France drops its super tax on millionaires

[Ricter]

if they had only implemented pure communism it would have worked I tell ya.

the problem with every system is that many of its polticians are crooked power and money hungry sobs who will feather their own nest long before they do what is right for the people.

The system must be designed to work in spite of them... hence they should have as little power as possible.

Hi jem, hey by the way, you have any idea when this "debasing" of the USD, as you've called it, is going to end? It's just killing my exports. ; )

 

[jem]

when we monitor real time how much electronic money the federal reserve is creating for itself.

 

[TGregg]

From the article:

"There is a range of measures we will take in favour of business, measures that will support investment and encourage business to stay in France."

Yikes.

"Papers, comrade?"

"Ahh, I see you are on our special list of wonderful givers and thus not allowed to leave the country with any gifts ungifted. Allow us to assist you in doing your patriotic duty to France. Then, you will be free to go, leaving behind any guilt for not doing your fair share and unburdened of anything of value."

 

[Ricter]

when we monitor real time how much electronic money the federal reserve is creating for itself.

Ahh yes, the Fed. They're brutal. All this money printing and debasing they've been doing has been driving the price of oil through the roof! (Oil being priced in USD, you see.)

 

[gwb-trading]

It was never implemented, and "nearly all the high wealth individuals left" is BS, it's not even true for high income individuals.

You do notice in all the articles that never in the history of a western country have so many high wealth individuals left in such a short period of time. Take a look at the glut of high priced homes that these individuals left behind on the market in France.

I would also note that large numbers of high wealth families left France for Quebec - driving a boom in high wealth banking & asset/tax transfer in Canada over the past six months. The banking sector here (Canada) is loving it.

 

[jem]

this is coming for the guy who found every excuse but govt spending for why prices of things were going up... but now can't figure out why prices could be falling.

Ahh yes, the Fed. They're brutal. All this money printing and debasing they've been doing has been driving the price of oil through the roof! (Oil being priced in USD, you see.)

 

[Max E.]

I love how they always pull out some folksy picture of Gerard Depardieu when they mention this.

Yeah, whenever i see his picture now, i just think of him pissing on that plane, lol.

 

[Tsing Tao]

Ahh yes, the Fed. They're brutal. All this money printing and debasing they've been doing has been driving the price of oil through the roof! (Oil being priced in USD, you see.)

Do you make these comments out of a sheer lack of understanding on how markets work or are you just making them to be snarky to Jem? If it's the latter, please let me know so I can just ignore them completely.

The debasing and printing the Fed has been up to has fueled speculative bubbles throughout ALL asset prices for the last 6 years or so. Oil is just one of the first ones to pop. Pretty soon you'll be seeing a lot more of this sort of thing.

 

[Ricter]

Do you make these comments out of a sheer lack of understanding on how markets work or are you just making them to be snarky to Jem? If it's the latter, please let me know so I can just ignore them completely.

The debasing and printing the Fed has been up to has fueled speculative bubbles throughout ALL asset prices for the last 6 years or so. Oil is just one of the first ones to pop. Pretty soon you'll be seeing a lot more of this sort of thing.

So the price of oil is falling because the Fed is not printing money?

 

[Tsing Tao]

So the price of oil is falling because the Fed is not printing money?

The price of oil is falling because there was a huge amount of speculative activity in the price of oil, and that speculative activity is reversing. Speculative activity, I might add, that was fueled by the cheap money policy of the Fed. As the market begins to price in the fact that the era of cheap money (in the US) is over, and that the US dollar is potentially at the end of more than a decade of printing, commodities will all begin to come down (and many already have).

Unless you believe someone found oil on Uranus or that 1 billion cars suddenly were taken off the road, or other fundamental explanation to let us know why oil is suddenly far more available than it was a month and a half ago.