Tuesday's Markets Update (September 12, 2023)
On Tuesday, Nasdaq slide down as inflation worries weigh on tech. Apple unveils iPhone 15, Oracle misses estimates. BTC recovered on a rare occasion of crypto traders anticipating positive macroeconomic updates. Other news: the EU Parliament required crypto-asset service providers to report all EU clients transactions.
Small business optimism decreased in August 2023, with inflation and worker shortage cited as the biggest obstacles.
The decrease in the NFIB Small Business Optimism Index in August is a sign that business owners are feeling less optimistic about the economy. This is likely due to a number of factors, including inflation and the worker shortage.
Inflation is making it more expensive for businesses to operate, as they have to pay more for raw materials, labor, and other inputs. This is squeezing profit margins and making it harder for businesses to invest and grow.
The worker shortage is also a major challenge for businesses, as they are having difficulty finding qualified employees. This is forcing businesses to raise wages and offer other incentives to attract workers, which is also adding to their costs.
Obviously, the inflationary pressure is not only affecting consumers, but also businesses.
The EU Parliament approved DAC8, which requires crypto-asset service providers to report transactions involving EU clients to tax authorities. This will pave the way for automatic exchange of crypto asset information among EU tax authorities.
Bureaucrats are motivated to control and tax people. One reason is that they see it as a way to maintain order and stability. Another reason is that they believe that taxation is necessary to fund government programs. Additionally, some bureaucrats simply enjoy the power that comes with controlling other people’s lives.
Most bureaucrats do not know how to earn money due to their personal incompetence. This is because many bureaucrats come from wealthy families or have connections that allow them to get ahead without having to work hard. As a result, they do not have the skills or experience necessary to be successful in the private sector.
So, no wonder, that instead of the support for their innovative ideas, drastically improving peoples lives, entrepreneurs get the enforcement from bureaucrats on all continents. Replace then with code, that what we need.