When the US does this we will have to amend our currency to read this note is legal tender for all debts, public and private – unless we decide they are too expensive.
Australia’s Liberal Party government has announced that it will soon be illegal to purchase anything over $10,000 AU ($7,500 US) with cash. The government says it’s, “encouraging the transition to a digital society,” and cracking down on tax evasion.
Source: Australia Bans Cash For All Purchases Over $7,500 Starting July of 2019
Republicans in Washington have often embraced the idea of fiscal responsibility, and sought to cast themselves as the party of choice for anyone who cares about sound budgeting. This was particularly true during the Obama era, which saw dramatic increases in debt and deficits.
Source: Republicans Have Finally Been Revealed As the Party of Fiscal Ruin
On Tuesday, the Senate Judiciary and Commerce, Science, and Transportation committees grilled Facebook CEO Mark Zuckerberg about the company’s insufficient efforts to protect users’ personal data. In doing so, many of the senators betrayed a general lack of knowledge about how Facebook operates.
Source: A Bunch of Senators Just Showed They Have No Idea How Facebook Works. They Want to Regulate It Anyway.
So Huawei is both flourishing and perishing, depending on the geography you look at. The Chinese company is both the darling of major pan-European carrier networks like Telefónica, Deutsche Telekom, and Vodafone — and the untouchable pariah for US operators wary of its potential links to international espionage. There’s an obvious dissonance between these two positions, and I find it notable that Germany and the UK both rely heavily on Huawei for networking equipment. The first is a country famous for being extremely scrupulous about consumer privacy and data security, and the second is America’s closest political ally. At this point, it feels like US spy agencies have to either put up concrete allegations and evidence of wrongdoing on Huawei’s part, if there is any, or allow the company to carry on its business. The burden of proof is on the accusers.
Ultimately, it all boils down to this: Huawei never did much business in the US, and so losing out on the market opportunity is costly but not a total disaster; the US, on the other hand, has landed in an uncomfortable duopoly situation that strangles consumer choice. The US phone market needs a respectable third player more than Huawei needs the US market.
Source: Huawei’s P20 Pro is a hugely promising phone that will upset Americans
Someday, elderly Americans will reminisce about the days when the federal budget was in surplus, and their grandchildren will laugh in disbelief. “Sure—and you walked 5 miles in the snow to school, uphill both ways,” they will reply.
Source: The Spending Bill Brings Us Closer to National Bankruptcy
Commentators as varied as George Will and the New York Times editorial page have expressed great alarm about President Trump’s appointment of John Bolton as his new national security adviser. The reasons are understandable: they fear that the almost cartoonishly hawkish Bolton might influence an already bellicose and impulsive Trump into starting an ill-advised war against Iran, North Korea, or elsewhere.
Source: If Congress Reclaims its War Powers, there Would be Little Reason to Worry about John Bolton
House Republicans passed a budget resolution yesterday, taking an early first step towards overhauling the nation’s tax code. But the larger effort is already starting to look like it is in trouble. A group of senior Republicans released a reform framework last week, but left out many key details that will have to be included in any plan.
Source: Republicans Want to Cut Taxes, But Not the Size of Government