Theme: Fast and Furious

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130 Comments

  2. I was hoping you could help with the unraveling of the implications of cryptocurrency being accepted by the state for payment of state taxes and fees. Apparently, Colorado, where I live, will be the first in doing so as imminently as this summer. Gov. Polis stated that, “We won’t be holding any assets in that form, but we will have a layer that allows for payment in those forms and then conversion into the units that we use, which is dollars” While I understand cryptos as a volatile investment vehicle, I can’t see how their use as a tax payment would not have serious impacts on state budgeting and funding, especially given the wild fluctuations in their valuations and the difficulties in converting back to dollars that you’ve mentioned. More creeping control grid??? Thank you for any insights you can provide.

    1. They will convert crypto immediately into fiat since the state will not be holding any crypto. And the state should have no problem converting crypto into fiat with one of the accredited crypto on-ramp providers.

      1. Well, I hope the gov of Co has a super fast computer. Nothing is instantaneous and they can crush the crypt any time.

    2. If they are not holding, assume they will be converting immediately. It should not impact the states funding and budget if they are simply taking in and converting immediately. They might argue taking cryptos increases the chance that they will get paid. In my book setting it up this way increases the chances they can control, audit, enforce and seize. Lots of tax liabilities out there in the crypto cap.

      1. Thank you, Catherine! And, a huge umbrella “THANK YOU” for all the incredible work you and your team produce…can’t imagine navigating these times without the knowledge and insights you share!

  3. Please could you add a link to the intermediate table Mr Denninger refers to? I don’t think it shows in the article on Market-ticker.org.

  4. What confounds me is how willing these Government officials have become to blatantly lie and shred the documents of freedom. Do these people not know that they are contributing to the eventual destruction of their families freedoms and liberties? Why would anyone knowingly take away the opportunities and rights of their children and grandchildren?

    1. They are assuming they will be protected. This is what happens in bubbles. The entrainment is at work as well.

    2. When I saw George Bush tell congress after 911 that they were either with them or against them, I always felt like he was speaking to the congress people in the room. Not those in the general public. Or the world. Therefore, they all got onboard. Sort of a game of: “I got mine, pull up the ladder”. Pirates.

  5. Catherine I just love your story about the little mermaid. I have never seen it either but seeing it while being spied in by NATO would taint the experience big time. Why do that?

      1. Thank you John. I will read it.
        MMT is a sleight of hand, in my opinion.
        I love listening to you and Cathering on Money and Markets. Keep it goin’

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