owning gold through an IRA, is the ease of automatic withdrawals. You won't have the hassle of making deposits each month. To ensure that you never miss a payment, you could set up direct debits.
Finally, gold is one of the safest investment choices available today. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even during economic turmoil, gold prices tend to stay relatively stable. Gold is a good option for protecting your savings from inflation.
How is gold taxed within an IRA?
The fair market value of gold sold is the basis for tax. When you purchase gold, you don't have to pay any taxes. It's not considered income. If you sell it later, you'll have a taxable gain if the price goes up.
You can use gold as collateral to secure loans. Lenders try to maximize the return on loans that you take against your assets. For gold, this means selling it. There's no guarantee that the lender will do this. They may hold on to it. They may decide to resell it. Either way you will lose potential profit.
You should not lend against your gold if it is intended to be used as collateral. You should leave it alone if you don't intend to lend against it.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
investopedia.com
bbb.org
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
3 Ways to Invest in Gold for Retirement
It's crucial to understand where gold fits in your retirement strategy. There are many ways to invest in gold if you have a 401k account at work. You might also consider investing in gold outside your workplace. A custodial account can be opened by a brokerage firm like Fidelity Investments if you already have an IRA. You may also want to purchase precious metals from a reputable dealer if you don’t already have them.
These are three easy rules to remember if you invest in gold.
- Buy Gold with Your Cash – Don't use credit cards or borrow money to fund your investments. Instead, instead, transfer cash to your accounts. This will help you to protect yourself against inflation while also preserving your purchasing power.
- Physical Gold Coins – Physical gold coins are better than a paper certificate. Physical gold coins can be sold much faster than paper certificates. There are no storage fees for physical gold coins.
- Diversify Your Portfolio – Never put all of your eggs in one basket. This means that you should diversify your wealth by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.
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By: Terence Zimwara
Title: Yanis Varoufakis: Argentina's President-Elect is “No Anarcho-Capitalist”
Sourced From: news.bitcoin.com/argentinas-president-elect-javier-milei-no-anarcho-capitalist-says-former-greek-finance-minister/
Published Date: Wed, 22 Nov 2023 06:30:42 +0000
