|
|
Milt Heft on Wealth, Money and the Economy |
|
|
|
|
Written by LNC
|
|
Tuesday, 18 November 2008 |
|
Colorado CPA member Milt Heft has these thoughts on money, wealth and the economy. Heft is the owner of Petrogen, Inc in Colorado Springs.
A few thoughts about manufacturing:
There is a great misunderstanding of the relationship- between money and wealth. The beginning principles with which we can all agree are a few and simple noble truths:
1. Money is meaningless without wealth.
2. Wealth is difficult to distribute without money.
3. Wealth is the reality of the physical things we need to survive and thrive: food, clothing, shelter, ice cream & computers. It is the product of mining, industrial production, and agriculture.
4. Money is anything that make the wheels of production and distribution go ‘round.
5. Money is easy to manufacture and control.
6. Wealth takes a lot of blood, sweat, toil and tears.
|
|
Read more...
|
|
|
Written by Stumo
|
|
Tuesday, 18 November 2008 |
|
Just in case you missed it in the other Colombia FTA article today, I want to highlight this.
Colombia's value added tax is 16%. That tax is charged on all goods coming into the country, including ours. The Colombia FTA will not reduce or otherwise address that tax. This is unsupportable. The so-called free trade agreement will allow Colombia to impose a 16% charge on our goods, and we will have no equivalent charge.
144 foreign countries charge a VAT at the border, an average of 17%. They charge that tariff-like tax on our goods. We charge none. If they charge tariffs, that tariff amount is on top of the VAT. The U.S. is the only major (or minor) country without a VAT.
That is free trade. David Ricardo and Adam Smith would not approve.
|
|
|
Editorial garbage on Colombia FTA |
|
|
|
|
Written by Stumo
|
|
Tuesday, 18 November 2008 |
|
The wacko free traders at the NY Times editorial board are journalists. They have read a bit about economics, just enough to give us really bad advice. Maybe they have not heard. We have an economic crisis. We don't make and grow things anymore because our production is offshored.
What is their rationale? Economic growth? That would be false. Instead, they want to "send a message."
Rejecting [the Colombia FTA] would send a dismal message to allies the world over that the United States is an unreliable partner and, despite all that it preaches, does not really believe in opening markets to trade.
I send messages all the time. Through the telephone, the email, and this blog. I don't need to help further our economic downturn by pushing another offshoring agreement to "send a message." |
|
Read more...
|
|
|
Bank of America investing in Chinese bank |
|
|
|
|
Written by Stumo
|
|
Tuesday, 18 November 2008 |
|
Duly noted:
Bank of America said Monday it would nearly double its stake in one of China’s largest banks, China Construction Bank, in spite of the spreading global financial crisis. ...
Bank of America will raise its stake in the bank to 19.1 percent, from 10.75 percent, by exercising the rest of an option to buy shares from China SAFE Investments, a state investment arm. After the purchase, Bank of America will own 44.7 billion shares. |
|
|
|
<< Start < Prev 1 2 3 4 5 6 7 8 Next > End >>
|
| Results 19 - 27 of 68 |
