Yanis Varoufakis Dismisses Javier Milei's Plan to Fight Inflation
Yanis Varoufakis, former finance minister of Greece and an anti-capitalist, has expressed concerns about Argentina's president-elect, Javier Milei, stating that he is "no anarcho-capitalist," contrary to what many libertarians believe. Varoufakis, who is now an economics professor, likened Milei to Jorge Rafael Videla, Argentina's military ruler from 1976 to 1981, but in libertarian clothing.
Varoufakis made these remarks following reports that Milei plans to abolish Argentina's central bank, as well as privatize the state energy company YPF and dispose of public broadcast networks. While Milei's unorthodox solutions have garnered attention from the cryptocurrency community, Varoufakis rejected the idea that Milei is an anarcho-capitalist, instead identifying American philosopher Robert Nozick as the true representative of this ideology.
Milei's Proposal for Dollarization and Varoufakis' Criticism
Milei's proposal to dollarize Argentina's economy in order to combat inflation has received support from experts like Steve Hanke, an economics professor at Johns Hopkins University. However, Varoufakis compared the idea to "nuking a country to get rid of Covid-19," expressing solidarity with the Argentinian people in the face of the challenges they may encounter.
It remains to be seen how Milei will approach these economic issues and whether his policies will have the desired impact on Argentina's economy. As the country prepares for a new chapter under its president-elect, the world watches with interest.
What are your thoughts on this story? Share your opinions in the comments below.
Frequently Asked Questions
Which precious metal is best to invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Although gold has been considered a safe investment, it is not always the most lucrative. For example, if you need a quick profit, gold may not be for you. Silver is a better investment if you have patience and the time to do it.
If you don’t want to be rich fast, gold might be the right choice. Silver might be a better investment option if steady returns are desired over a long period of time.
Who holds the gold in a gold IRA?
The IRS considers any individual who holds gold “a form of income” that is subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
A financial planner or accountant should be consulted to discuss your options.
What does a gold IRA look like?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
Physical gold bullion coin can be purchased at any time. To start investing in gold, it doesn't matter if you are retired.
You can keep gold in an IRA forever. When you die, your gold assets won't be subjected to taxes.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. You don't need to include your gold in your final estate report, as it isn't part of the estate.
First, an individual retirement account will be set up to allow you to open a golden IRA. After you do this, you will be granted an IRA custodian. This company acts as an intermediary between you and IRS.
Your gold IRA custody will take care of the paperwork and send the forms to IRS. This includes filing annual reports.
After you have established your gold IRA you will be able purchase gold bullion coin. The minimum deposit is $1,000. If you make more, however, you will get a higher interest rate.
You will pay taxes when you withdraw your gold from your IRA. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are some exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
It is best to not take out more than 50% annually of your total IRA assets. A violation of this rule can lead to severe financial consequences.
How much are gold IRA fees?
An Individual Retirement Account (IRA) fee is $6 per month. This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.
To diversify your portfolio you might need to pay additional charges. The type of IRA you choose will determine the fees. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Many providers also charge annual management fees. These fees range between 0% and 1 percent. The average rate is.25% per year. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
How Much of Your IRA Should Be Made Up Of Precious Metals
It is important to remember that precious metals can be a good investment for anyone. They don't require you to be wealthy to invest in them. There are many ways to make money on silver and gold investments without spending too much.
You might also be interested in buying physical coins, such bullion rounds or bars. It is possible to also purchase shares in companies that make precious metals. Your retirement plan provider may offer an IRA rollingover program.
Regardless of your choice, you'll still benefit from owning precious metals. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
Their prices are more volatile than traditional investments. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
irs.gov
bbb.org
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
finance.yahoo.com
How To
A growing trend: Gold IRAs
Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.
The gold IRA allows investors to purchase physical gold bars and bullion. It is tax-free and can be used by investors who aren't concerned about stocks and bond.
Investors can manage their assets with a gold IRA without worrying about market volatility. They can also use the gold IRA as a protection against potential problems like inflation.
Investors also have the benefit of physical gold, which has unique properties such durability, portability and divisibility.
Additionally, the gold IRA has many benefits. It allows you to quickly transfer your gold ownership to your heirs. The IRS doesn't consider gold a commodity or currency.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
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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
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