To quote R.E. McMaster, once again
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Everybody agrees that higher tobacco taxes lead to higher cigarette prices,
which encourages smokers to quit,
reduces the number of cigarettes smoked,
and prevents initiation among potential new users.
Tobacco consumption increases as the real cost of tobacco falls.
Revenue from increased tobacco taxes invariably fall short of expectations as higher retail prices stunt the volume of sales.
What kind of moron would conclude that it's a good idea to raise taxes on business, jobs, work and saving?
I'm just axin.
Apologies to all of you for failing to post for over a week.
I've had to do real work.
And yes, I hate it when that happens.
Thanks to all of you who've assumed that I had run out of ideas and had sent so much stuff.
A lot of it is really good.
I'm on it.
"In the early stages of the state, taxes are light in their incidence, but fetch in a large revenue...
As time passes and kings succeed each other, they lose their tribal habits in favor of more civilized ones.
Their needs and exigencies grow...owing to the luxury in which they have been brought up.
Hence they impose fresh taxes on their subjects... sharply raise the rate of old taxes to increase their yield...
But the effects on business of this rise in taxation make themselves felt.
For business men are soon discouraged by the comparison of their profits with the burden of their taxes...
Consequently production falls off, and with it the yield of taxation."
"At a tax rate of 0 percent, the government would collect no tax revenues, no matter how large the tax base.
Likewise, at a tax rate of 100 percent, the government would also collect no tax revenues because no one would willingly work for an after-tax wage of zero (i.e., there would be no tax base).
Between these two extremes there are two tax rates that will collect the same amount of revenue: a high tax rate on a small tax base and a low tax rate on a large tax base."
Maybe that pesky "Global Warming " is a good thing.
"One culprit in December's disappointing jobs report was the unusually cold weather during the week that the Bureau of Labor Statistics did its counting." Phil Izzo, WSJ 1/9/09
The next one is sort of new. The comment up until now has been that the Chinese are fed up and are looking at replacing the dollar as the world's reserve currency with a basket of currencies that includes Gold.
The fact that this quote comes out of the editorial section of the Wall Street Journal is pretty big.
Indeed, gold is viewed by central banks the world over as a unique reserve asset. Contrary to monetary assets denominated in national currencies, its status cannot be undermined by inflation in the issuing country, nor is it subject to repudiation or default.
Which suggests that perhaps it is time to make available to the American public the sort of insurance against dollar depreciation that monetary authorities have long sought for their own portfolios. For those citizens who've become skeptical of the Fed's ability to guarantee price stability in terms more meaningful than elementary CPI statistics—or who believe the bigger threat to their personal financial security lies in a potential repeat of the last debacle — why not provide a new class of Treasury obligations that would guarantee purchasing power of the dollar in terms of Gold? Judy Shelton, WSJ 1/8/09
Two Thousand Billion?
That's Two Trillion
A trillion here, a trillion there, pretty soon you're talking about real money.
In the last decade gold has gained 292% against the US$, 181% against the Euro, 249% against the JY, 298% against the BP, 179% against the C$, and 182% against the A$
An ounce of gold today buys 62 ounces of silver. Historically, it is 1:15.
When asked about lost intelligence as a result of choosing criminal indictment over a military tribunal
for the non U.S. citizen, Detroit pants bomber, Umar Farouk Abdulmutallab.
"Well, first of all, we have different ways of obtaining information from individuals according to that criminal process.
A lot of people, as they understand what they're facing and their lawyers recognize that there is advantage to talking to us in terms of plea agreements, we're going to pursue that."
The first two charts are from articles written in 2008.
Click the chart, go to the article.
This one is pretty simple, if the dow is at 10400 and gold is at 1120, the ratio is 10,400/1120= 9.2875
We've had highs around 42, and lows near 1.
This one is short and sweet, if you're short on time, click below.
There are quite a few sites referencing this chart with everything from embedded interviews with Professor Shiller who developed the chart to third party analyses.
I link my favorite here because the writer uses the phrase "Congressional Moron" repeatedly