Posted on 09/27/2010 4:41:23 PM PDT by Kaslin
If anything, Mr. Sowell is being polite, and thus not accurate enough.
What FDR did was a crime, because America was on a gold _coin_ standard. In fact the largest stock of gold coin in world history ever circulated in the US. And the government basically stole it, in exchange for pieces of paper.
Now all the economists will argue that there isn’t enough gold to satisfy commerce, that an “elastic” currency is necessary, without the constraints imposed by gold. And, they might be right. It is also true however, that the latest economic collapse is a result of EXACTLY what the framers warned us about with respect to paper currencies.
There is a steady, obvious decline in property rights, freedom, and independence, rule of law, human rights, in the ensuing decades all attributable in part to “funny money” that can be printed (borrowed, even, at interest) by governments to effect their designs and generally without or against the desires of the people. Consent of the governed? From a read of history, it looks like debt peonage or serfdom is in the cards. Oh well.
Gold isn’t really the answer but it is for damn sure part of the question - why does the citizen have no representation in government? It is plain to anybody paying attention Jefferson’s admonishment is coming true - waking up on a continent our forefathers conquered and finding it stolen right from under our feet. It isn’t an accident or result of incompetent or inept leadership, it is careful DESIGN.
Yes, gold is one thing the government always goes after when people start buying it, but I think there's confusion, even by the esteemed Dr. Sowell. I think that provision applies to ANY goods, not just gold.
The problem is, the first big splash about it was from a financial newsletter referencing their own specialty: gold coins and bullion. But from what I read in the bill, it's ANY goods.
Note, that section doesn't read clearly--it's mostly "replace ___ with ___" and "add 'goods'" language.
You have to piece together what it does to existing law and it seems to me that it means that certain entities have to track and issue 1099s on goods, not just on independent contractors, etc., if they go over $600.
I am not a lawyer or professional in this subject, and I'd love to hear from one.
I fear that Dr. Sowell fell for a rumor, as I don't see him as one to play a game like that.
Tucked away in the 2,300 page bill, in section 9006, is a provision that expands the scope of the Internal Revenue Service (IRS) Form 1099. Beginning Jan. 1, 2012, a Form 1099 will have to be filed to report to the IRS the purchase of all goods and services by small business and self-employed people that exceed $600 during a calendar year.Note that it's not a specific restriction on gold coins or bullion, but dealers in those commodities are saying they will be hardest hit.
This is an onerous bookkeeping nightmare for all small businesses. But precious metals dealers will really take a hit.
“Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public,” Diane Piret, industry affairs director for the Council for Tangible Assets, told ABC News. “Most other types of businesses will have a limited number of suppliers from which they buy their goods and products for resale.”
Fact is, practically all businesses and self-employed people will be hit by this horrific mess.
The 1099 thing is just laying the groundwork for a VAT, probsbly. Americans are getting pretty stupid, and will grumble, but as long as American Idol is on, it’s all good. Was talking to a gal today about their house getting foreclosed on. They are trying to work something out, but when asked about how much they owed, at what interest rate, etc, got a bunch of confusion. Then I asked “Do you have an amortization schedule?” “What’s that?”
Yeesh. Forget it folks, there are way too many people dumbed down by the system.
If you go into the public schools, you’ll see very clearly why.
Absolutely! This 1099 thing has to go.
Interesting you mention schools - our public school system was ultimately modeled (I’m not making this up) on the Indian method, used for maintaining their caste system. Apparently, having a truly educated, independent critical thinking citizenry isn’t part of the plan.
My first inkling something was wrong as a student, when the teacher claimed that memorizing facts aka “rote memorization” wasn’t necessary.
Bu””%£!t. Well that, and when they called me a “beaugeois reactionary”.
My comment to the wife immediately upon hearing of it was, “It is no accident that the $600 threshold for 1099 is conveniently well below the price of an ounce of gold and will be for a long, LONG time.”
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