Yanis Varoufakis Dismisses Javier Milei's Libertarian Image
Greece's former finance minister, Yanis Varoufakis, has cautioned against viewing Argentina's president-elect, Javier Milei, as an anarcho-capitalist. Varoufakis, who is now an economics professor, compared Milei to Argentina's former military ruler, Jorge Rafael Videla, albeit dressed in libertarian clothing.
Varoufakis expressed his concerns following reports that Milei intends to fulfill his promise of abolishing the country's central bank. Milei has also pledged to privatize the state energy company YPF and sell off all public broadcast networks.
Milei's Unconventional Solutions Garner Attention
Milei's unconventional approaches to addressing Argentina's issues have attracted the interest of bitcoiners and crypto enthusiasts worldwide. His positive remarks about crypto assets have particularly endeared him to the bitcoin community.
However, Varoufakis took to X (formerly Twitter) to reject the notion that Milei is a true anarcho-capitalist. Instead, he identified the American philosopher and author Robert Nozick as the real representative of this political philosophy.
Anarcho-capitalism advocates for the replacement of centralized states with stateless societies that enforce private property through private agencies. This anti-statist, libertarian political philosophy is supported by individuals who believe in decentralized governance.
Milei's Plan to Combat Inflation through Dollarization
Milei's proposal to dollarize the Argentine economy as a means of curbing inflation has garnered support from experts such as economics professor Steve Hanke from Johns Hopkins University.
However, Varoufakis expressed skepticism about this approach, likening it to "nuking a country to get rid of Covid-19." He emphasized the need for solidarity with the Argentinian people, who may potentially face the consequences of this decision.
What are your thoughts on this story? Share your opinions in the comments section below.
Frequently Asked Questions
How much of your portfolio should you hold in precious metals
Protect yourself against inflation by investing in physical gold. Because precious metals are a long-term investment, you can not only buy in to the current value but also the future potential of these assets. Your investment will increase in value as the prices rise.
Tax benefits will accrue if your investments are kept for at most five years. If you decide to sell your investments after that period, you will be subject to capital gains tax. If you want to learn more about how to buy gold coins, visit our website.
Can I keep my gold IRA at work?
An online brokerage account will allow you to invest in the most secure way possible. You can access all of the same investment options that you would have if you worked with a traditional broker but don't need to be licensed or qualified. You don't have to pay any fees for investing.
In addition, many online brokers offer free tools to help you manage your portfolio. Many online brokers allow you to download charts that will show how your investments are performing.
How to open a Precious Metal IRA
You can open an IRA in precious metals by opening a Roth Individual Retirement Account (IRA), which you can self-direct.
This account is better compared to other types because you don’t need to pay any taxes until you withdraw the investments.
People who are looking to save money and still need a tax break will find it attractive.
There are many other options than investing in gold and silver. You can invest anywhere you wish, as long as it is within the IRS guidelines.
Although most people think of gold and silver when they hear the term “precious metal,” there are many kinds of precious metals.
Some examples include palladium, platinum, rhodium, osmium, iridium, and ruthenium.
You have many options to invest in precious metals. Two of the most popular ways to invest in precious metals are buying bullion coin and bar coins, and also purchasing shares in mining corporations.
Bullion Coins or Bars
The easiest way to invest in precious materials is to buy bullion coins or bars. Bullion is a generic term that refers only to physical ounces in gold or silver.
Bullion bars and bullion coin are real pieces of metal.
While you might not feel any change when you buy bullion coin bars or coins from a retailer, you will experience some benefits over time.
You'll be able to see a piece tangible of history. Each coin and bar is unique.
It is often worth less than its nominal price if you examine the face value. The American Eagle Silver Coin cost $1.00 an ounce in 1986 when it was first introduced. The price of an American Eagle is now closer to $40.00 a ounce.
Since the value of bullion has increased dramatically since its introduction, many investors prefer buying bullion coins and bullion bars rather than futures contracts.
If you are looking to invest in precious metals, there is another option: investing in mining shares. You invest in the company's ability produce gold and silver when you buy shares of mining companies.
You will get dividends based off the company's profits in return. These dividends are then used to pay shareholders.
In addition, you will benefit from the growth potential of the company. As the demand for the product grows, the company's share price should increase.
You should diversify because these stocks have a tendency to fluctuate in their prices. This is how you spread your risk across different companies.
However, mining companies are not immune to financial loss just like any stock-market investment.
If gold prices plummet significantly, ownership of your shares could be worthless.
The Bottom Line
Precious metals such silver and gold provide an economic refuge from uncertainty.
But, silver and gold can be subject to price swings. You might be interested in long-term investments in precious metals. Consider opening a precious metals IRA with a reputable company.
You can enjoy tax benefits while still owning tangible assets.
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Silver must be 99.9% pure • (forbes.com)
How to decide if a Gold IRA is right for you
Individual Retirement account (IRA), is the most widely used type of retirement plan. IRAs are available through employers, banks, mutual funds, and financial planners. Individuals are allowed to contribute up to $5,000 each year to IRAs without having to pay tax consequences. You can contribute this amount to any IRA regardless of your age. You can only put a certain amount into an IRA, but there are restrictions. You cannot contribute to a Roth IRA if you are under 59 1/2 years of age. If you're under 50, you must wait until you reach age 70 1/2 before making contributions. Some employees may be eligible to match contributions from their employer.
There are two types of IRAs available: Roth and traditional. Traditional IRAs allow you to invest in stocks, bonds and other investments. A Roth IRA allows you to only invest in after-tax dollars. Roth IRA contributions aren't subject to tax on the amount they are received, but Roth IRA withdrawals will be. Some people choose to use a combination of these two accounts. Each type is different. There are pros and con's to each. What should you look at before deciding which type is best for you? Three things to bear in mind before you decide which type of IRA is best for you:
Traditional IRA Pros
- The company can choose from different contribution options
- Employer match possible
- You can save up to $5,000 per person
- Tax-deferred growth up to withdrawal
- You may have income restrictions
- The maximum contribution limit is $5,500 per year ($6,500 if married and filing jointly)
- Minimum investment: $1,000
- After you turn 70 1/2, you can begin receiving mandatory distributions
- To open an IRA, you must be at least 5 years old
- Cannot transfer assets from IRAs
Roth IRA pros:
- Contributions do not attract taxes
- Earnings grow tax-free
- No minimum distribution required
- There are only a few investment options available: stocks, bonds and mutual funds.
- There is no maximum contribution limit
- There are no restrictions on the transfer of assets between IRAs
- An IRA can only be opened by those 55 and older
If you are thinking about opening an IRA, it is important to be aware that not all companies offer exactly the same IRAs. For example, you might be able to choose between a Roth IRA (or a traditional one) from some companies. Some will let you combine them. It's also worth noting that different types of IRAs have different requirements. A Roth IRA does not have a minimum investment requirement. Traditional IRAs require a minimum of $1,000.
The Bottom Line
It is important to decide whether you want taxes now or later when you choose an IRA. If you're planning to retire in the next ten-years, a traditional IRA may be the best option. A Roth IRA may be a better choice for you. It doesn't matter what, it is a good idea consult a professional to discuss your retirement plans. It's important to have someone who is knowledgeable about the market and can suggest the best options for you.
By: Terence Zimwara
Title: Former Greece Finance Minister Warns Argentina's President-Elect is “No Anarcho-Capitalist”
Sourced From: news.bitcoin.com/argentinas-president-elect-javier-milei-no-anarcho-capitalist-says-former-greek-finance-minister/
Published Date: Wed, 22 Nov 2023 06:30:42 +0000