Monthly Archives: June 2023

Additional borrowings, higher revenue targets, hiked taxes may still … – South First

Posted: June 26, 2023 at 12:50 am

We need to borrow on the basis of affordability and not on the basis of availability, Siddaramaiah read out this line as finance minister and deputy chief minister while presenting the state budget for 2005-2006.

On 7 July, 2023, when he presents the FY 2023-2024 budget for Karnataka the 14th budget speech of his political career Siddaramaiah may have explored every possible availability, and not affordability, of borrowings, primarily to fund the Congress five election guarantees.

Successive governments in the state have showed immense commitment to adhering to the Karnataka Fiscal Responsibility Act (FRA) of 2002.

In recent times, with the exception of two years during the Covid-19 pandemic FY 2021-2022 and FY 2022-2023 Karnataka has always seen a revenue surplus budget one of the three parameters laid down by the FRA.

Revenue surplus is when the states revenue receipts from its own taxes, non-tax revenues, central grants and devolution from central taxes exceed the states revenue expenditure in the form of committed expenditure which includes salaries, interest payments, pensions, subsidies, welfare schemes, etc.

As per the vote on account presented by former chief minister Basavaraj Bommai right before the Karnataka Assembly elections, the estimated revenue receipts for 2023-2024 was pegged at 2,25,910 crore (2.25 lakh crores).

Of this revenue receipt, Karnataka has committed expenditure including existing subsidies, schemes, etc of around 2,07,837 crore which makes up 92 percent of total revenue receipts. This leaves any government just eight percent about 18,072 crores from the revenue receipts for new schemes.

By Chief Minister Siddaramaiahs own initial estimates, implementing the five guarantees could cost the exchequer between 50,000 crore and 52,000 crore annually. Revised estimates put the number at between 60,000 crore and 65,000 crores annually, but this is a work in progress.

Initial estimates suggested the Shakti scheme, which assures zero-ticket bus travel for women in government buses, could cost 4,050 crore while Anna Bhagya, intended to provide 10 kg of free rice to below-poverty-line and Antyodaya card holders every month, could cost 10,092 crore.

The estimated cost for the Yuva Nidhi unemployment stipend for youth is 1,274 crore while Gruha Jyothi free electricity up to 200 units scheme is estimated to cost 13,000 crore.

Congress big ticket guarantee, Gruha Lakshmi, which assures a 2,000 monthly basic income for women heads of households, is pegged to be the most expensive with an estimated cost of 39,000 crore.

The government is now looking at ways to narrow down the eligibility criteria for this scheme.

The numbers could also increase subject to challenges like the ones Karnataka is facing in buying rice for Anna Bhagya after Food Corporation of India (FCI) rescinded its decision to sell grain to Karnataka following a Union government order.

Since the guarantees are social welfare schemes, they are counted as revenue expenditure or committed expenditure. Here lies the challenge to FRA rules.

There simply isnt enough revenue receipts for the Siddaramaiah government to fund these guarantees unless it takes measures to dramatically increase revenue by way of hiking taxes perhaps excise, property and professional taxes and/or mobilising tax collection by plugging leaks, increasing annual targets for different departments under the Revenue Ministry like commercial taxes, stamps and registration, transport or even sales tax on fuel. All such measures are sure to be met with criticisms.

If even the enhanced estimates for revenue receipts cannot cover the cost of revenue expenditure, Siddaramaiah may present his first ever revenue deficit budget as chief minister.

Siddaramaiah takes great pride in his fiscal management abilities and has demanded the same from incumbent governments when he was in the opposition.

To his credit, when Siddaramaiah presented his first budget (FY 2004-2005) after Karnataka enacted the FRA 2002, he presented a revenue surplus budget for the first time in eight years.

In every budget he has presented since the FRA was enacted in Karnataka, Siddaramaiah has adhered to parameters set by the Act, including always presenting a revenue surplus budget.

The 2023-2024 budget could very well be his toughest challenge yet.

The obvious way to fund the guarantees is additional borrowing but borrowing for revenue expenditure is not sign of financial prudence and opens up a pandoras box of mounting liabilities. Borrowings as Capital Receipts are ideally meant for Capital Expenditure for infrastructure building, creation of tangible asset etc.

Officials from various department have also suggested dropping of several existing but redundant schemes or subsuming of smaller schemes into larger umbrella schemes to move around funds.

Then there is the option of off-budget borrowings via infrastructure boards and development corporations from open market.

While it can be a short-term relief measure, such repeated off-budget borrowings via boards and corporations has cost Kerala heavily with the Union government slashing the states overall borrowing limit by nearly half this fiscal. Such is its result in Kerala, that the state government is struggling to even pay social security pensions.

As per the 2023-2024 vote on account document, Karnatakas liabilities are expected to be 5,64,896 crore, which amounts to 24.20 percent of the states GSDP.

Under the FRA, the states liabilities cannot be more than 25 percent of GSDP. While the total liabilities also includes capital receipts (borrowings) announced by Bommai in his vote on account speech which can be reallocated or rejected by the Siddaramaiah government the state can only borrow an additional 18,674 crore before it violates FRA rules.

Unlike the Union government or several other states like Kerala or Andhra Pradesh that violate FRA rules year after year with revenue deficit budgets, borrowings beyond 25 percent of GDP/GSDP and fiscal deficit more than three percent of GDP/GSDP, Karnataka has had an impeccable record of healthy fiscal management.

For a man who was prematurely mocked over his financial understanding when he was gearing up to give his first budget speech, Siddaramaiah has often treated prudent fiscal management as a passion project.

Even as those around him point to several states and even Union government violating FRA rules with disdain, Siddaramaiah is looking to mop up resources while keeping the budget tightly within the FRA rules.

Despite all measures, the cost of the five guarantees although only applicable for less than three quarters that are pending this particular fiscal run the risk of violating FRA rules in what could be a first for Siddaramaiah as chief minister.

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Simon Wilson: Green Partys poverty plan for Election 2023 – and the … – New Zealand Herald

Posted: at 12:50 am

Green co-leaders James Shaw and Marama Davidson at their tax policy announcement. Photo / Alex Burton

OPINION:

Poverty is a political choice, Greens co-leader James Shaw declared at a meeting on June 11, and we choose to end it.

Shaw went on to announce a tax and benefits policy package he says will bring relief to 95 per cent of taxpayers and introduce a much-improved welfare system. And there will be a wealth tax that leaves middle New Zealand and the family homes of almost everyone untouched.

The impact of these reforms would be enormous, if they were introduced. So why arent expert economists shouting from the rooftops about them? Its a far more significant plan than anything produced by any party in a very long time.

If Shaw is talking through a hole in his head, lets hear it. But if he and his party really have found a way to end poverty and make most of us better off, while not impoverishing anyone else, they should tell us that too.

And perhaps even more importantly, what do the other political parties have to say?

I wont be lectured to about economics by the Green Party, said National Party leader Christopher Luxon, practically spitting into the reporters microphone.

David Seymour, from Act, laughed.

Prime Minister Chris Hipkins said Labour would have its own tax policy in due course, which prompted several commentators to predict he will rule out the Greens plan, because, you know, cue screaming, it includes a wealth tax.

Why such a non-response? Could it really be true that none of them has anything of substance to say about a costed plan to end poverty?

Or is their silence merely because there is nothing they can say? Because to talk about it would be to acknowledge that the plan makes sense, and thats the thing they fear the most?

So there they are, like wolves padding quietly around the edges of the field, waiting to tear the little Green lambs apart because theyre so innocent, they couldnt possibly understand economics.

Youd think every political party would want to end poverty. It was such a hot topic in the 2017 election, National Party leader Bill English and Labours Jacinda Ardern tried to outbid each other in the televised debates.

Well lift 50,000 children out of poverty! said one. Well do 100,000! said the other. No, we will! said the first.

Since then, Labour has established official and mandatory reporting measures for poverty, which is a significant achievement because the advisers said it couldnt be done. And as Shaw noted, 30,000 children have been lifted above the poverty line set by those measures. Thats good too.

But not good enough. As he also noted, that still leaves 45,000 children below the line. Thats one in 10. Among Mori, one in five. What about them?

So what did James Shaw announce on June 11? What is this plan the other parties are so determined to pretend is irrelevant?

The centrepiece is an Income Guarantee (IG). Everyone, whether in or out of work and including tertiary students, will receive at least $385 a week, after tax.

Its not a universal basic income: You dont get it if youre employed for more than that amount. And its really not a lot. Its a bottom line: It ensures everyone will have at least $20,000 a year to live on. Thats about the same as half the couples rate of superannuation.

The IG comes hand in hand with a complete shake-up of Working for Families (WFF). Labour was going to do this, but events got in the way.

WFF is complex and discriminatory, because it excludes those not in work. The Greens propose a simple system: a single payment of up to $215 per week for a first child and $135 for each other child, with the amounts steadily abating for family incomes over $60,000.

Theres also a payment of $140 per week for every family with a child aged under 3 and a further payment of $135 per week if youre a single parent and out of work or studying.

There are tax changes. The first $10,000 of your income will be tax-free, which translates into a tax cut of between $16 and $26 a week for every individual earning under $125,000.

In other words, it not only helps the squeezed middle National and Labour are squabbling over, it defines middle so generously, it includes 3.7 million taxpayers.

If youre earning over $180,000, on the other hand, youll pay a new marginal top rate of 45 per cent.

Theres a new corporate tax, which is actually an old one. The Greens want to shift it back to what it was in 2008, when National came to power: 33 per cent. This is not evil. Its merely a bit fairer.

Lets remember these are not tough times for everyone. Supermarkets are doing so well out of inflation theyre making more than $1 million in profits a day. Airlines are so thrilled about our desperate post-Covid need to fly, theyve jacked their prices up to extraordinary levels.

As for the banks, theyre just loving all this inflation, disaster recovery, business uncertainty and a soft property market. The very things that are stressful for the rest of us are making them record profits to beat their own record profits from last year and the one before.

The Greens also propose to reform ACC into an Agency for Comprehensive Care, covering illness as well as injury, and offer more support for people with disabilities.

But what about that wealth tax? If you own assets, including property, worth more than $2m, youll pay 2.5 per cent a year.

Its per individual, not per couple. It applies to assets after mortgages and other debts are deducted. Its a marginal tax. And you can defer payment.

This means a couple would not pay the wealth tax on their family home, unless it was worth more than $4m and they had no mortgage. Even then, they would pay the tax only on the value over $4m. If they couldnt afford it, they could wait til they sold the house.

Its very hard to see how any of this would be unreasonably tough on anyone.

There is also a trust tax, of 1.5 per cent, to discourage people from hiding their wealth. This aligns with what should be the governing principle of any fair tax system: all income is taxed equitably. Theres no injustice in that.

The Greens policy isnt perfect. Some of the settings may be too high, or too low. Overseas, there is debate about the relative merits of a straight wealth tax compared with other forms of taxing wealth. But it deserves debate.

As Shaw argued, among all the countries in the world with similar economies to ours, New Zealand is the only one that does not tax wealth in some way, whether its through a capital gains tax, a wealth tax, stamp duty, an estate tax, an inheritance tax, any form of land tax or some combination of these.

Its not only doable, its normal.

So, again, why the silence of the other parties? This policy sets a kind of benchmark. If the others believe they can do better, bring it on.

Theres an idea in this country that has our political discourse in a kind of headlock. Its that whats good for the very wealthy is good for everyone.

But the Greens say their policy will make 95 per cent of all taxpayers better off. Are we supposed to ignore that because the wealthiest 5 per cent keep insisting their interests are aligned with everyone elses?

Shaw began his speech by talking about the fire at Loafers Lodge in Wellington, which claimed five lives in May. He called it symptomatic of one of the greatest political and policy failures of the last generation.

This isnt an abstract debate. Ending poverty and breaking that headlock should be front and centre in this election.

Simon Wilson is a senior writer covering politics, the climate crisis, transport, housing, urban design and social issues, with a focus on Auckland. He joined the Herald in 2018.

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Remarks by President Biden in a Political Event with Reproductive … – The White House

Posted: at 12:50 am

Mayflower Hotel Washington, D.C.

5:03 P.M. EDT

THE PRESIDENT: Jill said you women should take off your high heels or you should just lie down. (Laughter.) My lord, talk about commitment, standing all this time. (Laughter.)

Thank you, Doc. I appreciate that introduction. I really do.

My name is Joe Biden. Im Jills husband and Kamalas running mate. (Laughter and applause.) You all think Im kidding.

I want to thank start by thanking Kamala for taking the lead on this issue and so many other issues in our campaign and our governing.

And I want to thank Jill and Doug for their work in shining a spotlight on the issue affecting women.

And I want to thank all of you EMILYs List, NARAL, Planned Parenthood for your endorsement. Its a big deal. Its a big deal. Your support was critical last time around, and were so grateful for it and were hard working with with you again.

I cant think of three organizations who will do more have more consequential impact on the right and the ability to regain freedom.

You know, you have troops on the ground in every single state, and were going to need all those troops in those states.

We want to thank Nancy Pelosi, a good friend, whos been an ally and friend of mine for a long time, as well as the many members of the Congress who are here and elected officials from all around the country.

To state the obvious even though its clear by now; its almost redundant to say it this fight really matters. It really, really matters.

Since the day the Dobbs decision came down one year ago tomorrow, weve seen the devastating effects all across the country: women turned away from emergency rooms, denied lifesaving care; moms, college students, teachers, nurses traveling hundreds of miles to get basic reproductive healthcare.

And we just heard from Jill, whos heard the stories firsthand. You know, weve all heard the stories firsthand. People come up to you people you know and people youve grown up with.

You know, and since that dark June day last year, each of you has worked tirelessly to fight back.

In the Dobbs decision, the Court particularly practically dared the women of America to be heard.

This is what the majority wrote: Women are not without electoral or political power. You aint seen nothing yet, Court. (Applause.) I really mean it.

Think of the challenge that is.

I said at the time that I didnt think the Court or, for that matter, the Republican Party, who for decades have pushed

their extreme agenda have a clue about the power of women in America.

I said they were about to find out. (Applause.) And, by the way, in the midterms, we were supposed to be blown out. They did find out. (Applause.) And theyre going to find out again. I really believe in my heart, I believe it.

Look, we were we were criticized for making this an issue in the midterms. In fact, I got attacked for it.

But you know all along what Kamala and Doug and Jill and I knew as well: The Americans would not stand by and let the Court take away the right thats so fundamental, that wed fight wed fight to restore these protections of Roe v. Wade and make it the law of the land once again. And were going to do that. (Applause.) And we will not let the most personal decisions fall in the hands of politicians instead of woman and their doctors.

The Court was betting that all of us would remain silent. But my mother had an expression. She said, Joey, never bow, never bend, never yield. Just get up. Oh, you think Im kidding? You didnt know my mom. (Laughter.)

That the American that the women of America would remain silent was just beyond comprehension; that Kamala and I would remain silent. Well, were not. We will not remain silent.

And all over this country, thanks to the hard work of the voters, delivered a clear message. In Kansas, in Michigan, in Kentucky, in the polls in November, Americans voted to protect the womans right to choose. In fact, you all showed up and beat the hell out of them. (Laughter and applause.)

You know, whats really remarkable is despite the will of the American people, MAGA Republicans have made clear that they dont intend to stop with the Dobbs decision. No, they wont, until they get a national ban on abortion.

Speaker McCarthy said, quote, Our work is far from done. End of quote. Senator Lindsey Graham wants to

AUDIENCE: Booo

THE PRESIDENT: wants to criminalize doctors and nurses who provide medical care for their patients; make it a crime.

Republicans in Congress have proposed three national abortion bans just this last year. Well, make no mistake about it: If somehow Congress were to pass a national ban, I will veto it. (Applause.)

Lets also be clear that this decision also risks risks the broader rights of privacy for everyone. Thats because the fundamental right to privacy, which Roe recognized, has has served as a basis for so many other rights that are ingrained in our fabric of our country: the right to make the best decisions for your health, the right to use birth control. Did you ever think wed be arguing about that?

AUDIENCE MEMBER: No!

THE PRESIDENT: No, Im serious.

The right to marry the person you love. (Applause.)

Judge Thomas said as much in his concurring opinion in Dobbs, writing, quote, For that reason, in future cases we should reconsider all the Courts substantive due process precedents, including Griswold, Lawrence, and Obergefell.

These guys are serious, man. I I said it when the decision came out, and people looked at me like I was exaggerating. But theyre not stopping here. Make no mistake, this election is about freedom on the ballot once again.

Look, weve made so much progress. We cant let it take us backwards. I believe that one of the best ways to continue making progress is to ensure women are at every table where every decision is made. (Applause.) And thats not hyperbole. Thats not hyperbole.

I promised that my administration would look like America. My Cabinet is the first majority-female Cabinet in history. (Applause.) You just heard from the first woman ever Vice President of the United States. (Applause.)

And perhaps the most critical of milestones we mark tomorrow.

We are reshaping our courts. Weve appointed more Black women to the federal Circuit Courts of Appeal (applause) than than every other president in American history combined. Combined. (Applause.)

And, of course, I was proud to keep my promise to appoint Justice Jackson (applause) the first Black woman to the Supreme Court. And, by the way, shes smarter than the rest. (Applause.) She is Im serious. Shes incredible. She is genuinely incredible.

Were also making progress building an economy where all Americans have the opportunity to work, raise a family, buy a home, start a business.

We made historic investments in childcare, making it more affordable so parents can work and provide for their kids at the same time.

The first major piece of legislation I signed, the American Rescue Plan, provided historic tax relief for millions of families, helping to recover (applause) childcare costs through the largest increase in history of Childcare Tax Credit and the Dependent the Dependent Care child Tax Credit.

We helped 200,000 children care providers stay open, and small businesses, continuing to go through the pandemic and continuing to serve more than 9.5 million children.

These things matter.

I signed legislation increasing funding for Child Care and Development Block Grants by 30 percent, helping low-income families afford childcare.

But theres so much more to do. And were fighting over abortion?

For example, the United States is still one of the only countries in the world that doesnt guarantee paid leave. I remain committed to changing that (applause) and bringing us in line with every other single major economy in the world by passing a national program for paid leave and medical leave. (Applause.)

We can get all this done and so much more. We can restore the protections of Roe v. Wade and make it the law of the land again, but were going to need your help badly.

So, let me ask you this: Do you think your colleagues are with us?

AUDIENCE: Yes! (Applause.)

THE PRESIDENT: Well, I tell you what: They better damn well be. (Laughter.)

After the Dobbs decision came down, I signed two executive orders, and my administration took a number of actions to protect the access to reproductive healthcare.

And its just the one I signed the third executive order, which is to strengthen the affordability of high-quality contraception. The idea that I had to do that I mean no, I mean, really, think about. Think about it.

I know Im 198 years old (laughter) but all kidding aside, think about that. I never ever thought Id be signing an executive order protecting the right to contraception.

But the only sure way to protect a womans health and rights is for Congress to pass a law. (Applause.)

As Ive said before, the Court got Roe right 50 years ago, and I believe Congress should restore the protections of Roe v. Wade once and for all. (Applause.) But we need your help.

So, Ill ask again: Are you with us? Youre going to get this done? (Applause.) I really mean it.

So, let me close let me close with this.

Over the last week or so, weve seen extraordinary support from three of the most important voices in the country coming together to get behind this campaign: organized labor (applause) climate leaders (applause) and all of you representing the powerful groups fighting to protect the advantage for womens rights. (Applause.)

Your strong support, your determination, your ago- your advocacy are why Ive never I know Ive said this before, and I want you to listen to it again, and I mean it from the bottom of my heart: I have never been more optimistic about Americas future than I am today.

And with your help, Kamala and I are going to continue to make the progress. Were going to finish this job.

We just have to remember who the hell we are. Were the United States of America. (Applause.) And theres nothing, nothing beyond our ca- if we work together.

So, God bless you all. May God protect our troops. (Applause.)

Lets go get this done. Lets get this done! Thank you. (Applause.)

5:13 P.M. EDT

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Programs that help NYC migrants achieve financial independence … – New York Daily News

Posted: at 12:50 am

As New York City struggles to assimilate a deluge of migrants, key education and child care programs that help make recent arrivals less reliant on city services are at risk of being pulled out from under them.

A half-dozen high school programs that offer intensive English classes are not expected to have the resources they need to help teenage immigrants learn the new language, according to a new analysis released Tuesday by Advocates for Children of New York.

And hundreds of undocumented immigrants could lose access to subsidized child care by the end of the month with the expiration of a program open to all parents regardless of immigration status that freed them up to work, find housing and apply for asylum.

Bronx mom Gabina Morales and her daughter, Jaydy. (Courtesy of Gabina Morales)

It is befuddling that they are threatening to cut the resource that allows our newest New Yorkers, especially those who are women, to go to work, said Councilwoman Shahana Hanif (D-Brooklyn) at a hearing last week on the initiative, called Promise NYC.

This program is an economic driver that will make asylum seekers more self-sufficient and less reliant on costly city-funded shelter beds, said Hanif, who chairs the Councils immigration committee as well as its progressive caucus.

Many of the families whove recently arrived in New York have struggled to access the city services and legal help such as applying for asylum and work permits that could help get them out of city care. Close to 18,000 new students in temporary housing arrangements have enrolled in local public schools this school year estimated to be mostly Latin American migrants.

As more young people who did not speak English immigrated to NYC, the city rolled out new programs last fall at six existing alternative high schools in the outer boroughs, where many migrants live.

But each principal was allocated only $50,000 for the initiative less than the cost of hiring just one Spanish-speaking staffer, the advocates found. They are looking for an additional $3 million to strengthen these programs.

Its just such a small amount of money that its hard to imagine that it can go far at all, said Rita Rodriguez-Engberg, director of the Immigrant Students Rights Project at Advocates for Children. You cant hire a single teacher or social worker with that amount because it cant cover a full salary.

Gabina Morales transferred her daughter to a specialized high school program for non-English speakers who recently arrived in the U.S., where she found a passion for painting and drawing. (Courtesy of Gabina Morales)

Bronx mom Gabina Morales sent for her daughter Jaydy in Mexico about a year ago. A few months later, she enrolled in the local high school, but it was not a good fit.

She didnt feel like she was learning, Morales said in Spanish. She was anxious moving to the country and never been in a school that large before.

Morales transferred her daughter to a specialized program for non-English speakers, English Language Learners and International Support Preparatory Academy, where she can learn the language after school and on Saturdays, and receive counseling in Spanish.

My daughter is receiving a lot of help and shes learning how to speak English well, Morales said.

The need for such programming has only grown, the report suggests. The number of young people between ages 14 and 17 living in shelters run by the Department of Homeless Services grew by almost 77% from last spring to this year.

According to the Department of Education, any student who needs services to help them learn English will receive them, and that all high schools are equipped to instruct them.

Asylum seekers are greeted by the founder of Artists, Athletes, Activists, Power Malu (black hoodie and red pants), and the Immigrant Affairs Commissioner, Manuel Castro, as they arrive at Port Authority on May 3, 2023, in New York City. (Luiz C. Ribeiro/for New York Daily News)

In another potential blow to economic self-sufficiency, hundreds of undocumented migrants are also at risk of losing subsidized child care within weeks, advocates and local lawmakers warn.

Rolled out earlier this year, Promise NYC now enrolls 664 young children up from 172 kids in March, according to new figures provided at the Council hearing. The city provides $700 per week to cover the cost of child care.

The city has allocated $10 million for the program since January that, if not renewed, would dry up by the end of June. Some councilmembers said those dollars should not only be included again in next years budget but doubled to last the full year.

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Im very confused on what a ramp-down would look like, said Councilwoman Tiffany Cabn (D-Queens) at the hearing. A ramp needs a runway. And there is no runway not to mention the fact that outside of that, it is a central service that needs to not just exist, but expand.

The Adams administration would not commit to renewing the program for another year.

We... hope that our collaborative advocacy can bring change at the federal level so that we do not need to rely alone on city funds for childcare assistance for this population, said Elizabeth Wolkomir, deputy commissioner of child and family well-being at the Administration for Childrens Services, and could more adequately support the families that need it.

Also on the chopping block is funding that helps schools reach out to immigrant families not only by email and websites, but also through text messages, ethnic media, and print campaigns from nail salons to bodegas.

The last two years was a first step figuring out what ways were most effective, said Rodriguez-Engberg. Wed hate to see that not renewed because we know it could have a huge impact, especially on new families who dont have a cellphone or live in shelters, who can only get information by being out in the community.

Education officials said every school has a designated language access coordinator, and they ramped up interpretation services at shelters and emergency centers to help with enrollment.

Regardless of their immigration status or language spoken at home, every student deserves access to high-quality schools that meet their unique needs, education spokeswoman Nicole Brownstein said in a statement. We will continue to work with students, families, and partners to ensure that newcomer students have what they need in our public schools.

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ChatGPT gives 10 reasons why you should buy Bitcoin – Finbold – Finance in Bold

Posted: at 12:50 am

Bitcoin (BTC), the dominant cryptocurrency in terms of market capitalization, has witnessed remarkable growth throughout the years, serving multiple purposes, including its role as an investment vehicle. Currently, advocates are pushing for its widespread adoption due to numerous compelling factors, resulting in its heightened global attention.

In light of this, Finbold sought insights from generative artificial intelligence tool (AI), ChatGPT, with the prompt Give me 10 reasons to buy Bitcoin. Below are the argument fronted by the tool;

The tool pointed out that throughout its existence, Bitcoin has witnessed remarkable price appreciation, captivating the attention of numerous investors enticed by its potential to deliver substantial returns on their investments. It is worth noting that the asset reached an all-time high of almost $69,000 in late 2021. The asset is currently attempting to exit last years bear market, trading above $30,000.

ChatGPT acknowledged that Bitcoins decentralization nature makes it appealing since the nature sets it apart from conventional financial systems governed by central authorities such as governments or banks.

This decentralized nature can appeal to those seeking financial independence and a system free from traditional institutions, the tool said.

The AI tool stated that Bitcoin is widely regarded as a potential hedge against the vulnerabilities of the traditional financial system. Many astute investors perceive it as a means to safeguard their wealth from potential economic downturns, inflationary pressures, or the erosion of currency value.

Therefore, by embracing Bitcoin, ChatGPT stated that these investors aim to fortify their financial positions and shield themselves from the uncertainties and risks associated with traditional monetary systems.

One of the compelling arguments was that Bitcoins limited supply, set at a maximum of 21 million coins, serves as a reason to invest in this digital asset. According to the insights provided by the tool, the scarcity of Bitcoin has the potential to drive its value upward over time, particularly as demand continues to grow while the supply remains fixed.

This inherent ability of Bitcoin is seen as a solution to one of the inherent pitfalls of traditional financial systems, where the excessive printing of money can lead to the devaluation of the currency.

Throughout its evolution, Bitcoin has garnered comparisons to gold, earning the moniker digital gold. This association has prompted ChatGPT to highlight it as a compelling reason to invest in the asset.

The finite supply and decentralized nature of Bitcoin make it highly appealing to individuals seeking an alternative asset class that possesses the potential to preserve its value over the long haul. By resembling gold in these aspects, Bitcoin offers investors the prospect of diversifying their portfolios with a digital asset that exhibits resilience and store-of-value characteristics.

According to ChatGPT, one reason to invest in Bitcoin is its global accessibility without the limitations imposed by geographical boundaries. This distinctive attribute facilitates seamless fund transfers and has the potential to unlock investment opportunities that extend beyond traditional markets.

By transcending the confines of geographical restrictions, Bitcoin offers investors the flexibility to participate in the digital economy and explore investment avenues previously inaccessible or constrained by conventional financial systems.

The tool pointed out that investors can put money in Bitcoin based on its growing adoption. The tool highlighted that Bitcoin had received recognition from various individuals, businesses, and institutions worldwide. In this case, ChatGPT pointed out that the growing acceptance and integration into mainstream finance may lead to increased liquidity and stability in the market.

According to the tools insights, Bitcoin can potentially extend financial services to unbanked or underbanked individuals. By leveraging Bitcoin, these individuals can actively participate in the global economy, gain access to essential financial tools, and facilitate fund transfers more inclusively and efficiently. The efficiency offered by Bitcoin in this regard emerges as a compelling reason to consider investing in this digital asset.

The underlying blockchain technology goes beyond cryptocurrency and holds transformative potential across diverse industries such as finance, supply chain management, and healthcare. The insights from ChatGPT emphasize that investing in Bitcoin can be driven by a desire to gain exposure to the revolutionary capabilities of blockchain technology.

Throughout its existence, Bitcoin has emerged as an investment product that has found its place in diverse portfolios. ChatGPT suggests including Bitcoin in an investment portfolio can offer valuable diversification benefits. Cryptocurrencies, including Bitcoin, have demonstrated a relatively low correlation with traditional asset classes such as stocks and bonds.

This implies that they may exhibit different behaviors in various market conditions. By incorporating Bitcoin into a well-diversified portfolio, there is a potential to reduce overall risk and enhance risk-adjusted returns by tapping into the unique characteristics and potential growth opportunities the cryptocurrency market presents.

Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Scottish independence reset undermined by confusion over SNP … – Financial Times

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It’s Never Too Late to Become a Millionaire – New Trader U

Posted: at 12:49 am

Welcome to the journey towards attaining financial success, where time is no barrier and every stage of life offers unique opportunities. Its a journey where perseverance, knowledge, and strategy can translate into substantial wealth accumulation. This blog post is written to debunk common myths about wealth creation and guide you through practical, effective steps to secure your financial future.

Many successful entrepreneurs became successful later in life. Several achieved millionaire status after middle age, including the likes of Ray Kroc, who franchised McDonalds at 52, Harland Sanders, who franchised Kentucky Fried Chicken in his 60s, and Charles Flint, who founded IBM at 61.

Regardless of your age or current financial situation, if you have the right mindset and work ethic you possess the potential to achieve financial success. Read on to discover how to unlock this potential and change your financial trajectory.

Everyone has the potential to build wealth, regardless of their starting point. It begins with assessing your current financial situationyour income, ideas, passions, drive, and investments. Understand that money is a tool that can help you reach your financial goals when used wisely. Educate yourself about financial management, business, accounting, and investment opportunities, which will help you to make informed decisions about your money. A financial advisor can provide tailored advice based on your individual circumstances. A financial educator or mentor can show you the way to wealth.

Many people face hurdles on their journey to financial prosperity, like debt, low income, or lack of financial knowledge. But these obstacles can be overcome. Prioritize paying off high-interest debt to free up more money for investments. If your income is low, seek ways to increase it through career progression, part-time work, or starting a side business. Knowledge is power: educate yourself about financial management and investment to better manage your money. The first step is raising capital for investment or business ventures.

Theres a common misconception that the earlier you start, the better your chances of becoming a millionaire. While starting early provides a longer timeframe for your investments to grow, it doesnt mean that youve missed your chance if youre starting later. The key is to start now. With smart strategies and disciplined financial habits, you can still accumulate substantial wealth over time. All it takes is a decade at most to completely change your financial destiny.

Compound gains, or earning capital gains on previous gains, is a powerful tool in wealth creation. If you invest a certain amount and let the returns compound over time, your wealth can grow exponentially. This principle applies whether youre in your 20s or starting to invest in your 40s or 50s. The key is to remain patient and consistent with your investments, regardless of market fluctuations. The same principle applies to building your own business through scale with leverage. Wealth is created through exponential gains.

Investing is a crucial aspect of wealth building. A diverse portfolio can help balance risk and return. Consider different types of investments, like stocks, bonds, and real estate. Each comes with different levels of risk and potential returns. Diversification can help mitigate risk while allowing your wealth to grow. Consult with a financial advisor to understand which investment strategies best align with your risk tolerance and financial goals.

Financial success isnt just about numbersits also about mindset. Cultivating a growth mindset can help you view challenges as opportunities to learn and grow. Additionally, adopting a millionaire mindsetbeing patient, disciplined, and willing to take calculated riskscan play a pivotal role in your wealth-building journey. Surround yourself with successful people and learn from their experiences and mindset.

Relying on a single income source can slow your path to millionaire status. Consider exploring multiple income streams. This can be real estate investments, dividend stocks, a side business, or part-time work. Multiple income streams not only accelerate your wealth building but also provide financial security if one source is disrupted.

While saving is a crucial part of financial stability, its not the fastest way to accumulate wealth due to low-interest rates on savings accounts. Investing, on the other hand, can offer higher potential returns over time. Therefore, an effective strategy is to save for short-term goals and an emergency fund, while money for long-term goals should be invested for better growth.

Passive income is money you earn with minimal ongoing effort, and its a key to financial independence. Examples include rental income, business income where youre not actively involved, and earnings from investments. The beauty of passive income is that it allows you to earn money even when youre not working. Over time, your passive income streams can grow large enough to cover your expenses, which is a crucial step towards achieving millionaire status.

Real estate has been a proven path to wealth for many millionaires. It offers several ways to build wealth, including appreciation, rental income, and tax benefits. Property value tends to increase over time, and rental income can provide a steady cash flow. Additionally, real estate can be leveraged to buy more properties, thus accelerating your wealth-building journey. However, like all investments, real estate comes with risks, so thorough research and maybe even professional advice should be considered before entering the market.

Self-made millionaires provide valuable lessons on wealth accumulation. Most didnt get rich overnight; they worked hard, made wise financial decisions, and stayed patient. They understand the importance of spending less than they earn, investing wisely, and continually educating themselves. Study their journeys, learn from their experiences, and apply their strategies to your own wealth-building journey.

Financial habits play a pivotal role in wealth accumulation. Regularly save a portion of your income, no matter how small. Avoid unnecessary debt and pay off existing debts as soon as possible. Invest regularly and wisely, diversifying your portfolio to manage risk. Always have a budget and stick to it. These habits, although simple, can significantly impact your financial growth when consistently applied.

Also, being a serial entrepreneur by making your ideas a reality whether a business, website, YouTube Channel, or book can eventually make you a millionaire when your idea works out.

Financial literacy is the cornerstone of wealth accumulation. Understanding financial concepts such as accounting, balance sheets, profit and loss statements, interest rates, investment vehicles, risk management, and tax planning can empower you to make informed decisions that accelerate your wealth accumulation. Plenty of resources, both online and offline, can help improve your financial knowledge.

Investing in the stock market can be an effective wealth-building strategy. Start by understanding basic stock market concepts, including stocks, bonds, ETFs, mutual funds, position sizing, and risk diversification. Research companies before investing and avoid jumping into trends without proper analysis. Remember, long-term investment can yield huge returns in the right stocks and indexes.

Theres a significant advantage to starting late on your journey to becoming a millionaire you can leverage the wisdom and experiences youve gained over the years. Late starters often have more income and stability, which can be directed toward investments. The key is to start as soon as possible and stay consistent.

Technology provides powerful tools to help you build wealth. Use budgeting apps to track your spending and savings, investment apps to invest directly in the stock market or mutual funds, and financial planning tools to map out your financial future. Online platforms also offer vast educational resources to improve your financial knowledge.

Risk management is an integral part of wealth building. Diversifying your investments can spread the risk across different asset classes and markets. Its also essential to have an emergency fund as a financial cushion against unforeseen circumstances. Regularly review your financial plan and adjust as necessary to manage risk.

A millionaires budget focuses on growing assets and reducing liabilities. It prioritizes investments and savings over unnecessary expenses. Allocate your income towards necessities, savings, investments, and recreation in a way that aligns with your financial goals. Regularly review and adjust your budget as your income, expenses, and goals change over time.

Even as a millionaire, planning for retirement is crucial. Consider your desired retirement lifestyle and calculate the necessary nest egg. Invest in retirement accounts that offer tax advantages, like 401(k)s and IRAs. A well-planned retirement strategy ensures that youll enjoy the fruits of your labor in your golden years.

Becoming a millionaire isnt just about the moneyits about achieving financial independence. Financial independence means having enough wealth to live without depending on employment or other active income sources. It provides the freedom to make money on your own terms, pursue passions, travel, volunteer, or simply enjoy life on your terms. Keep this ultimate goal in mind as you build your wealth.

Building wealth and aiming for millionaire status is a journey accessible to all, irrespective of age or current financial standing. Its pivotal to comprehend and optimize your financial capacity, face and conquer wealth-building barriers, and harness various tools like compounding, investment strategies, and a growth-oriented mindset. The value of diversifying income, prioritizing investment over savings, unlocking the potential of passive income, and capitalizing on real estate and stock market opportunities is immeasurable. Learning from successful individuals, adopting vital financial habits, continuously educating oneself about finances, and exploiting technology to boost wealth are also key components of this journey.

Starting today, even later in life, effectively managing risk, budgeting with a millionaires perspective, planning for a secure retirement and ultimately achieving financial independence are all milestones on this rewarding path. With patience, discipline, and informed strategies, becoming a millionaire is an attainable goal for anyone ready to embark on this journey. The best day to get started is today no matter what your age.

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Milford Foundation Partners With MoneyTime To Improve Financial … – Scoop

Posted: at 12:49 am

Monday, 26 June 2023, 10:52 am Press Release: Milford Foundation

The Milford Foundation has today announced a new partnership with MoneyTime NZ Foundation; a charitable organisation that uses the MoneyTime financial literacy programme to teach Kiwi kids how to be smart with money. The Milford Foundation has committed $1.175 million to MoneyTime over the next five years, with the ambition that the partnership will support Kiwi kids financial independence from a young age and allow them to make smart money choices for their futures.

MoneyTime is a self-directed programme founded in Aotearoa, which takes an interactive approach to teaching kids an array of financial literacy skills. These include preparing a simple budget, the importance of paying off debt quickly, and how to invest money wisely, which MoneyTime believes are essential skills for all children.

With our roots in financial services and specialist investment, MoneyTime is a natural partner for the Foundation, says Milford Foundation Chief Executive Bryce Marsden. The Milford Foundations purpose is to invest in our future generations, and at a base level, this means facilitating financial literacy education in schools.

According to Financial Services Council New Zealands latest research report[1], financial literacy is on the decline in our country, with only 44% of survey recipients being financially literate, a decline of 6% since March 2020.

Financial literacy is the ability to understand the benefits and risks associated with financial decisions, including spending, borrowing, leverage and investing[2].

Thousands of young students across New Zealand have already benefited from MoneyTimes programme, evidenced by a consistent year by year average of 44% improvement in financial knowledge in children who have completed the programme, continues Marsden.

Both the Milford Foundation and MoneyTime are aligned and motivated in their desire to support a future where confusion and uncertainty around money is replaced by understanding and confidence.

Founder and author of MoneyTime, Neil Edmond, says teaching financial literacy to children can make a real difference to their lifelong financial outcomes.

Learning early means they develop positive attitudes and behaviour towards money at the outset of their financial journey, reducing the need to remedy poor decision making later on, continues Edmond. Financially healthy people create financially successful communities and the whole world benefits.

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Bitcoin ETFs: What Are the Potential Implications for Crypto? – Captain Altcoin

Posted: at 12:49 am

Home Journal Bitcoin ETFs: What Are the Potential Implications for Crypto?

The recent buzz in the cryptocurrency sphere has been largely dominated by discussions around Bitcoin Exchange-Traded Funds (ETFs). The concept of controlling Bitcoin through an ETF has sparked a debate, with critics likening it to confining the boundless potential of the internet within a closed system like AOL.

Bitcoins fundamental design revolves around decentralization, enabling peer-to-peer transactions without the need for intermediaries. This decentralization is a cornerstone of Bitcoins appeal, fostering a sense of financial independence among its users. However, the introduction of an ETF brings a centralized authority into the equation, challenging the very ethos of Bitcoin.

Crypto Market Surges: Discover Opportunities Creating Overnight Millionaires!

One of the most compelling aspects of Bitcoin is its capacity to adapt and evolve in response to the changing needs of its users. This flexibility fuels innovation and propels the technologys potential. However, an ETF could potentially restrict this adaptability, creating a bottleneck for innovation and limiting the technologys growth trajectory.

Bitcoin empowers individuals with financial sovereignty, allowing them to control their own funds. This sense of ownership is a key selling point for the cryptocurrency. However, the introduction of an ETF transfers this ownership to a third party, undermining the principle of self-custody that Bitcoin champions.

Bitcoins resilience against systemic risks and market manipulations is one of its key advantages. It offers a buffer against the vulnerabilities of traditional financial systems. However, the introduction of an ETF could expose Bitcoin to similar risks, creating a concentration of power and introducing potential vulnerabilities.

Bitcoins strength lies in its open and accessible nature. It transcends borders and provides financial opportunities to the unbanked. However, an ETF could potentially limit this accessibility, creating barriers for those who dont meet certain criteria and compromising the inclusivity that Bitcoin promotes.

The rise of the internet saw the emergence of centralized platforms like AOL. However, the world eventually recognized the power of an open internet and moved away from these centralized platforms. This historical lesson serves as a reminder of the importance of preserving the decentralized nature of Bitcoin.

Despite the potential drawbacks, the approval of a Bitcoin ETF could have positive implications for the industry. It could attract institutional capital into the crypto space, serving as a temporary solution until proper regulation is established.

Bitcoin represents a new paradigm in finance. As the debate around ETFs continues, its crucial to consider the long-term implications for decentralization and individual empowerment. The challenge lies in fostering innovation while staying true to Bitcoins core values.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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De-dollarization will be a priority talk at BRICS meeting Cryptopolitan – Cryptopolitan

Posted: at 12:49 am

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As the world watches the shifting landscape of international finance, a crucial conversation is looming on the horizon. At the forefront of this dialogue is the forthcoming BRICS summit scheduled to take place in Johannesburg, South Africa, from August 22-24. This coalition, composed of Brazil, Russia, India, China, and South Africa, is predicted to place Read more

As the world watches the shifting landscape of international finance, a crucial conversation is looming on the horizon. At the forefront of this dialogue is the forthcoming BRICS summit scheduled to take place in Johannesburg, South Africa, from August 22-24.

This coalition, composed of Brazil, Russia, India, China, and South Africa, is predicted to place de-dollarization high on its agenda.

This was revealed in a recent meeting between the presidents of Brazil and South Africa, Luiz Inacio Lula da Silva and Cyril Ramaphosa. The pair deliberated on various key issues including the ongoing Russia-Ukraine conflict and potential peace-making efforts.

The core of their conversation, however, revolved around the BRICS summit and their collective vision for its outcome.

President da Silva, in particular, has been an outspoken advocate for transitioning away from the U.S. dollar in global trade, favoring the use of national currencies.

His advocacy extends to the potential creation of a common BRICS currency, similar to Europes Euro. This topic is expected to be heavily debated during the upcoming summit.

Da Silvas argument in favor of a BRICS-based currency stems from his vision of bolstering independence among these emerging economies.

By adopting a unified trading currency, BRICS nations could significantly reduce their reliance on the dollar, creating a more balanced global economic playing field.

Alongside this discussion of a unified currency, the BRICS bank stands as another beacon of financial independence for these countries.

Da Silva views the institution as an alternative to traditional financing mechanisms, helping BRICS nations escape the limitations imposed by Western-based financial institutions.

As part of his vision, he anticipates an increased cooperation with the African Development Bank, highlighting the emerging symbiotic relationship between BRICS and other global south economies.

This vision paves the way for increased self-reliance, leveraging the strength and potential of these emerging economies.

The coming months are expected to be a pivotal period for the BRICS nations. As they grapple with the challenges of the ongoing Russia-Ukraine conflict, they also confront the broader issue of financial independence and global economic restructuring.

The question of de-dollarization is not a mere talking point; it is a critical component of their agenda, aimed at transforming the way these nations engage with the global economy.

The leaders of the BRICS nations are certainly under the global gaze as they prepare for the summit.

As they steer their nations through the complexities of the current geopolitical landscape, the decisions made could have significant repercussions not just for their respective countries but for the global economy at large.

This August summit is more than a meeting; its a potential turning point in the history of global trade and finance.

In the coming weeks, the anticipation is set to build, not only within the BRICS nations but among financial institutions and economies worldwide.

The discussions and decisions made at the upcoming BRICS summit could indeed redefine the worlds economic trajectory, nudging it towards a future less dominated by the dollar and more reflective of a balanced, multi-polar global economy.

Disclaimer:The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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De-dollarization will be a priority talk at BRICS meeting Cryptopolitan - Cryptopolitan

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