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Submitted via IRC for Bytram
British Prime Minister Theresa May and Indian Prime Minister Narendra Modi are among the world leaders who've expressed alarm at the rise of virtual cash to move money offshore. The U.S. Congress held hearings this month, and Treasury Secretary Steven Mnuchin called on the world's 20 biggest economies to work together to make sure cryptocurrencies don't "become the next Swiss bank account." The concern comes after a successful international crackdown on tax havens in traditional banking.
"Every country is scrambling to come up with an answer," said Drake, who serves on the boards of 25 public and private companies. "There needs to be a regulated structure that won't kill the industry."
The earliest adopters of the practice were criminals, and their involvement has risen steadily, according to a three-year study by the Foundation for Defense of Democracies, a non-partisan Washington think tank. Next came users like Drake, who said he follows U.S. law by reporting his companies' holdings. Drake said better oversight would help legitimize the industry.
(Score: 2) by bob_super on Wednesday January 31 2018, @10:12PM (1 child)
> stop allowing deficit spending at all. If Congress wants money for a rainy day, they can save it like the rest of us.
The (Keynesian) point of deficit spending is to deal with a crisis situation, because raw capitalism really sucks at preventing major recessions from turning into full-blown depressions.
The problem with deficit spending is that politicians love to give tax cuts as soon as the economy perks up (W, Trump), rather than follow that second part of the theory which calls for paying off your debts before the next rainy day.
Actually saving ? You must be joking ! A rainy day fund is stolen taxpayer money!
(Score: 2) by The Mighty Buzzard on Wednesday January 31 2018, @10:25PM
Right now it would be stolen money, yes. If they had to earn it, it would not be.
My rights don't end where your fear begins.