Javier Milei, a libertarian economist and self-proclaimed anarcho-capitalist, has secured a majority of the popular vote, defeating his opponent Sergio Massa, to become Argentina's newly elected president. With a strong belief in dismantling the political "caste" that he holds responsible for the nation's failures, Milei aims to revolutionize Argentina's economic landscape by advocating for free-market capitalism and the elimination of socialist policies.
Milei's Victory in Argentina's Presidential Race
Javier Milei, a 53-year-old economist, has emerged victorious over the left-leaning finance minister Sergio Massa in Argentina's presidential race. In a recent interview with Tucker Carlson, Milei attributed the country's economic challenges to a century of socialist policies. The election, held on Sunday evening, resulted in a decisive run-off after a closely contested initial vote where Massa had a narrow lead.
Massa Concedes Defeat
Before the final vote tally was announced, Sergio Massa conceded defeat to Javier Milei. Massa acknowledged the unexpected results and extended his congratulations and well wishes to Milei. "The results are not what we expected, and I have contacted Javier Milei to congratulate him and wish him luck," Massa stated to the media.
Milei's Support for Bitcoin and Dollarization
Milei has gained significant support from bitcoiners and crypto enthusiasts due to his vocal advocacy for bitcoin (BTC). He believes that bitcoin represents the return of money to its original creator, the private sector. Additionally, Milei supports the concept of "dollarization" and advocates for the abolition of Argentina's central bank. He proposes dollarizing the nation as a remedy for its economic troubles. As the leader of Latin America's third-largest economy, Milei faces substantial challenges, particularly with Argentina's inflation rate soaring to 121% in October.
Milei's Impact on Social Media and Media Outlets
Following Milei's electoral success, "Argentina" and "Milei" have become trending topics on social media platform X, attracting millions of posts. Major news outlets such as the Guardian and the Washington Post have been quick to label Milei as "far right" and draw parallels between him and former U.S. President Donald Trump.
Share Your Thoughts
What are your thoughts and opinions on Javier Milei's win? Share your insights and perspectives in the comments section below.
Frequently Asked Questions
What is a gold IRA account?
You can purchase physical gold bullion coins anytime. You don't have a retirement date to invest in gold.
An IRA lets you keep your gold for life. Your gold assets will not be subjected tax upon your death.
Your heirs will inherit your gold, and not pay capital gains taxes. You don't need to include your gold in your final estate report, as it isn't part of the estate.
First, an individual retirement account will be set up to allow you to open a golden 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 your gold IRA is established, you can purchase gold bullion coins. The minimum deposit required for gold bullion coins purchase is $1,000 A higher interest rate will be offered if you invest more.
When you withdraw your gold from your IRA, you'll pay taxes on it. If you're withdrawing the entire balance, you'll owe income taxes plus a 10 percent penalty.
You may not be required to pay taxes if you take out only a small amount. 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.
You should avoid taking out more than 50% of your total IRA assets yearly. You could end up with severe financial consequences.
What is the value of a gold IRA
There are many advantages to a gold IRA. It is an investment vehicle that can diversify your portfolio. You decide how much money is put in each account and when it is withdrawn.
You also have the option to roll over funds from other retirement accounts into a gold IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best part is that you don't need special skills to invest in gold IRAs. They are readily available at most banks and brokerages. Withdrawals are made automatically without having to worry about fees or penalties.
But there are downsides. Gold is known for being volatile in the past. Understanding why you invest in gold is crucial. Is it for growth or safety? Is it for insurance purposes or a long-term strategy? Only once you know, that will you be able to make an informed decision.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. One ounce won't be enough to meet all your needs. Depending upon what you plan to do, you could need several ounces.
You don't need to have a lot of gold if you are selling it. You can even manage with one ounce. These funds won't allow you to purchase anything else.
Should You Purchase Gold?
In the past, gold was considered a haven for investors during economic turmoil. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Some experts think that this could change in the near future. They say that gold prices could rise dramatically with another global financial crisis.
They also pointed out that gold is gaining popularity due to its perceived value, and potential return.
Consider these things if you are thinking of investing in gold.
- First, consider whether or not you need the money you're saving for retirement. It is possible to save for retirement while still investing your gold savings. However, when you retire at age 65, gold can provide additional protection.
- Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each type offers varying levels and levels of security.
- Keep in mind that gold may not be as secure as a bank deposit. It is possible to lose your gold coins.
If you are thinking of buying gold, do your research. Make sure to protect any gold you already own.
How can I withdraw from a Precious metal IRA?
First, determine if you would like to withdraw money directly from an IRA. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, you need to determine how much money is going to be taken out from your IRA. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
Once you have completed these calculations, you need to open your brokerage account. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. To avoid unnecessary fees, however, try opening an account using a debit card rather than a credit card.
When you do finally decide to withdraw from your precious metallic IRA, you will need a safe space where you can safely store your coins. Some storage areas will accept bullion, while others require you to purchase individual coins. Either way, you'll need to weigh the pros and cons of each before choosing one.
Because you don't have to store individual coins, bullion bars take up less space than other items. You will need to count each coin individually. On the flip side, storing individual coins allows you to easily track their value.
Some people like to keep their coins in vaults. Others prefer to store them in a safe deposit box. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- You want to keep gold in your IRA at home? It's not legal – WSJ
The growing trend of gold IRAs
Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.
Owners can invest in gold bars and bullion with the gold IRA. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
Investors can have confidence in their investments and avoid market volatility with a gold IRA. Investors can protect themselves from inflation and other possible problems by using the gold IRA.
Physical gold is also a great investment option, as it has unique properties like durability, portability, divisibility, and portability.
The gold IRA also offers many other benefits, such as the ability to quickly transfer the ownership of the gold to heirs, and the fact the IRS doesn't consider gold a currency.
Investors looking for financial security are increasingly turning to the gold IRA.
By: Jamie Redman
Title: Javier Milei Emerges as Argentina's Newly Elected President
Sourced From: news.bitcoin.com/libertarian-and-free-market-proponent-javier-milei-wins-argentine-presidency/
Published Date: Mon, 20 Nov 2023 01:03:00 +0000