Milei: A Dictator in Libertarian Clothing
Former Greek Finance Minister and anti-capitalist Yanis Varoufakis has cautioned against labeling Argentina's president-elect Javier Milei as an anarcho-capitalist, contrary to popular belief among libertarians. Varoufakis, now an economics professor, likens Milei to the far-right military ruler Videla, stating that Milei is simply donning a libertarian facade. Videla governed Argentina between 1976 and 1981.
Varoufakis's comments come in response to reports that Milei intends to fulfill his promise of abolishing Argentina's central bank. In addition to shutting down the central bank, Milei has pledged to privatize the state energy company YPF and divest all public broadcast networks.
Milei's unconventional solutions to Argentina's problems have garnered attention from Bitcoin enthusiasts worldwide. Furthermore, his positive remarks about cryptocurrencies have endeared him to the Bitcoin community.
However, Varoufakis, in a post on X (formerly Twitter), rejects the notion that Milei is an anarcho-capitalist. Instead, he believes that the true anarcho-capitalist is American philosopher and author Robert Nozick.
Varoufakis Opposes Dollarization as an Inflation-Fighting Measure
Anarcho-capitalism is a political philosophy and economic theory that advocates for the replacement of centralized states with stateless societies governed by private property systems enforced by private agencies, according to Wikipedia.
As previously reported by various media outlets, including Bitcoin.com News, Milei has pledged to dollarize the Argentine economy. Many experts, including Johns Hopkins economics professor Steve Hanke, support Milei's proposal to curb inflation by adopting the US dollar as the official currency.
However, Varoufakis criticizes Milei's plan to combat Argentina's rampant inflation through dollarization. He compares it to using extreme measures, such as nuking a country, to eradicate a problem like Covid-19. Varoufakis expresses solidarity with the Argentinian people, who he believes are on the verge of a nightmarish situation.
What are your thoughts on this story? Share your opinions in the comments section below.
Frequently Asked Questions
What Should Your IRA Include in Precious Metals?
It is important to remember that precious metals can be a good investment for anyone. You don’t need to have a lot of money to invest. In fact, there are many ways to make money from gold and silver investments without spending much money.
You may consider buying physical coins such as bullion bars or rounds. Also, you could buy shares in companies producing precious metals. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You'll still get the benefit of precious metals no matter which country you live in. Even though they aren't stocks, they still offer the possibility of long-term growth.
Their prices rise with time, which is a different to traditional investments. You'll probably make more money if your investment is sold down the line than traditional investments.
What is the Performance of Gold as an Investment?
Supply and demand determine the gold price. Interest rates are also a factor.
Gold prices are volatile due to their limited supply. Physical gold is not always in stock.
What precious metal is best for investing?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. Gold may not be right for you if you want quick profits. Silver is a better investment if you have patience and the time to do it.
If you don't care about getting rich quickly, gold is probably the way to go. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
Who is the owner of the gold in a gold IRA
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
Owning gold can also help protect against inflation and price volatility, but it doesn't make sense to hold gold if you're not going to use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
How much should precious metals make up your portfolio?
First, let's define precious metals to answer the question. Precious metals are those elements that have an extremely high value relative to other commodities. They are therefore very attractive for investment and trading. Today, gold is the most commonly traded precious metal.
There are many other precious metals, such as silver and platinum. The price volatility of gold can be unpredictable, but it is generally stable during periods of economic turmoil. It is also not affected by inflation and depression.
As a general rule, the prices for all precious metals tend to increase with the overall market. But they don't always move in tandem with one another. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. Investors are more likely to expect lower interest rates making bonds less attractive investments.
However, when an economy is strong, the reverse effect occurs. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. These precious metals are rare and become more costly.
You must therefore diversify your investments in precious metals to reap the maximum profits. Because precious metals prices are subject to fluctuations, it is best to invest across multiple precious metal types, rather than focusing on one.
Should You Purchase Gold?
Gold was a safe investment option for those who were in financial turmoil. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
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 believe gold prices could increase dramatically if there is another global financial crises.
They also pointed out that gold is gaining popularity due to its perceived value, and potential return.
These are some important things to remember if your goal is to invest in gold.
- Consider whether you will actually need the money that you are saving for retirement. It's possible to save for retirement without putting your savings into gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, be sure to understand your obligations before you purchase gold. Each offer varying degrees of security and flexibility.
- Don't forget that gold does not offer the same safety level as a bank accounts. Losing your gold coins could result in you never being able to retrieve them.
If you are thinking of buying gold, do your research. Protect your gold if you already have it.
Statistics
- (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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
bbb.org
irs.gov
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.gov
How To
The History of Gold as an Asset
Gold was a currency from ancient times until the early 20th century. It was widely accepted around the world and enjoyed its purity, divisibility and uniformity. In addition, because of its value, it was traded internationally. There was no international standard for measuring gold at that time, so different weights and measures were used around the world. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
The United States began issuing American coin made up 90% copper, 10% zinc and 0.942 fine-gold in the 1860s. The result was a decrease in foreign currency demand, which led to an increase in their price. At this point, the United States minted large amounts of gold coins, causing the price of gold to drop. The U.S. government needed to find a solution to their debt because there was too much money in circulation. They decided to sell some excess gold to Europe in order to do this.
Because most European countries did not trust the U.S. dollar, they started accepting gold as payment. However, after World War I, many European countries stopped taking gold and began using paper money instead. The price of gold rose significantly over the years. Even though the price of gold fluctuates, it remains one the best investments you can make.
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By: Terence Zimwara
Title: Javier Milei: Not an Anarcho-Capitalist, Says Former Greek Finance Minister
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
