Only 21 Million Bitcoins Can Be Created Fact
There are only 21 million Bitcoins that can be created. That total was defined in the original code and can’t be changed. In other words, Bitcoin has a fixed supply.
Money
Money is any item or record accepted as payment for goods, services, or debt. This includes physical fiat currency, digital currency, and mediums of exchange.
Factoids tagged with "Money"
The Long Term Capital Gains Tax is Lower Than the Short Term Capital Gains Tax Fact
The long term capital gains tax is lower than other federal income taxes, including the capital gains tax and the income tax.
Liberalism, Christianity, Capitalism, Banking, Socialism, and More all have Jewish Origins Fact
Lord Byron said something like, “the Jewish people gave mankind their first major religion, Christianity, and their second, Capitalism.” That isn’t too far off from the truth (as Milton Friedman also noted).
Wage Slavery and Chattel Slavery are Different Fact
Wage slavery (where an entity’s livelihood depends on wages or a salary) and actual “chattel” slavery (where an entity is enslaved by another entity) are very different.
Increasing the Minimum Wage Stimulates the Economy Fact
Generally speaking, a modest increase to the minimum wage will increase household spending and thus stimulate the economy. However, this can be offset by job loss or hour reduction, inflation, and other factors.
Slots Account for More Revenue than all other Casino Games Combined Fact
According to 2016 data, slot machines account for more revenue than all other casino games combined, and penny slots account for more revenue than any other casino game.
The Estate Tax Is Fair Fact
The federal estate tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs is a fair tax that helps prevent a wealth gap over time.
The Dutch Traded Manhattan for Nutmeg Fact
At the height of the spice trade, the Dutch traded Manhattan to the English for the Nutmeg-rich Run Island via the 1674 Treaty of Westminster.
About Half of Americans Own Stocks Fact
According to a 2016 Gallup poll about half of American adults own stocks and about half don’t. This is down since 2007 when around 65% of American adults owned stocks.
Nonprofits Can’t Make a Profit Myth
It is a myth that nonprofits don’t or can’t make a profit. Not-for-profit businesses can make a profit; they just can’t distribute their profits to individuals beyond paying reasonable compensation.
There is a Gender Pay Gap Fact
The gender pay gap is real, and so is the gender earnings gap. Even after all reasonable differences are factored out, an unexplained pay gap between men and women exists across the board.
Charging Interest Used to be Viewed a Sin Fact
Usury (charging interest in moneylending, especially at high rates) used to be viewed as a sin by many religions and was banned by many cultures.
Work Creates Private Property and Economic Value Fact
As John Locke and Adam Smith elude, physical work creates private property and gives possessions exchange-value (value in a trade).
About Half of American Families Pay Little to No Income Tax Fact
About half of American families pay little to no federal income tax after tax credits and deductions. Payroll taxes, excise taxes, and sales taxes hit the average American family the hardest.
Sparta Was a Socialist State Fact
Sparta can be described as a constitutional nationalist socialist state with an oligarchical republican government where societal roles were based on hereditary class.
Stability Breeds Instability Fact
Stability isn’t necessarily destabilizing, but as Hyman Minsky’s Financial Instability Hypothesis eludes: longterm stability breeds instability and diminishes resilience in economic markets, mainly due to psychological factors.
Fibonacci Introduced the Modern Numeral System to Europe Fact
Leonardo Fibonacci introduced the modern decimal numeral system (the Hindu–Arabic numeral system) to Europe in 1202. Before this Roman numerals were used.
The Word “Bank” Comes From the Italian Word For Bench Fact
The word bank is commonly thought to come from the Italian word for Bench “banco”, as the first banks were benches in Italian trading centers.
Liberty and Equality are Mutually Dependent Fact
We present an essay on the purpose of the laws and government to better understand how liberty, rights, equality, and justice are inseparable in nature and in civil society.
Communism and Fascism are Different Fact
Both Communism and Fascism can be similar in practice in their authoritative forms, but the two are very different ideologically.
The First Public Stocks Were Issued to Reduce Risks Related to Pirates Fact
The rise of piracy and the birth of the public stock market roughly intersect, this is because the first public stocks were essentially a type of insurance against pirates.
The Dutch East India Company Was the First Publicly Traded Company Fact
In 1602, the Dutch East India Company (VOC) became the first publicly traded company when it sold shares on its own Amsterdam Stock Exchange (the first stock market).
There are Different Types of Value and Capital Fact
There are different types of capital, value, commodities, and markets including natural, human, social, manufactured, and financial.
The Issue is Always the Government or the Market Fact
For a given market, the choice always boils down to state intervention vs. the free-market, there is no third option (unless you count mixed-markets).
The Robber Barons Gave Most of Their Fortunes to Charity Fact
Andrew Carnegie, John D. Rockefeller, and other Barons of Industry freely gave away most of their fortunes to charitable and philanthropic causes.
Probability Theory Was Invented to Solve a Gambling Problem Fact
Blaise Pascal and Pierre de Fermat invented probability theory in 1654 to solve a gambling problem related to expected outcomes.
Alexander Hamilton Founded the Federalist Party Fact
Alexander Hamilton founded the Federalist Party, the world’s first voter-based political party, which helped shape America’s economic policy and power structure.
Sir Isaac Newton Was an Economist Fact
Sir Isaac Newton is best known for his laws of motion and gravity, but he was also an economist of sorts serving as Britain’s Warden/Master of the Mint (from 1696 until his death in 1727).
America Has a Capitalist Economic System Fact
America’s economic system meets the definition of capitalism, but not pure free market capitalism. America has a mixed-market economy.
A Progressive Tax is More Fair Than a Flat Tax Fact
A progressive tax (those who make more pay more) is generally “more fair” than a flat tax (everyone pays the same rate).
Adam Smith is the Father of Modern Economics Fact
Adam Smith can be considered the father of modern economics due to his influential works which explore the mechanics of morality, markets, and capitalism in an industrialized society.
People With More Money Save More Fact
On average, those with more money save more, in both the short-term and long-term, while those with less money spend more and extend themselves on credit.
The Average Person Can Make a Living off of Blackjack Myth
Very few can make a living off of blackjack. To win in the long run you must count cards, watch tables, risk big money, and employ questionable betting strategies.
The More You Do Something, the More You Value it Fact
The more time and energy you put into something, the more you value it. This Escalation of Commitment phenomenon (or commitment bias) relates to a number of other decision making biases.
State Universities Began Charging Tuition in the 60’s Fact
A series of social and legislative changes in the 60’s ended an era of tuition-free state universities in the US and started the current student loan crisis.
There was a Wu-Tang Clan Album that Cost Millions of Dollars Fact
Wu-Tang Clan produced an original album called Once Upon a Time in Shaolin that sold for $2 million to Martin Shkreli in 2015.
Money Can Buy Happiness Fact
Money can buy happiness in some ways, and cause unhappiness in others, studies have shown that different types of wealth and income affect happiness and unhappiness in a variety of ways.
Thoughts Can Create Reality Myth
Our thoughts can shape our inner reality and outward perceptions of things (neuroplasticity), but to affect or create a reality outside ourselves, we must interact with the world and communicate our thoughts.
Bitcoin is an Actual Coin Myth
Bitcoin isn’t a literal coin; it’s a list of transactions recorded on a shared digital public ledger called a “block chain”.
U.S. Universities Have Always Charged Tuition Myth
US public state universities used to be tuition-free from the early 1800’s to the late 1960’s, although they still charged fees, but college has never been free in the US.
U.S. Spends More on Military Than Any Country Fact
The US spends far more on its military than any other country (but not when compared to GDP). In 2015 America spent about $600 billion on U.S. defense spending.
Married Women Couldn’t Own Money in the 1800s Fact
Before the Married Women’s Property Acts of the 1800s, a married woman’s money (and sometimes property) was automatically the property of her husband.
Blog Posts tagged with "Money"
Why Oil Prices Went Negative
Oil prices went negative on April 20th, 2020. This essentially translated to oil producers paying buyers to take oil. This was the result of a lack of demand for oil causing a lack of storage / a fear of a lack of storage.
The Basics of Options Trading
Options contracts represent the right to buy or sell an underlying asset, before an expiration date, once certain price conditions are met.
Capitalism Works Because Capital is a Built-in Incentive
In my opinion, capitalism works because it is based on the built-in incentive of capital. In capitalism, capital itself is an ever-present motivator.
Forget Savings Accounts, You Can Get a Better Return With Funds
Anyone keeping money in a savings account should consider putting that money in a money market mutual fund, short term bond fund term, or other fund designed to be liquid and price stable.
Did “Nothing” Just Pop the “Everything Bubble?”
Did “nothing” in particular just pop the “everything bubble?” I explore that idea and explain what I mean by it.
How and Why Does the Fed Raise Rates, and What Does it Mean?
The Federal Reserve (Fed) has the power to adjust the interest rates that banks charge each other. This impacts rates charged to consumers and businesses. The Fed adjusts rates as a tool to ensure economic stability in the US.
Are We in the Middle Of An Everything Bubble?
Some claim we are in the middle of an “everything bubble” (an economic bubble, not of an asset, but of everything). We examine this claim and offer opinions.
Is Bitcoin in a Bubble?
Bitcoin and other cryptocurrencies look like they are in a bubble here in 2017, in terms of historic bubbles, but no one can predict the future.
How the Tension Between City Interests and Rural Interests Affects Politics
The tension between city interests and rural interests is at the heart of much political polarization, and in America it begs “the Southern Question”.
The Purpose of the Social Safety Net
The Social Safety net is a collection of welfare services meant to help people bounce up when they hit bottom, it is not meant as a net to trap the poor under.
Re-Defining Social Capitalism
Social Capitalism can be defined as a socially minded form of capitalism, where the goal is doing social good, rather than just the accumulation of capital.
Understanding Marx and Marxian Class Theory
We present a simple guide to Marx, Marxian class theory, Marx’s theory of history, and Marx’s economic theories to help westerners understand what Marx was all about.
The Progressive Federal Income Tax System Explained
In America we have a Progressive Federal Income Tax system broken down into “tax brackets”. Tax Filers pay the “marginal tax rate” on each dollar of income in a given bracket (after most deductions, but before tax credits).
Neoliberal Globalization and Nativist Protectionism Explained
We explain neoliberalism, globalization, nativism, and protectionism and the pros and cons of “neoliberal globalization” and “nativist protectionism.”
How Currency Gets into Circulation and What Happens to it
Below we explain how currency gets into circulation via the Treasury, Federal Reserve, and banks, and the role Congress, banks, businesses, and you play in the process.
The Birth of Modern Banking
Modern banking originated in Italy around 1150 as Jews fleeing persecution brought new practices, including “discounting”, to the merchant banks of the Italian piazzas.
The 2007 – 2009 Financial Crisis Explained
We explain the Financial Crisis / Great Recession of 2007 – 2009 that began with the 2006 housing bubble, led to a recession in the U.S. by December 2007, and became a global crisis by 2009.
Andrew Carnegie’s Gospel of Wealth Explained and Annotated
Below we present an annotated version of Andrew Carnegie’s 1889 essay Wealth (better known as the Gospel of Wealth).
The Paradox Principle
In practice, human action often has paradoxical or unintended effects. Sometimes effects or side effects even have the exact opposite effect as intended.
The Historical Effects of Wealth Inequality
We examine the historical effects of social, political, and economic inequality on society to see how it has led to social unrest and events like revolutions and populist uprisings.
The Caste System Explained
India’s caste system is a class system based on birth. These classes, or “Varnas”, are: Brahmins (priests), Kshatriyas (ruling and military), Vaishyas (merchants and farmers), Shudras (peasants), Dalits (untouchables).
Understanding Cronyism and Monopolies
We explain two types of special interests: cronyism (politicians working with corporate interests) and monopolies / oligopolies (the consolidating of corporate power in a given industry to one or few entities).
Adam Smith as a Moral Philosopher
We explain Adam Smith as a Moral Philosopher, and explore how his Theory of Moral Sentiments connects to his economic theory from The Wealth of Nations.
Populism, Globalization, Nativism, Nationalism, and Other Such Terms
We explain populism, globalization, nativism, nationalism, neoliberalism, modernization, and other terms important for understanding modern world politics.
What is “the Invisible Hand”?
“The invisible hand” is a term used by Adam Smith to describe the theory that self-interest leads to social and economic benefits in a free-market.
Is America an Oligarchy?
The United States is a Federal Republic with democratic values that some claim contains a growing oligarchy (or corporatocracy). We look at those claims.
Wealth and Income Inequality
We explain economic inequality from a historical perspective, and then consider the effects of wealth inequality and income inequality in America today.
Velocity of Money Explained
Velocity of Money is a measure of money exchanged over time, typically how often and quickly the average dollar is exchanged per day.
Book Reviews tagged with "Money"
Trend Following By Michael Covel
Trend Following by Michael Covel is one of the best books on trend trading out there. The main point of the book is the idea that price in motion tends to stay in motion.
Karl Marx’s Das Kapital
Karl Marx’s “Das Kapital” or just “Capital” explains the nature of capitalism. From the purposes of commodities and money, to how they function in society as capital, to how this relates to wage labor, “Capital” is a detailed work on the philosophy, history, and mechanics of economics.
Capital in the Twenty-First Century By Thomas Piketty Explained
We explain the general idea behind Thomas Piketty’s Capital in the Twenty-First Century and offer links to summaries and the full text.
Oscar Wilde’s The Soul of Man Under Socialism Explained
We explain Oscar Wilde’s The Soul of Man Under Socialism to illustrate his prophetic take on non-authoritative individualist socialism.