Columbia University Economist Joseph Stiglitz says that the United States should phase out currency and move towards a digital economy. All of these people advocating such policies are ignorant of the real world and advocate total government control. Stiglitz told the World Economic Forum that their are “benefits that outweigh the cost.” He hailed India for eliminating 86% of all currency. This is the only way they see to force socialism down everyone’s throats. Instead of looking at why the system is failing, they want more power to create absolute control like a communist state.

While the communist model was that government owned everything, the new model allows private ownership, but they will simply seize whatever they desire. We retain title, but they retain the right to say how much can you keep.

Of course, the left is focusing on how much the “rich” pay while ignoring the entire issue of taxes. When I debated Steve Forbes and Governor James Florio at Princeton University, it was the Democrat Florio who I turned. I simply said that the tax code borrowed from the poor and middle class, handed them refund checks at the end of the year, and was borrowing from them without paying any interest. I then added that Social Security was just a tax that denied the average person the RIGHT to prepare for their future by investing that money, yet they argue that the stock market rises and ONLY the rich get richer. The left are brilliant conman because they always point at how the rich don’t pay enough, but they NEVER look closely what government does to them.

Already, all we hear is how Trump is trying to lower taxes for himself and friends. The stupidity of those who even say this is beyond belief. They are so brainwashed that you have to wonder if they are capable of independent thoughts. Trump’s tax plan involves collapsing the current seven-tier bracket system into just three brackets. The lower bracket, those who make less than $75,000, would pay only 12%. The next tier would be those who earn $75,000-$225,000, who would then pay 25%. Those in the third-tier are workers with incomes of more than $225,000 who would pay 33%. This boils down to expanding the net disposable income for taxpayers making between $48,000 and $88,000 annually, as they would save between $1,174 and $7,052, according to the Tax Foundation.

The top rate proposed by the new administration (33%) is substantially lower than the maximum rate under President Obama (43.8%). Furthermore, a standard deduction of $12,000 means, on average, the middle class will get an additional $12k worth of tax-exempt income. Economic growth comes from CONSUMER spending. Increase the net disposable income and that will jump-start the economy. Of course, the Democrats will oppose this because they never saw a dollar they did not want to get their hands on. They tend to forget their history; the FIRST tax cut after World War II was implemented by John F. Kennedy.

“It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now … Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”

– John F. Kennedy, Nov. 20, 1962, president’s news conference

“Lower rates of taxation will stimulate economic activity and so raise the levels of personal and corporate income as to yield within a few years an increased – not a reduced – flow of revenues to the federal government.”

– John F. Kennedy, Jan. 17, 1963, annual budget message to the Congress, fiscal year 1964

“In today’s economy, fiscal prudence and responsibility call for tax reduction even if it temporarily enlarges the federal deficit – why reducing taxes is the best way open to us to increase revenues.”

– John F. Kennedy, Jan. 21, 1963, annual message to the Congress: “The Economic Report Of The President”

For the first time, the head of the European Central Bank, Mario Draghi, has conceded the possibility that the EU may fall apart. Draghi came out and said that any member leaving the Eurozone would need to settle its claims or debts with the bloc’s payments system before severing ties. This statement reveals the heated discussion at Davos and the rift that is beginning to spread. This statement, released on Friday, was made in a letter to two Italian lawmakers in the European Parliament.

Sentiment in Italy is turning very anti-euro and this view is beginning to emerge in other Eurozone states. While they are blaming Britain, the real issue is the insane management of austerity and negative interest rates. This has created a massive depression in Europe and the unending Quantitative Easing has destroyed the European bond market. Whenever the ECB has to give up, interest rates will soar, for private buyers will not be willing to risk it all when the EU is clearly doomed.

Based on data to end-November, Draghi is saying that Italy would have to pay €358.6 billion euro to leave — an exit tax. What Draghi fails to comprehend is that such demands will not keep the Eurozone together, and are more likely to cause it to disintegrate and just default on the ECB. Up until now, the very threat of defaults on cross-border debts has tended to keep the Eurozone together throughout the financial crisis. But pushing this too far will lead to default.

Southern Europe, which are the weaker economies including Italy, Spain, and Greece, have accumulated huge liabilities to keep the euro afloat while Germany stands out as the biggest creditor with net claims of €754.1 billion euros. This alone may set off the massive capital flight to the dollar. We are looking at the complete collapse of the Quantitative Easing carried out by the ECB since 2008 without any success. This will cause Trump problems with trade and currency, which he is not likely to understand.