France - 75% tax for high earners!

[GlobalWealth]

I do think all the people on this forum should at least be grateful for the past generations that have paid their dues so we have the opportunity to use the infrastructure they built to our benefit,

I am grateful for the generations of entrepreneurs, investors, and workers that created the infrastructure. If it weren't for the govt getting in the way, it would be much better though.

 

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[Jake]

I agree with everything in this post except the statement above. The debt situation has gotten so out of hand the only possible solution at this point is default. If that is what you consider healing itself, then yes it can. But unfortunately it has reached the point of no return and the next few decades will only show a decline in standards of living for the lower and middle class.

No need to default when you're in control of the supply of what is owed.

Are you familiar with Another/FOA/FOFOA?

Here's a quote from FOA

"My friend, debt is the very essence of fiat. As debt defaults, fiat is destroyed… hyperinflation is the process of saving debt at all costs, even buying it outright for cash… because policy will allow the printing of cash, if necessary, to cover every last bit of debt and dumping it on your front lawn!"

 

[GlobalWealth]

No need to default when you're in control of the supply of what is owed.

In the short run, you are correct. Historically though democratic nations have massive failures after about 200 years. The US is 236 years old. At some point, another country, probably China, will take over as the largest economy and then the world's reserve currency will switch to the yuan as the world will view it as the safest.

When that happens, demand will fall for US debt driving up yields and interest rates. Right now it only takes about a 200bp movement upwards for the US to no longer be able to pay its interest on debt. The timebomb is ticking.

Are you familiar with Another/FOA/FOFOA?

Nope. Enlighten me.

"My friend, debt is the very essence of fiat. As debt defaults, fiat is destroyed… hyperinflation is the process of saving debt at all costs, even buying it outright for cash… because policy will allow the printing of cash, if necessary, to cover every last bit of debt and dumping it on your front lawn!"

Agreed here. In the US (and really all of the world in the past 40 years) all money is really just debt. Scary to consider the implications of this long term.

 

[Jake]

Nope. Enlighten me.

I'll pull a brief explanation from the freegold wiki

"Freegold is anything but a new idea,[10] however it has never been popularized. Starting in late December 1997, freegold was first discussed on the internet by someone using the Pseudonym Another.[11] In his forum posts, he described an important but undisclosed relationship between the flow of oil and gold, and a cheap dollar. When "Another" stopped publishing, someone else continued writing under the Pseudonym FOA (Friend of Another[12]) who published The Gold Trail. Writings have finally stopped in the year 2002, probably because the person was ill and died in the same year. It is thought that Another continued posting under the Pseudonym FOA to further masquerade his identity.[13] For this reason, some postings are transformed through Yoda Speak, a tool which had been just released on the internet. Ferdinand Lips, co-founder and a managing director of Rothschild Bank AG in Zurich, was suspected to be the author of the articles[7]: having knowledge of Comex activity, Saudi oil clients, etc. Though, Lips public works appear to underline going back to a gold standard too much, which is conflicting with the thoughts of Another/FOA. Although we may never know for sure, likely the author was a high official at the Bank for International Settlements. In 2008, an anonymous blogger by the name FOFOA (Friend of a Friend of Another[14]) started raising awareness of freegold again."

Basically Another is believed to be an "INSIDERS" or central banker who revealed information on the inner-workings of the monetary system. Why the $ remains the reserve, behind the scenes oil for gold deals, how currencies are simply derivatives of the $, etc. The Archives recently got wiped out but a blogger that goes by the name of FOFOA has a tribute blog on their thoughts. It's a pretty interesting topic to dive into.

I first stumbled across "freegold" by finding this post a few years back so I'll share the same one with you FOFOA: All Paper is STILL a short position on gold

I'll point out some other posts by FOFOA if you want to read on as he's piled up quite a few over the years. "freegold" imo is the reason why we don't see a new reserve currency. There doesn't need to be one. The "fix" for the debt ridden financial system is already on CB's balance sheets, it just needs a higher price

 

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[elclandestino]

apart from 75% being an insane rate, speaking of taxes it's a lot more about how tax money gets spent

as long as there is no gov't accountability on tax money spending, you are good to go, given you don't get caught

 

[Kak]

Lol this is an epic thread

 

[CryptO]

Due to massive critism and the fear of loosing many of the countries top paid individuals, Hollande (president of France) decided not to go ahead with this as originally planned.

Instead he decided to implement a 75% tax that is due to be paid by the company and not from the individual.

 

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[ChickenHawk]

Instead he decided to implement a 75% tax that is due to be paid by the company and not from the individual

It'll be interested to see if this means that companies, not just individuals, flee for more business-friendly pastures.

 

[PopEmersen]

Due to massive critism and the fear of loosing many of the countries top paid individuals, Hollande (president of France) decided not to go ahead with this as originally planned.

Instead he decided to implement a 75% tax that is due to be paid by the company and not from the individual.

Still stupid

 

[Kak]

paid by the company and not from the individual

Um, this doesn't change a damn thing. The money has to come from somewhere. It doesn't just magically appear for the taking like these brain-dead socialists seem to think.

 

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[TopChef]

Whilst I am not a big fan of the government, I do think all the people on this forum should at least be grateful for the past generations that have paid their dues so we have the opportunity to use the infrastructure they built to our benefit, and likewise, I hope the next generations will benefit even more from the dues we are paying. Politically, I find it extremely stupid of the French government to tax the rich with 75%, but I am grateful, as a lot of them are now moving to Belgium

I pay tribute to those that came before me by producing more than I consume.

As far as future generations go, how will they even have a future paying the pensions of policemen, firefighters, mayors, lifeguards, councilmen, etc.

 

[CryptO]

Um, this doesn't change a damn thing. The money has to come from somewhere. It doesn't just magically appear for the taking like these brain-dead socialists seem to think.

Exactly, it's supposed to be pushing consumer prices up as a result because the companies will have to compensate.

Overall I think everyone agrees it's stupid (even allot of socialists).