News & Analysis

Testimonials
  • CUTTING EDGE ANALYSIS

    At a time when growing majorities worldwide are tuning out mainstream news, people are seeking the cutting edge, insightful and thought provoking analysis that The Daily Bell consistently provides.

    Gerald Celente
    Bestselling Author, Founder of the Trends Research Institute

  • PROFOUND AND PROVOCATIVE

    Every day, I rely on the Daily Bell for a different perspective you'll never find in the regular media. It's an analysis and timely insight that is profound and provocative.

    Craig Huey
    Author, Small Business Owner

  • THE DAILY BELL IS A MUST-READ

    Because the world is changing so rapidly, it is difficult to keep up, which means The Daily Bell is a must read. I consider the information critically important reading.

    Dave Morgan
    Author, Editor of Silver-Investor.com

  • RECOMMENDED READING

    For alternative views on contemporary politics, culture and science, from a libertarian point of view, check out The Daily Bell.

    Michael A. Cremo
    Author, Vedic Archeologist

  • COURAGEOUS REPORTING

    There is no other publication in print or on the Internet like The Daily Bell. They have the courage to report the truth and analyze current foreign policy, politics and economic events in the context of a formerly hidden history of financial elites.

    Ron Holland
    Author & Monetary Analyst

  • VERY INFORMATIVE

    I read The Daily Bell every day and I find it very informative.

    Marc Faber
    Dr. Marc Faber, Author, Publisher of The Gloom Boom & Doom Report

  • OUT OF THE DARK

    The Daily Bell leads us out of the dark tunnel of manipulated press into the light of free press.

    John Perkins
    Bestselling Author

  • TRUTH AT WORK

    There are very few publications out there that have the smarts and guts to tell the truth about the dictatorial forces at work destroying our civilization. Thankfully The Daily Bell is one of them, and it appears in the mailbox every day.

    Nelson Hultberg
    Author, Director of Americans for a Free Republic

  • SEPARATES WHEAT FROM CHAFF

    The Daily Bell is a true beacon to lead in helping the reader to separate the wheat from the chaff.

    Dr. Antal Fekete
    Author, Educator and Monetary Scientist

  • GREAT THINKERS YOU CAN'T GET ANYWHERE ELSE

    The Daily Bell has revived that great old institution of the personal interview, extracting information from today's great thinkers you can't get anywhere else. Outstanding!

    Jeffrey Tucker
    Author, Executive Editor of Laissez Faire Books

  • ESSENTIAL READING

    Liberty is under assault by Big Government. The Daily Bell is an essential tool for information for those who want to fight for freedom.

    Steve Forbes
    Chairman and Chief Executive Officer of Forbes Media

  • EXCELLENT ANALYSIS

    The Daily Bell has a great libertarian point of view, and excellent economic analysis. Add it to your daily reading.

    Peter Schiff
    Chairman and Chief Executive Officer, Euro Pacific Capital

  • CONSISTENTLY SOLID

    The Daily Bell features consistently solid analysis of and thoughtful challenges to contemporary statism. I am proud to be on the team.

    Dr. Tibor Machan
    Author and Philosopher

  • GREAT INVESTMENT INFORMATION

    I love reading The Daily Bell! Interesting investment information, a political and social viewpoint that lets me know I'm not alone in the world and "annotated" with analysis. I highly recommend it to all interested readers.

    Rick Rule
    Founder of Global Resource Investments Inc.

  • PART OF MY DAILY NEWS DIET

    I read it every day!

    Jim Rogers
    Bestselling Author, Co-founder of the Quantum Fund

  • AHEAD OF THE CURVE

    The Daily Bell has come out of nowhere to introduce to the Internet community some of the most intriguing and proactive interviews there are out there. Let's hear it for creativity and being ahead of the curve.

    Bill Murphy
    Chairman of Gold Anti-Trust Action Committee

  • SIMPLY TERRIFIC

    The Daily Bell does a remarkable job of exposing how money power uses central banking to crush people into submission via global government with economic and political slavery being the desired end result.

    John Browne
    Former Secretary of the Conservative Defense and Finance Committees, UK Parliament

  • EXCELLENT PERSPECTIVE

    The Daily Bell affords an excellent alternative perspective on some of the noise and nonsense of mainstream media. In particular, I enjoy reading Anthony Wile's 'free-market analysis' on current subjects and articles. Very insightful.

    Frank R. Suess
    Chairman & CEO of BFI Capital Group Inc.

  • REFRESHING

    I enjoy reading The Daily Bell because it often has refreshing and novel ways of looking at things.

    Bill Bonner
    Bestselling Author, Founder of Agora Publishing

  • POWERFUL INSIGHTS

    I consider The Daily Bell essential reading for anyone desirous of understanding the way the world really works.

    Lord William Rees-Mogg
    Author, Former Deputy Editor, Financial Times

  • AWE INSPIRING

    The Daily Bell is one of the most innovative and in-depth websites on the Internet. The breadth of the content is awe inspiring and the amount of knowledge imparted is almost impossible to quantify. For me, as a liberty minded seeker of knowledge, it is a must read.

    Jeff Berwick
    Founder of DollarVigilante.com

  • GREAT JOB, DAILY BELL

    I can say that, unlike the mainstream press, The Daily Bell knows the questions to ask and has the chutzpah to ask them. They realize that socialism and Keynesianism are wrecking the world and they are helping to save what is left of liberty and free markets.

    Richard J. Maybury
    Author, Editor of U.S. & World Early Warning Report

  • INTELLECTUAL JOLT

    Sit down to read from The Daily Bell and experience a jolt of intellectual energy.

    Dr. Nathaniel Branden
    Psychotherapist, Bestselling Author

  • INDISPENSABLE INFORMATION

    The Daily Bell is an indispensable source of news and information for those seeking to curtail the power of the welfare-warfare state.

    Dr. Grant Havers
    Chair, Department of Philosophy, Trinity Western University

  • A VIRTUAL WHO'S WHO

    The good and the bad, the big dogs and the small, the thinkers and the doers among libertarians and on the "Right" – you can encounter them all in The Daily Bell's exclusive weekly interviews. Indispensable.

    Dr. Hans Herman-Hoppe
    Author, Economist and Libertarian Philosopher

  • THOUGHTFUL NEWS, EXCLUSIVE INTERVIEWS

    I always read the Bell. The news items are thoughtfully selected, and the interviews are unavailable elsewhere.

    Doug Casey
    Bestselling Author and Founder of Casey Research Group

  • EXCELLENT RESEARCH

    I really enjoy reading The Daily Bell for the excellent research and content provided on a wide variety of issues vital to the Freedom Movement.

    Dr. Mark Skousen
    Author & Founder of FreedomFest

  • INSIGHT YOU CANNOT IGNORE

    The Daily Bell provides unique insights on contemporary political, economic and social problems that can be found in such a concentrated form nowhere else. Whether one agrees or disagrees with it, one cannot afford to ignore it.

    Dr. Edwin Vieira
    Author and Constitutional Expert

  • NEVER MISS AN ISSUE

    I love the Daily Bell. Every issue is principled and informative.

    Lew Rockwell
    Founder of the Mises Institute

  • INFORMATIVE SOURCE OF INFORMATION

    The Daily Bell is an informative source of information and commentary from leading figures in the liberty movement. It's a pleasure to be interviewed alongside far more notable individuals.

    Alexander McCobin
    Executive Director of Students for Liberty

  • GUTS, OBJECTIVITY, WISDOM

    Rarely does a publication have the guts and objectivity to tell it like it is, yet the eloquence and wisdom to listen carefully to the ‘other side.’ This is The Daily Bell accomplishing its daily mission.

    James Jaeger
    Telly Award-winning Filmmaker

  • READ IT EVERY DAY

    A defender of free markets, The Daily Bell takes a libertarian approach to expose and unravel global misinformation. Read The Daily Bell – every day!

    Charles Payne
    FOX Business Analyst

  • A MUST-READ FOR EVERYONE

    The Daily Bell is a must-read for anyone who wants to understand the effects of the state on our economic future.

    Dr. Thomas DiLorenzo
    Professor of Economics, Loyola University Maryland

  • MESSAGES OF TRUTH

    The Daily Bell website is one of the authentic voices cutting through the clouds of vapid opinion, the morass of mediocre media and the confusion of Orwellian doublespeak. The Bell website lives up to its name, ringing unheard messages of truth in our ears.

    Jeffrey Armstrong
    Award-winning Author, Vedic Philosopher

  • SOURCES YOU CAN TRUST

    The Daily Bell should be on everyone's shortlist of news sources you can trust. It's on mine, and we often refer to it in our own weekly news service at The Reality Zone.

    G. Edward Griffin
    Author, Founder of Freedom Force International

  • PREMIER FREE-MARKET ANALYSIS

    The Daily Bell rings out for liberty every day. It is the premier online source for insightful and hard-hitting free-market analysis and interpretation of economic, political and business events.

    Dr. Richard Ebeling
    Author, Professor of Economics at Northwood University

  • FANTASTIC SOURCE

    The Daily Bell is a fantastic source of challenging thought from a wide range of freedom loving people.

    Dr. Joel Wade
    Author, Psychotherapist and Life Coach

  • VOICE OF REASON

    I have thoroughly enjoyed the analysis and interviews at The Daily Bell, which has so often been a voice of reason during these perilous times

    Dr. Thomas Woods Jr.
    NY Times Bestselling Author & Senior Fellow, Mises Institute

  • INDEPENDENT

    Get outside the box with The Daily Bell and experience independent views.

    Paul Craig Roberts
    Author, Former Assistant Secretary of the Treasury in the Reagan Administration

  • A LEADING LIGHT

    The future is created by the people who build it, not the people who predict it will not exist. You can meet lots of important builders by reading The Daily Bell.

    Catherine Austin Fitts
    Former Assistant Secretary of Housing and Federal Housing Commissioner

 

Subscribe now to start your FREE email subscription to:

The Daily Bell Newswire

By subscribing, I confirm that I have read the privacy policy and the terms of use policy in its entirety and I understand and accept these terms.

 

 
Disastrous Financial Transaction Tax Gains Traction

5 Reasons the World Is Catching on to the Financial Transaction Tax ... It has been more than 70 years since John Maynard Keynes wrote about the value of a financial transaction tax in "mitigating the predominance of speculation over enterprise in the United States." A financial transaction tax works by levying a miniscule fee on the estimated $2.9 trillion of daily financial activity through the trading of stocks, bonds, and derivatives in U.S. financial markets, based on our analysis. The tax makes some of the most speculative unproductive trading unprofitable, thus steadying markets and promoting real investment while raising much-needed revenues. Though many countries around the world already have a financial transaction tax in place, the United States does not yet levy such a fee on trading. – American Progress

Dominant Social Theme: Wall Street parasites are simply a blight; taxing them is good.

Free-Market Analysis: Like a bad penny, the "financial transaction tax" keeps turning up and if this article is accurate, the tax is gaining momentum around the world and will eventually penetrate the United States as well.

And that would be too bad. Wall Street is basically a creation of central banking – the Federal Reserve, in this case. Without monetary stimulation, Wall Street would not be what it is today. And thus the entire emphasis of this financial tax is likely incorrect.

Instead of removing the facilities of modern monopoly monetary stimulation, those behind the financial transaction obviously want to capitalize on it. Buy it's a bit like the government and smoking. Government bureaucrats don't REALLY want to get rid of smoking because it is a cash cow. So they only pretend to dislike the practice while expanding taxes and tariffs whenever they can.

The financial transaction tax, perversely, will put governments around the world into a similar posture. Bureaucrats will denounce "wasteful financial speculation" while working behind the scenes to facilitate it. A financial transaction tax will make changing the system in any meaningful way even more difficult – which is no doubt what its supporters really want. Here's more from the article:

While the idea of a modest financial transaction tax—or FTT, as it is often known—has been around for a long me, with budget balances and economic growth strained in the aftermath of the Great Recession policymakers around the world are taking a new look at the tax. Below are five reasons why the world is catching on to the financial transaction tax as a smart policy tool.

A financial transaction tax would bring in much-needed revenue The U.S. government is currently operating at its lowest level of revenues in more than 60 years. A 2010 report from the International Monetary Fund identifies the financial sector of the economy—particularly in the United States—as substantially undertaxed ...

Business and civic leaders support a financial transaction tax The idea of a financial transaction tax isn't new, but the chorus singing its praises is growing every day—from leading economists such as Nobel Prize winners Joseph Stiglitz and Paul Krugman to entrepreneurs such as Bill Gates and Marc Cuban, to financial leaders the likes of John Bogle, founder of the mutual-fund giant Vanguard Group. The financial transaction tax also has the support of unions for nurses and other health care professionals and service-sector workers ...

A financial transaction tax helps stabilize volatile financial markets An astounding share of transactions on financial markets today consists of high-frequency trades made on the millisecond by computers programmed with sophisticated algorithms. The computers make large-volume trades based on tiny changes in prices—fractions of a penny—and, in so doing, reap tremendous trading profits. While economic theory might suggest that this would lead to slightly more efficient financial markets, the Bank of England's Andrew Haldane has shown that "high-frequency trading appears to have amplified" the markets' erratic undulations ...

A financial transaction tax incentivizes investment for real growth The financial transaction tax by design increases transaction costs of financial trading, thereby encouraging investors to hold financial assets in their investment portfolios for longer periods ...

Many countries already have a financial transaction tax The standard stalling tactic for bringing a financial transaction tax to the United States is saying that we should wait until other countries do it first. But financial transaction taxes already operate in at least 23 countries around the world—including in international financial centers such as the United Kingdom, Switzerland, Hong Kong, and Japan—and that number is about to grow ...

Okay, let's comment on some of the highlights. First of all, the US government in particular doesn't need more revenue. Various US governmental entities already spend some US$3-4 trillion a year. This particular Leviathan should shrink rather than grow.

We don't see, either, how a financial transaction tax will stabilize volatile markets in a meaningful way. The problem with modern financial markets is that they are stimulated by a central banking boom/bust cycle. The best way to deal with the havoc caused by modern financial markets is to diminish irresponsible monopoly fiat money printing. As we've pointed out above, the financial transaction tax will actually – perversely – encourage and expand the current destructive system by giving governments more "skin in the game."

The article makes the argument as well that since because many other countries have adopted a financial transaction tax, the US should, too. But the US financial markets are the largest in the world and thus what is detrimental elsewhere shall be disastrous in the US. Foolish policies are not ameliorated by expanding them.

The biggest misunderstanding held by proponents of a financial transaction tax is that such a tax will somehow diminish Wall Street while supporting Main Street. In fact, this is a kind of middle-man prejudice. There is nothing wrong with speculation – theoretically, anyway: It has its place.

And as we often point out, because of fiat-money stimulation modern Main Street is just as distorted and unproductive as Wall Street itself. Promoting industrial distortions at the expense of speculative distortions doesn't improve the underlying economic situation a bit.

Bottom line: A financial transaction tax, like most government policies, will actually do the opposite of what it is meant to do. It will further solidify linkages between bureaucracy and modern central banking while providing Leviathan even more sources of revenue for additional forays into destructive regulation and enforcement thereof.

Once major Western countries adopt a financial transaction tax in force, the second part of this exercise will doubtless come into play – which is attempting to divert some of the funding stream to the United Nations.

Conclusion

World government will come another step closer with the increased penetration of this tax. It is being sold to people as a progressive measure that will damp bad business practices. But the solution in this case is more destructive to civil society than the problem.

Rate this article:

Total Ratings: 0 - Average Rating: 0.0

Books by Anthony Wile
Financial
Freedom

The High Alert Way to Discover Winning and Profitable Investment Ideas

Free Download   Order Now

The Best of
Anthony Wile

Select Editorials & Exclusive Interviews As featured at TheDailyBell.com

Free Download   Order Now

High
Alert

How the Internet Reformation is causing a financial hurricane - and how to profit from it

Free Download   Order Now

The Liberation
of Flockhead

A modest, monetary fable

Free Download   Order Now

Who We Are

The Daily Bell is published by a dedicated team of experienced researchers and writers who utilize Anthony Wile’s VESTS model to analyze sociopolitical, economic and financial information from a free-market perspective, debunking mainstream media memes and providing insights and analysis derived from business cycle analysis that yield timely insights into profitable investment trends.

 
Sign Up for our FREE Newsletter

Subscribe now to start your FREE email subscription to
The Daily Bell Newswire.