Tag Archives: System D

Cocaine Sales, Prostitution Will Now Be Counted Into Italy’s GDP

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“Italy will include prostitution and illegal drug sales in the gross domestic product calculation this year, a boost for its chronically stagnant economy and Prime Minister Matteo Renzi’s effort to meet deficit targets.  Drugs, prostitution and smuggling will be part of GDP as of 2014 and prior-year figures will be adjusted to reflect the change in methodology, the Istat national statistics office said today. The revision was made to comply with European Union rules, it said.  Renzi, 39, is committed to narrowing Italy’s deficit to 2.6 percent of GDP this year, a task that’s easier if output is boosted by portions of the underground economy that previously went uncounted.”

http://www.bloomberg.com/news/2014-05-22/cocaine-sales-to-boost-italian-gdp-in-boon-for-budget.html

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Lessons from the Great Austrian Inflation

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“One of these tragic episodes that is worth recalling and learning from was the disintegration of the Austro-Hungarian Empire and the accompanying Great Austrian Inflation in the immediate postwar period in the early 1920s.  For those who say that such things as a hyperinflation, economic chaos, capital consumption and political tyranny ‘can’t happen here,’ it is worth remembering that a hundred years ago, in 1914, few in prewar Vienna could have imagined that it would happen there.”

http://www.thedailybell.com/editorials/35298/Richard-Ebeling-Lessons-from-the-Great-Austrian-Inflation/

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A Few Years Ago, A Mexican Drug Lord’s House Got Raided…

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“A cash pile this size is approximately $200 million.”

http://www.viralnova.com/mexican-drug-lord-house/

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Gold Smuggling in India Spikes 446% in Last 12 Months

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“As per the report, Directorate of Revenue Intelligence (DRI) had filed 40 gold smuggling cases in the last year whereas it has increased to 148 cases in the past 12 months. The aggregate value of the seized illegal gold from 464 people in 2013-14 is es at Rs 245 crore.  Most of the gold smugglers are arrested from the nation’s international airports. The customs officials at the Indira Gandhi International Airport said that they have nabbed 353 kg of gold worth at Rs 90 crore in this current financial year whereas it was 20-25 kg of gold in the last year.  India had witnessed a dangerous increase of CAD to $88.2 billion which is about 4.7% of the country’s GDP in the year 2012-2013.”

http://www.scrapmonster.com/news/gold-smuggling-in-india-spikes-446-in-last-12-months/1/12756

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City of Imagination: Kowloon Walled City 20 Years Later

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“The Kowloon Walled City in Hong Kong was once the densest place on earth, a virtually lawless labyrinth of crime, grime, commerce and hope. A Wall Street Journal documentary tracks its colorful legacy and brings the place alive 20 years later.”

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Hacker faces 115 years in prison after lowering customers’ cable bills

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“Two men pleaded guilty to a scam that lowered the bills of 5,790 Comcast customers in Pennsylvania by a total of $2.4 million. They now face prison time and will have to pay their ill-gotten wealth back to Comcast.  The accused ringleader, 30-year-old Alston Buchanan, pleaded guilty last week. ‘Buchanan faces up to 57½ to 115 years in prison, although Buchanan will likely serve a lesser sentence than the maximum,’ the newspaper wrote.  Comcast customers saved an average of $414 in exchange for paying the defendants $75 to $150.”

http://arstechnica.com/tech-policy/2014/04/comcast-bills-lowered-2-4-million-by-scammers-who-accessed-billing-system/

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U.S. Attorney General Warns of Criminal Appeal of Bitcoin

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“U.S. Attorney General Eric Holder told a congressional panel Tuesday that bitcoin and other virtual currencies raise new risks for money laundering and other illegal activity.  ‘More than ever before, the department’s law-enforcement work today must contend with new and emerging technology, including virtual currencies such as bitcoin,’ the attorney general said at a hearing before the House Judiciary Committee. ‘Virtual currencies can pose challenges for law enforcement given the appeal they have among those seeking to conceal illegal activity.’  In his remarks to Congress, Mr. Holder said federal prosecutors are working with financial regulators to understand the changing technology of money.”

http://online.wsj.com/news/articles/SB10001424052702304819004579489373683252290

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Prohibition 2.0: Marijuana Mimics Alcohol

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“Before alcohol could be prohibited, the temperance society knew it had to address the tax issue. Alcohol tax generated 40% of the government’s budget and that was the ‘Drys’ biggest challenge — replace the alcohol revenue. The 16th amendment created the federal income tax in 1913 and that was the first step to changing the revenue stream for the government. So you can thank the tee totalers for the income tax we have today. Income taxes far surpassed the liquor taxes and so the road became clear to pass a prohibition against alcohol manufacture and sales. In 1919, the 18th Amendment or ‘Prohibition’ was passed.”

http://www.thestreet.com/print/story/12626708.html

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The burgeoning underground economy

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“Recently in England, there was an uproar among customers of the HSBC bank when it ‘imposed a restriction blocking customers from withdrawing large amounts of money from their own accounts, unless they could provide the bank with a ‘good reason’ for it.’  It’s highly likely that HSBC’s issues go far deeper than a capricious desire to inconvenience customers. But it underscores a very uncomfortable fact: When you deposit money into a bank, you relinquish control over it. You have, in fact, made a loan to the bank. And short of calling the loan by closing the account, the bank (not you) gets to decide when – and if – they will pay you back.”

http://www.wnd.com/2014/01/the-burgeoning-underground-economy/

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Free Market Healthcare in the Former Eastern Bloc

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“To be honest, most Eastern European countries still have a very centrally planned health system, but if you look at Western Europe, most countries—except the Netherlands and Switzerland—have heavily centrally planned health systems themselves. Some more, some less.  There are a couple of very interesting examples in Eastern Europe, of what privatisation and deregulation of healthcare has achieved. I would like to highlight those, because they are also interesting for people from Western countries to get really good ammunition for arguments in why we need more markets and healthcare. Why do people benefit from more markets in healthcare?”

http://isil.org/giant-or-dwarf-free-market-healthcare-in-the-former-east-block/

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