2019 Tax Form 1040 Adds Question On Cryptocurrency Transactions, Bitcoin Buying Now Taxable? – International Business Times

KEY POINTS

The recently released progress update by the IRS noted that the 2019 Tax Form 1040 includes inquiry about owning cryptocurrencies. Still, it only managed to offer additional questions to crypto holders since the federal agency for revenue service only provided moreclarity last month to the originalNotice 2014-21issued in 2014.

With the modified Form 1040, the IRS wants to know if taxpayers had acquired or disposed of any cryptocurrencies (or what they termed as "virtual currency") in 2019. Schedule 1 of form 1040 asks: "At anytime during 2019, did youreceive,sell,send,exchange, or otherwise acquire any financial interest in any virtual currency?"

The word "exchange" in this question is what caused some of the confusion in the crypto community as that would mean that transferring a cryptocurrency like Bitcoin (BTC)to another wallet will be taxable, as Daniel Roberts of Yahoo Finance points out.

The government agency's answer to this is, "No. If you transfer virtual currency from a wallet, address, or account belonging to you, to another wallet, address, or account that also belongs to you, then the transfer is a non-taxable event, even if you receive an information return from an exchange or platform as a result of the transfer."

Questions like this surface because of how the IRS defines cryptocurrencies, and it's not currencies but rather property, much like stocks where capital gains (or losses) should be reported. The 45-FAQspublished on the federal agency's website offer some elucidation, answering questions for instances whencryptocurrencies are received asgifts and or when it is exchanged for properties.

Another uncertainty that perhaps irked some crypto owners was brought about by Rev. Rul. 2019-24 which concerns hard forks. This additional guideline for cases where there's a split in the chain warrants the crypto user to pay taxes nonetheless -- even if the user has no intention of utilizing the forked coins.

Roberts notes that in the past, a different measure was taken by most cryptocurrency owners. Since disclosing crypto gains doesn't offer much incentive and risks getting an audit, crypto holders shun it aside as something that would go unnoticed. But the new steps by the IRS indicate that they're honing on cryptocurrency holders and they're more committed to taxing crypto transactions.

Litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph. Germany is investigating the use of blockchain, the tech that underpins cryptocurencies. Photo: Jack Taylor/Getty Images

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2019 Tax Form 1040 Adds Question On Cryptocurrency Transactions, Bitcoin Buying Now Taxable? - International Business Times

Bitcoin Crashes Back As The U.S. And Iran Send Mixed Messages [Updated] – Forbes

Bitcoin, perhaps finally finding its place as a so-called safe haven asset, has moved sharply higher after Iran retaliated for the U.S. killing of Iranian general Qassem Soleimani.

The bitcoin price, now up 15% so far this year, has added 5% to its value in the last 12-hour trading period. The jump in the bitcoin price came shortly after news of Irans missile attack on U.S.-led forces in Iraq early on Wednesday.

[Updated 7:10pm EST 01/09/2020] The bitcoin price has fallen back following U.S. president Donald Trump's comments downplaying the situation in Iran and suggesting "Iran appears to be standing down." Meanwhile, rockets have apparently been fired at the U.S. embassy and military facilities in Baghdad. The bitcoin price dropped to just under $8,000 per bitcoin following Trump's White House speech.

People across Iran have mourned the killing of General Qasem Soleimani by the U.S. military in Iraq. ... [+] The escalation in tensions between the U.S. and Iran has pushed up safe-haven assets such as gold, with the bitcoin price also climbing.

The bitcoin price, down almost half from its 2019 high, surged around $600 in a matter of minutes to almost $8,500 per bitcoin on the Luxembourg-based Bitstamp exchange before falling back slightly to trade around $8,300.

Bitcoin followed traditional safe haven assets gold and the Japanese yen higher with Iran's retaliation raising international concerns the conflict between the U.S. and Iran could continue to escalate.

Gold prices have hit their highest since March 2013.

The price of oil has also soared, with brent crude up 2.5% to around $70 per barrel on concerns there could be disruption to oil supplies from the Middle East.

U.S. president Donald Trump said via Twitter he will be making a statement on Wednesday morning, adding: "All is well! Assessment of casualties and damages taking place now. So far, so good!"

Bitcoin and cryptocurrency watchers have long speculated whether the bitcoin price could eventually perform in the same way as traditional safe haven assets, though this has so far failed to happen consistently.

"The resemblance between digital gold and the physical stuff is uncanny," Mati Greenspan, the founder of crypto and financial analysis outfit Quantum Economics, wrote in a note ahead of bitcoin's latest rise. "They've basically been moving in a very similar pattern throughout most of last year."

The bitcoin price has climbed well over $8,000 per bitcoin, with the price adding some 15% so far in ... [+] 2020.

Last week, following the killing of general Soleimani, with Matthew Graham, chief executive of Sino Global Capital,askedif bitcoin has begun "moving in reaction to geopolitical risk."

Meanwhile, after general Soleimani was killed by U.S. forces in Iraq it was widely reported the bitcoin price in Iran had soared to around $24,000this was, however, based on a common misunderstanding of exchange rates in Iran.

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Bitcoin Crashes Back As The U.S. And Iran Send Mixed Messages [Updated] - Forbes

Bitcoin Plummets to $7,000s: These Factors Show Where BTC is Heading Next – newsBTC

After six days of gains, Bitcoin (BTC) experienced a precipitous drop on Wednesday, tumbling from the multi-week high of $8,460 to $7,800 in a few hours time. While the drop was extremely steep 8% in literal hours prices have remained around the high-$7,000s since, leaving many to ask whats next for the crypto market.

Although some are fearing the worst after the 8% drop, a number of prominent traders are keeping their heads up high.

Dave the Wave, the prominent cryptocurrency trader who called Bitcoins decline to $6,400 literal months ago, noted that the cryptocurrency is looking prime to consolidate back to the $7,000-odd [range], adding that most data he sees suggests that a macro bottom was established for the cryptocurrency.

Also, Financial Survivalism, an analyst that called this latest surge a week or so ago, noted that per his Wyckoff analysis, BTC is likely to consolidate into this range before blasting towards $9,000, thus fulfilling a textbook Wyckoff Accumulation pattern.

Not to mention, Bitcoins long-term fundamentals remain decisively intact. At the turn of the year, Bitcoins hash rate the measure of computational power processing BTC transactions hit a new all-time high on the 1st day of 2020. The all-time high, 119 exahashes per second, or 119 with 18 zeroes after it.

This came shortly after TradeBlock, a cryptocurrency research and data firm, revealed that 2019 was a record year for the Bitcoin network in terms of transaction count and the value of coins sent denominated in USD value.

While bulls are confident, it is important to point out that $8,400 was an extremely key level from a short- and medium-term perspective, meaning that the swift rejection from that level may be bearish.

Josh Rager, a prominent cryptocurrency analyst and industry investor, for instance, pointed out that $8,400 has been a key level of support and resistance for Bitcoin over the past few months. The fact that BTC failed to regain that level on any notable time frames is, according to Rager, a sign that we are not out of the bear woods yet meaning that investors must take Bitcoin trades level by level, day by day.

$8,400 is also where Bitcoins 20-week simple moving average lies, which is a moving indicator that has been key in indicating macro reversal points for BTC over the past 18 months. On the matter, an analyst going by The Moon wrote:

This moving average has historically marked VERY important turning-points for Bitcoin, both bullish and bearish. A rejection here could lead to a break below $6,000. If broken, BTC could reach $9,450 quickly!

Also, Teddy noted that $8,400 was also a subjective diagonal resistance level and a 200-day exponential moving average, further adding to the bearish thesis.

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Bitcoin Plummets to $7,000s: These Factors Show Where BTC is Heading Next - newsBTC

Bitcoin Accepted: This Rapper Welcomes BTC Payments and HODLs – newsBTC

Its always refreshing to hear that a company or individual is prepared to accept Bitcoin in exchange for goods and services. Its even more refreshing when they actually know enough about the cryptocurrency to want to hold it.

British rapper Zuby announced earlier that he not only accepts Bitcoin payments, but that he doesnt intend to convert them payments immediately to fiat currency. Demonstrating that he has at least done a little homework, in true Bitcoiner lingo, he claims hed rather HODL than sell it straight away.

NewsBTChas reported on numerous previous occasions about high profile Bitcoin acceptance stories. Some pretty massive companies, such as AT&T, have recently started to allow customers to pay for goods or services using the digital asset.

However, there is a problem with this. When a big company claims to accept Bitcoin, more often than not, they dont. In the example of AT&T, the company used the controversial payment processing company BitPay to facilitate payments.

When someone pays AT&T with Bitcoin, BitPay acts as a middleman. The company immediately converts that money to fiat currency and sends the funds to the telecom firm. The payment is no longer peer-to-peer and it isnt censorship resistant, as the Hong Kong Free Press discovered last year. Political pressure can force BitPay to censor a payment, which runs at odds with what drew many people to Bitcoin to begin with. Had BitPay been involved with WikiLeakss now famous Bitcoin funding raising efforts, the website might have received no donations whatsoever, instead of the almost $3 million it managed to generate.

Another issue with using such a payment processor is that the payment immediately creates selling pressure since the company needs to exchange the Bitcoin for fiat to pay the intended recipient. Although British rapper, author, and podcaster Zuby is working with Coinbase Commerce to facilitate payments for his goods and services, he does claim to be a holder, rather than an immediate seller:

In response to the above tweet, a Twitter user asked Zuby if he kept them or instantly converted them to fiat. The singer replied simply:

HODL

Another user recommended that he consider switching to the open source cryptocurrency payment processing platform BTCPayServer. The service is championed by many of those critical of the likes of BitPay. Zuby responded that he would indeed look into using BTCPayServer going forward.

Zubys welcoming of Bitcoin, as well as his apparent willingness to hold the crypto asset and use services supportive of the ideas underlying the industry, appears to have impressed at least one follower. Shortly after the rappers announcement today, Twitter user Caleb Gregory quickly became the first person to pay for Zubys merchandise using the cryptocurrency.

Related Reading: Bitcoin Price Plunges to $7,900; Can Bulls Save the Day?

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Bitcoin Accepted: This Rapper Welcomes BTC Payments and HODLs - newsBTC

Bitcoin Bull Run: 3 Reasons Why BTC Will Continue to Surge – Bitcoinist

Bitcoin (BTC) awakened from its post-holiday slump, breaking easily above $8,000. A combination of geopolitical tensions and renewed appetite for trading led BTC as high as $8,360.

The most recent price move also shifted the analysis of technical indicators, signaling bitcoin may be ready to follow a bullish scenario. Three technical indicators suggested a new upward drive may be possible. Bitcoin price managed to bounce off the years-long trend of higher lows. The second technical factor was a small head-and-shoulders pattern.

Following those two completed chart moves, bitcoin has the chance to enter a six-month appreciation channel, though this move is not yet certain and depends on closing levels in the coming days.

The renewed predictions based on current chart action also match the expectations bitcoin may continue to rally for the first half of 2020. The price moves also mean BTC made its local lows at around $6,500 in December, avoiding the scenario of a dip to $5,000.

Bitcoin price has once again entered a period of active spot trading, based on a cant afford not to hold it attitude. Trading activity expanded to above $30 billion in the past day, as the price broke through milestones above $8,000.

In January, BTC now continues with a new set of support levels at $7,800-$7,900, and further potential for price development.

The current price move also sees bitcoin generally in a longer-term bull market, which started off from lows of $3,200 in December 2018. Despite the temporary fluctuations, BTC has remained above $6,000 for most of the time, with still a preserved trend for a slow climb.

The other matter remains the timing of an altcoin season. For now, the spotlight is on bitcoin, which has expanded its market cap dominance to 69.1%. But there is also a possibility the higher BTC prices may trigger altcoin speculation.

The renewed rally also reignited the narrative that the halving is not priced in yet, and may lead to a new price range.

The bitcoin bull rally also impacted Litecoin (LTC), an asset that moved in unison, adding around 14% in its first week of 2020.

For the leading asset, the current price is taking it closer to its 200-day moving average, however a Golden Cross is still a while away.

What do you think about the most recent BTC price move? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @KevinSvenson @Cryptopatel @PeterLBrandt

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Bitcoin Bull Run: 3 Reasons Why BTC Will Continue to Surge - Bitcoinist

Bitcoin Flashes Signs of Starting a Massive Bull Run, But One Key Hurdle Remains – newsBTC

Bitcoins meteoric uptrend over the past several days and weeks has allowed BTC to smash through multiple resistance levels that were previously hampering its price action, and yesterdays break above $8,000 led to a sense of euphoria amongst the cryptocurrencys bulls.

Analysts are now noting that Bitcoin could currently be caught within the early stages of the next major bull run, but it is important to note that how it responds to this one key price level could be the single factor that validates or invalidates this incredibly bullish possibility.

At the time of writing, Bitcoin is trading down roughly 1% at its current price of $8,020, which marks a notable decline from its daily highs of just under $8,400 that were set at the peak of the recent rally.

It does appear that in the near-term Bitcoin could be on the verge of breaking below its key support at $8,000, although each slight dip below this level over the past couple of hours has been quickly absorbed by buyers.

HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is closely watching to see how BTC responds to $8,000 for insight into which direction it will go next, as it could be the determining factor for whether or not this recent rally marks a long-term trend shift.

May be jumping the gun here but Im willing to hop back in if we see another solid bounce & recovery at this demand. On the other hand a close back below the range high would make me flip my bias & short a retest. If this does trend higher this will be an entry worth holding, he explained.

Peter Brandt, a renowned analyst, spoke about Bitcoin in a recent tweet, explaining that it is currently attempting to break above the upper boundary of a multi-year descending channel, but bulls need to continue to maintain their buying pressure in order for this to be confirmed and in order for BTC to enter the early stages of its next bull market.

Has a new bull market began in #Bitcoin $BTC? 1. Market held support at lower boundary of multi-yr channel 2. Small H&S bottom on daily chart 3. Pending penetration of 6+ mo channel If enough cryptocultists have been shaken out since Dec 17, then yes If not, then no, he said while referencing a chart showing the aforementioned channel.

The next few hours may shine a light on the validity of this pending channel breakout, as a dip below $8,000 could spark a larger sell-off that puts the crypto firmly back into the middle of this wide trading channel.

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Bitcoin Flashes Signs of Starting a Massive Bull Run, But One Key Hurdle Remains - newsBTC

Bitcoin Starts Corrective Decrease But Bulls Not Out Of Woods Yet – newsBTC

Bitcoin price started a downside correction after rallying to a new 2020 high near $8,460 against the US Dollar. BTC corrected $500, but the price is still above many key supports.

This week, we saw a strong rise in bitcoin price above the $8,000 resistance against the US Dollar. BTC traded to a new 2020 high near $8,460 before it started a downside correction.

The bears were able to push the price below the $8,300 and $8,200 levels. During the decline, there was a break below a key bullish trend line with support near $8,040 on the hourly chart.

Besides, the price failed to stay above the $8,000 support area. Finally, it traded as low as $7,867 and is currently consolidating in a range. On the upside, there are initial hurdles near $8,000, and the 23.6% Fib retracement level of the recent decline from the $8,426 high to $7,867 low.

The first key resistance for bitcoin is near the $8,145 level. It represents the 50% Fib retracement level of the recent decline from the $8,426 high to $7,867 low.

If there is a clear break above the $8,145 and $8,200 levels, the price is likely to resume its upward move. The next major resistance is at $8,280, above which the bulls are likely to aim a new 2020 high.

On the downside, there are a couple of key supports for bitcoin near the $7,800 level. More importantly, the 100 hourly simple moving average is near $7,800.

Therefore, a successful bearish close below $7,800 might invalidate the current bullish view. In the mentioned case, the price is likely to revisit the $7,500 support.

Looking at the chart, bitcoin price is clearly under stress below the $8,000 and $8,100 levels. In the short term, there could be a downside extension, but the price is likely to bounce back as long as it is above $7,800.

Technical indicators:

Hourly MACD The MACD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently well below the 50 level.

Major Support Levels $7,860 followed by $7,800.

Major Resistance Levels $8,000, $8,145 and $8,200.

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Bitcoin Starts Corrective Decrease But Bulls Not Out Of Woods Yet - newsBTC

Bitcoin Daily Chart Indicates It Is Going Parabolic To $9K and $10K – newsBTC

Bitcoin broke a couple of important hurdles near $7,500 and $8,000 on the daily chart against the US Dollar. BTC price action indicates a strong rise towards $9,100 or even $10,000.

Recently, there were bullish moves in bitcoin above the $7,500 resistance area against the US Dollar. More importantly, there were a couple of key bullish breaks on the daily chart.

The daily chart suggests that the price formed a strong support base near $6,560 before starting the current rally. There was a clear break above a major bearish trend line with resistance near $7,630.

As a result, bitcoin climbed above the $8,000 resistance and settled above the 100-day simple moving average. The recent rise was stalled near the 50% Fib retracement level of the downward move from the $10,564 high to $6,449 low.

However, the current price action, bullish breaks above the trend line and the 100-day SMA indicate that the bulls are aligning for the next rally above the $8,500 resistance.

The next major resistance is near the $9,000 and $9,100 levels. The 61.8% Fib retracement level of the downward move from the $10,564 high to $6,449 low is also near the $9,000 level.

If the price continues to gain momentum above $9,100, there are chances of a run towards the $10,000 resistance area.

In the short term, there could be a couple of downside corrections. In the mentioned case, an initial support is near the $8,300 level.

The main support is near the $8,000 level or the 100-day SMA, which was the recent breakout zone. Any further losses may perhaps lead the price towards the $7,500 support area in the near term.

Bitcoin Price

Looking at the chart, bitcoin price is showing a lot of positive signs above the $8,000 support and the 100-day SMA. As long as there is no daily close below the 100 SMA, there are chances of a strong rise towards the $10,000 resistance.

Technical indicators:

Daily MACD The MACD is slowly gaining pace in the bullish zone.

Daily RSI (Relative Strength Index) The RSI for BTC/USD is now well above the 50 level.

Major Support Levels $8,300 followed by $8,000.

Major Resistance Levels $8,500, $9,000 and $9,100.

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Bitcoin Daily Chart Indicates It Is Going Parabolic To $9K and $10K - newsBTC

Obama and Trump: The Present as Prologue to a History of Inequality – laprogressive.com

In 2011, I began writing The Disinformation Age: The Collapse of Liberal Democracy in the United States, which was published by Routledge in 2017, just after the Trump administration succeeded that of Obama, and now appears in this PaperBoat Press edition. The book is an historical view going back to the 17th century of how we got to Trump, whom we should not forget we, the people elected. So, to start with, lets agree that Trump is not the problem, not the cause of what I understand as our currently collapsed democracy, but a particularly virulent symptom of its collapse.

The rise of Trump has produced some strong nostalgia for his predecessor, Barack Obama. But we should remember that Obama and those before him, going most immediately back to the presidency of Ronald Reagan, set the table for Trumps gluttony. In The Disinformation Age I go back much farther to suggest a reason for the collapse of U.S. democracy from the Constitution forward, but for now, because in the mainstream press the contrast between Obama and Trump appears as stark as that between antagonists in a medieval morality play, representing the two poles of U.S. democracy, I want to look only at the two to suggest the ways the contrast blurs on close inspection. This is a result not of any similarities between the two menthey couldnt be more different in style and temperamentbut of what they represent: neoliberal capitalism.

The rise of Trump has produced some strong nostalgia for his predecessor, Barack Obama. But we should remember that Obama and those before him, going most immediately back to the presidency of Ronald Reagan, set the table for Trumps gluttony.

Obamas economic advisers Larry Summers, Timothy Geithner, Robert Rubin and company were the very same people who engineered the Great Recession of 2008. After the Recession, with their advice, Obama invested largely in the big banks (Rubin and Geithner were two of the biggest bankers) that caused the economic collapse, not, by and large, in the millions of people who lost their homes and jobs because of it. Income inequality increased during the Obama administration as it continues to do under Trump, whose tax policy siphons tax dollars to the rich and corporationsnot that they werent already getting an abundance under the Democrats.

Under Obama, in 2015, the U.S. military budget was $598.5 billion, 54% of federal discretionary spending. Trump has added to that budget while Democrats in Congress voted overwhelmingly for the increase, passing a $716 billion military budget in 2018. Obama proposed a trillion dollars over thirty years to modernize the U.S. nuclear weapons program. Trump supports this increase and more and has increased the danger of nuclear proliferation with his withdrawal from the Iran nuclear agreement. Obama signed a memorandum of understanding with Prime Minister Benjamin Netanyahu of Israel to increase by eight billion dollars over a ten-year period our military support for the apartheid regime in Israel, bringing the total to $38 billion dollars. Trump supports this increase and has doubled down on U.S. support for Israel with his approval of moving the U.S. embassy in Israel to Jerusalem. Obama increased drone warfare initiated by the Bush administration. Trump has expanded the use of drones in Syria, Iraq, Pakistan, Yemen, and Somalia.

However, Obama began to open relations with Cuba, while Trump is intent on closing them.

Obama deported close to three million immigrants. At the same time, he instituted the Deferred Action for Childhood Arrivals Act (DACA), giving qualified relief from deportation to some of the children of undocumented immigrants. Trump, who is making war on immigrants from Latin American and the Middle East, began the phase-out of DACA in 2017. That phase-out is now in limbo due to court intervention. The Republican Congress failed to enact any version of the Dream Act, which would give these children, many now adults, who were brought here without agency of their own, a path to permanent residency. As of November 2018, the Democrats control the House; the Republicans remain in control of the Senate. And Trump remains in the White House so the possibilities for a stalemate on immigration are endless.

As for the Affordable Care Act, The Disinformation Age looks at how unaffordable this law has been for millions of people who live between expanded Medicaid (in the states where it exists) and Medicare. The Republicans want to eliminate the Act, so what seemed at best a half measure (instead of Medicare-For-All) at least protecting people with preexisting conditions, seems a full measure now, obscuring the need for universal, single-payer, affordable health care. In the 2018 midterm elections, the Democrats made health care the number one issue. But the party cant agree on what kind of health care there should be with the exception that preexisting conditions should be protected.

While Trump demonizes the presshis unsuccessful attempt to remove the press credentials of CNN reporter Jim Acosta resonatesthe Obama administration prosecuted whistleblowers, including sending the very visible Chelsea Manning and Edward Snowden, who sought to inform Americans of autocracy-creep in the federal government, to prison and exile. Following the April 2019, arrest of Julian Assange, the founder of WikiLeaks, Paul Waldman notes in his online April 11, 2019, opinion column in The Washington Post: The Obama administration, while critical of Assange, decided that the First Amendment implications of charging him with a crime were too troubling, so they declined to do so. Following suit in a way, the Trump administration at first charged Assange, if the British ever succeed in extraditing him, not with publishing documents obtained illegally, which would constitute a violation of press freedom, but with aiding Chelsea Manning in obtaining those documents by hacking U.S. government computers, even though the specific attempt charged was unsuccessful. But as of the end of May, 2019, the administration has changed those charges to espionage, thus threatening the basis of the First Amendment.

Under Trump, we now talk about fascism in the U.S.; but the militarized, corporate, surveillance state was already being put in place when Trump took office and added the singularly fascist component of scapegoatingdemonizing difference from the white, male, Protestant, heterosexual model.

While the Democrats are relatively strong in a generally conservative U.S. matrix on social issues of race and gender, and want to protect, by and large, Social Security and Medicare, the Republicans and Trump hate difference (demonized as deviance) from the white, male, Protestant, heterosexual modelhence their war on Muslim and Latinx immigrants. If we imagine a strong, government-supported network of basic social institutions in the areas of health, education, and welfare, think of the Republicans as the neoliberal wrecking crew without a plan for reconstruction except privatization to which the Democrats offer relatively little resistance (in comparison with the social programs of other Western European democracies): the economic condition of African Americans and other minorities deteriorated during the Obama administration as the entire U.S. middle-class continued to disappear. In his 2013 budget proposal Obama himself proposed cuts to Social Security and Medicare in order to compromise with the Republicans and reduce the deficit, something that the Congressional Republicans as of 2018 were proposing, while simultaneously increasing the deficit with Trump tax cuts.

Obama, who was certainly rhetorically strong on the environment, implemented some modest measures in that area along the lines of reducing coal and carbon emissions and at the end of his administration in 2016 instituted a substantial ban on drilling offshore in the Atlantic and Arctic, which Trump may be able to overturn. As Marianne Lavelle notes: By relying on executive orders and regulations after his legislative majority disappeared, President Obama leaves his climate policies at risk under Donald Trump. For it was only in his second term, as Lavelle documents, long after his Congressional majority disappeared, that Obama began to get serious about the environment, having concentrated in his first term on rebuilding the collapsed corporate economy, including increasing fossil fuel production. After waffling in his first term on implementation of the Keystone XL pipeline with its deadly load of tar sands oil, Obama rejected it in his second. Before leaving office Obama also put a check on the Dakota Access Pipeline (DAPL), set to run under the Missouri river at a place immediately threatening the water supply of the Standing Rock Sioux tribe. As expected, Trump has issued executive orders approving both pipelines. Both orders are being contested in the courts. But while the legal process has so far stopped the implementation of the Keystone XL, oil is flowing through the DAPL.

Obama signed the Paris Climate Accords, while Trump understands the environment only as a commodity to be traded for profit and signaled as much by planning to withdraw from the Accords. But many advocates of environmental justice have noted that the Accords, voluntary in the first place, are too little too late. This is no reason to shred but a reason to strengthen them and certainly not Trumps reason for opting outhe is in denial about climate collapsebut only to note that the recent Intergovernmental Panel on Climate Change (IPCC) report tells us that if we do not reduce global warming by 2.7 degrees Fahrenheit by 2040 we are facing a catastrophic situation. The report describes a world of worsening food shortages and wildfires, and a mass die-off of coral reefs as soon as 2040 a period well within the lifetime of much of the global population. In many ways, the catastrophes the IPCC describes resemble the world we are living in right now.

Overall, in a catastrophically unbalanced world, the Democrats are marginally preferable to the Republicans. But as The Disinformation Age argues, neither party, under the control of militarized, neoliberalist capitalism, has a demonstrable agenda to bring the world into economic, social, political, and environmental balance, which is a necessity if the human race is to survive. The world has already ended for millions of people and ends every year for millions more due to poverty, which is intensified by climate change. In the last chapter of The Disinformation Age, I ask us to think about how to achieve balance from an Indigenous perspective.

Although Barack Obama figures prominently in The Disinformation Age, the book is not about himhe mattered and yet matters little in the catastrophic global scheme of endless war and climate collapse. The same could be said for Trump, for that matter, or for any single leader. The book is, rather, an analysis of a destructive system, capitalism, for which Obama as the leader of the Democratic Party provided the principal, charming, hopeful mask at the time I was writing. Other presidents have worn the same mask. However unintentionally, Trump has ripped the mask off. The Disinformation Age focuses on the mask and what is beneath it, not the man.

Obama talked progressive and walked regressive, maintaining the neoliberal agenda (hegemony of privatization) at home and the neocon agenda (military expansion) at home and abroad. Trump marks the line where neoliberalism and neoconservatism begin to shade into fascism. On the level of style, Trump is the anti-Obama. He operates without Obamas charm or cosmopolitan intelligence and with a vicious political cunning that plays to the racism and misogyny of his base in contrast to the Hope Obama proffered but inevitably failed to realize because it cant be realized within the current system.

This failure, or more specifically, the failure of the Democratic Party as exemplified in the disastrous Hillary Clinton campaign offering more of the same, gave Trump his opening.

Eric Cheyfitz

Eric Cheyfitz is the Ernest I. White Professor of American Studies and Humane Letters at Cornell University, where he has served as director of the American Indian and Indigenous Studies Program, the faculty coordinator of the Mellon-Mays Undergraduate Fellowship Program, and the director of the Mellon Post-doctoral Diversity Seminar.

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Obama and Trump: The Present as Prologue to a History of Inequality - laprogressive.com

The big good things we got in the decade gone by – Echonetdaily

Phillip Frazer1. We got planetary awareness

When Galileo said that the Earth went around the Sun, not the other way around, priests tortured him.

Even now, its still hard to get that this big old world is a speck of dust in the universe, and its just as hard to get that eight billion of us living our tiny lives on Earths surface could have collectively changed the behaviour of the entire planet, dramatically, over the course of a couple of hundred years.

But we have. We didnt mean to fuck it up, but thats exactly what we did. We invented machines that converted energy that was lying around doing nothing into energy we found useful; for example burning petrol to keep 1,200,000,000 vehicles in motion as of this year.

And we made chemicals that kill bugs and weeds, and others that help plants grow, and we have sprayed these chemicals over vast areas of land to grow crops to feed animals so we can eat them.

Only a very few people understood 200 years ago that these fuels and (later) fertilisers, once they pass through a car or a cow, become airborne in the form of carbon dioxide and/or methane. And all those carbon molecules in the atmosphere enlarge a blanket of gas that every year allows less of the suns heat to bounce off the Earth and back into space.

The heat accumulating under the carbon blanket is now creating disasters all over the globe, and it will get worse every day unless we can stop it.

An awareness that we are members of an ecosystem on a relatively small planet has been beyond our collective consciousness until now. But now that houses are burning down and coastlines are eroding all over the planet, that awareness is spreading like, well, like wildfire.

Thats the good news, being spread most effectively by teenagers. The bad is that we have just a few decades to think together, and act together to save our species, which will require some huge failed projects to be abandoned; such as most religion, wars, private property, profit-hoarding, and male domination, for starters.

In 2010, WikiLeaks published documents and videos they had received from secret sources inside the US government. These words and images showed us what a million privileged people already knew from their libraries and billions of others knew in their gut: that the American military, shielded by propaganda dressing invasions up as democracy, had routinely committed appalling crimes against humanity including its own citizens in pursuit of its real agenda, which was the spread of raw and rampant capitalism.

Africans for example, knew that dictators had half of their countries wealth hidden in banks in Switzerland, but WikiLeaks showed them the bank statements, the receipts, and the contempt with which those dictators viewed their people.

We all knew that emperors and warlords were just men, but Julian Assange pulled their pants down in the new global public arena, the Internet, which is why the American elite will kill him or imprison him for life for the crime of saying the unspeakable.

The people who leaked the secrets, primarily Chelsea Manning (previously Bradley Manning), were themselves Americans, but it was perhaps necessary that an almost-American outsider like Julian would be the one to pull down Uncle Sams pants.

The womens movement, the gay and lesbian movement, the peace movement, environmentalism, and the rest of the movements seeking to replace the exhausted cultures of the post Second World War world, all knew that the patriarchy and its rules were a plague on the planet.

Tarana Banks started the #MeToo movement in 2006 and it reached another tipping point in 2017. What #MeToo did was call out men who were pulling down their own pants and using their patriarchal power and privilege to violate women physically and in every other way.

When he saw 2017 Golden Globe award-winning women espousing #MeToo-ism from the podium, Stephen Bannon the brain behind Trumps rise to power saw #MeToos true meaning. Women are gonna take charge the anti-patriarchy movement is going to undo ten thousand years of recorded history, he screamed at the television, and for good measure If you rolled out a guillotine, theyd chop off every set of balls in the room. This is Steves worst nightmare, and so it is for Trump, Boris Johnson, Scott Morrison, and all their truck nuts mates (https://tinyurl.com/trucknuts-com).

Putting men in charge of everything has achieved many great things, and, ultimately and spectacularly, it also has failed.

When Europeans invaded Australia 230 years ago, armed with the latest deadly weapons, they ignored the rights of the people who had been on this continent for 60,000 years or more. In fact, they enslaved them and killed them in numbers only now being counted.

As the 2010s have staggered to the finish line, the tipping point has been reached, such that Indigenous Australians can no longer be ignored or killed at the whim of the Anglo-Saxon-Celtic branch of the patriarchy.

The Aboriginal community has had resistors who fought the Euro-Australians with weapons, some who pleaded with them for mercy, some who argued and even won an argument or two in court. And some white fellas saw the injustice and called it out.

But in 2017 the Uluru statement from the heart emerged as a definitive challenge, asking white fellas to walk with them, the black fellas. This time theyre not gonna take No for an answer, and they will get a voice, recognition, and compensation perhaps, even atonement, whatever todays rump of the patriarchy does or says.

Somewhere in all of the above are flickering fires of positive change and yes thats a terrible metaphor to use when half the country is on fire, but thats the kind of world we are in right now. Time is no longer on anyones side.

Tomorrow we start another spin around the Sun and another decade. Every day, more kids get it, that they cant allow the big Boys Club to own the Big Stuff one more decade.

Phillip Frazer does existential accounting at coorabellridge.com.

Read the rest here:
The big good things we got in the decade gone by - Echonetdaily