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  1. #41
    jman0war jman0war is offline

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    Quote Originally Posted by Man or Mouse View Post
    How could it ever work as everyday currency with a unit value of four grand? Presently it is used a lot on the dark web, not exactly a stronghold of probity.
    Because bitcoin is divisible by 8 decimal places.
    The smallest unit is called a Satoshi.

    Currently:

    1 Satoshi = USD $0.0000712338

    source: https://99bitcoins.com/satoshi-usd-converter/
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  2. #42
    katsung47 katsung47 is offline

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    GOP Tax Bill Mostly Benefits The Wealthy, Tax Policy Center Finds

    Arthur Delaney,HuffPost• November 6, 2017

    WASHINGTON ? The richest 1 percent of Americans would reap 48 percent of the benefits of Republican tax reform legislation, according to a new analysis by the nonpartisan Tax Policy Center.

    https://www.yahoo.com/news/gop-tax-b...203734303.html
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  3. #43
    katsung47 katsung47 is offline

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    How sky-high housing costs make California the poorest state

    By CALMATTERS | CALmatters.org
    PUBLISHED: September 27, 2017

    When the cost of living is factored in, the Golden State has the highest poverty rate in the country. More than 20 percent of its residents struggle to make ends meet, according to recently released Census figures.That’s nearly 8 million people.

    In the less sophisticated “official” measure, a family of four in San Francisco or Los Angeles or San Diego faces exactly the same poverty threshold—$24,339 annually—as a family in rural Mississippi. That’s despite the fact that you can rent a three-bedroom, two-bathroom 1,200-square-foot house in Horn Lake, Mississippi, for the same price ($850 a month) as half a living room in the Bay Area.

    How sky-high housing costs make California the poorest state – Daily Breeze
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  4. #44
    Niall996 Niall996 is offline
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    I think there's a factor being missed in this notion of a bubble. The world isn't as homogenous as it once was. The middle class have been slowly eroded so the market doesn't function the way it once did. There are a smaller group of people with more money (often cash) competing over houses. There is a huge swathe of people now eliminated from home ownership forever. There's no reason why, like all luxury goods, house prices can't keep rising. It's a different product now, a different market.
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  5. #45
    katsung47 katsung47 is offline

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    Gold Will Soar... As China Kneecaps The Dollar

    by Tyler Durden Dec 13, 2017

    Chris Lowe: To catch up real quick, why is the petrodollar at risk?

    Nick Giambruno: Under the current petrodollar system, all global oil sales are made in dollars. However, the Chinese government recently announced a new mechanism that will allow oil producers anywhere in the world to trade oil for gold.

    China’s new mechanism will totally bypass the US dollar and the US financial system… along with any restrictions, regulations, or sanctions from Washington. So for many oil producers, it will be much more attractive than the petrodollar system.

    I call it China’s “golden alternative” to the petrodollar. Whatever you call it, though, it will allow for the large-scale trade of oil for gold, instead of dollars.

    Here’s how it will work. The Shanghai International Energy Exchange is launching a crude-oil futures contract denominated in yuan, China’s currency. This will allow oil producers around the world to sell their oil for yuan.

    Of course, the yuan is a fiat currency, just like the dollar. And most oil producers don’t want large stashes of yuan. The Chinese government knows this. That’s why it’s linked the crude-oil futures contract with the option to efficiently convert yuan into physical gold through gold exchanges in Shanghai and Hong Kong.

    Chris Lowe: How soon will this new system be up and running?

    Nick Giambruno: I spoke with officials at the Shanghai International Energy Exchange. They told me they plan to go live with it before the end of the year, or shortly thereafter.

    Chris Lowe: But isn’t that a good thing? Isn’t gold, as a currency, more reliable than the dollar?

    Nick Giambruno: I think it’s high time gold played a more central role in the global monetary system. The problem is ditching the petrodollar would negatively affect the US economy.

    Think about it. If Italy wants to buy oil from Kuwait… or Argentina wants to buy oil from Brazil… they have to buy dollars on the foreign exchange market first.

    This creates a huge artificial market for dollars.

    It means the US can simply print dollars and exchange them for real things like French wine, Italian cars, Korean electronics, or Chinese manufactured goods.

    It also helps create a deeper, more liquid market for US Treasury bonds. This pushes up prices… and pushes down yields… which allows the US federal government to finance enormous and permanent deficits.

    The petrodollar has allowed Washington to spend astronomical amounts of money on welfare and other benefits for over half the population. This gives Americans a much higher standard of living than they would have otherwise. Most of them don’t know this or understand how it affects their everyday lives.



    Gold Will Soar... As China Kneecaps The Dollar | Zero Hedge
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  6. #46
    Socratus O' Pericles Socratus O' Pericles is offline
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    A pandola box? Sheesh.
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  7. #47
    katsung47 katsung47 is offline

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    Trump's "tax reform" is a project to borrow 1.5 trillion, issue it in form of treasury bond or other debit note, then distribute it to rich people in the form of cash, bonus, profit. On the whole, in 10 years, you saw the debt of American people will add to a new high while the cash it borrows goes to Rich people's pocket.
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  8. #48
    katsung47 katsung47 is offline

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    AT&T workforce stricken with over 2000 layoffs U.S-wide days after $1000 tax reform bonus check
    By Mike Wuerthele
    Tuesday, December 26, 2017, 02:34 pm PT (05:34 pm ET)

    In the days before Christmas, AT&T and DirecTV gave layoff notices to a large number of landline, legacy service, and home installers spanning the country —and more are coming.

    AT&T workforce stricken with over 2000 layoffs U.S-wide days after $1000 tax reform bonus check
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  9. #49
    JCR JCR is offline

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    Quote Originally Posted by Niall996 View Post
    I think there's a factor being missed in this notion of a bubble. The world isn't as homogenous as it once was. The middle class have been slowly eroded so the market doesn't function the way it once did. There are a smaller group of people with more money (often cash) competing over houses. There is a huge swathe of people now eliminated from home ownership forever. There's no reason why, like all luxury goods, house prices can't keep rising. It's a different product now, a different market.
    I'm sure I heard something like this before, it has a familiar ring to it anyway.
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  10. #50
    Roberto Jordan Roberto Jordan is offline

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    Quote Originally Posted by Niall996 View Post
    I think there's a factor being missed in this notion of a bubble. The world isn't as homogenous as it once was. The middle class have been slowly eroded so the market doesn't function the way it once did. There are a smaller group of people with more money (often cash) competing over houses. There is a huge swathe of people now eliminated from home ownership forever. There's no reason why, like all luxury goods, house prices can't keep rising. It's a different product now, a different market.
    I recall we had an reasonably well informed exchange on another trhead about inequality and whether it matters etc. Apologies if I am recalling incorrectly or misunderstood but i thought your point of view was that it , in effect, doesnt matter if inequality is growing

    Given your bleak prognostication on housing above it seems you do accept that relative inequality is having gross impacts on western societies.

    I do see that you may simply be arguing from the POV that the market has shifted and should be analyzed as such . But in terms of its utility and need housing/ shelter do not fit under the classic definition of luxury goods....and pricing them as such is , I would suspect, invariably going to lead to social breakdown and threaten wider operation of the economy ( to ignore for a moment all the much nastier, sharper, pointier, deadlier potential outcomes when bread or shelter get scarce....)
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