Monday's Markets Update (October 23, 2023)

23 Oct 2023 by rate3

On Monday, Chicago Index increased a bit, and Nasdaq rose slightly. This came ahead of a busy week with earnings reports from four big tech companies. Tech and consumer discretionary stocks were the top performers, while energy and materials stocks lagged. Microsoft, Alphabet, Amazon, and Meta all advanced ahead of their earnings reports, while Nvidia jumped after news that Chinese tax authorities are investigating Apple. Meanwhile, BTC continued to rally on expectations of BlackRock's spot BTC ETF nearing approval, reaching 32K—its highest in five months. On the other side, ETH showed much less price performance, still staying in its October range of 1.65–1.75. Other news: FinCEN proposal seeks to expand the PATRIOT Act to cryptocurrencies.

Details

The economy grew a bit in September 2023, according to the Chicago Fed National Activity Index. This was driven by a rebound in manufacturing activity and a slight improvement in employment.

Comment

First, Boomers tell us that a 20-year-long regime of the "zero" rate is an anomaly, supported by a slow economic growth world-wide, so holding the rate at 5% for an indefinite time is perfectly fine, despite all the stupid complaints from "some" business owners about the recession and rising unemployment.

Second, they will start telling us that having several major wars all over the globe killing tens of thousands of people a day is also the "historical habitability" and that it is not caused by their own stupid policies at all - it is just a "return to a world's normal state."

Then we will have to wait just a bit before Boomers will start to preach to us that the nuclear war is absolutely okay because it's just a continuation of their peaceful policies by other means.

I have only one question to all of us: how long will we allow those old idiots to stay on top, and how long will we allow that unbelievably dysfunctional centralized system of governance to exist before it ends our existence?

Crypto

The latest FinCEN proposal seeks to expand the PATRIOT Act to cryptocurrencies, meaning that all cryptocurrency privacy tools would be subject to extensive reporting to FinCEN. This would lead to a central database of all users of privacy tools, making it easier for the government to crack down on them in the future.

Comment

Proposition for Comprehensive Political Reforms

In light of the unprecedented expansion of government powers, often attributed to scapegoating and resulting in unwarranted intrusions into our private lives over recent years, it is imperative that we propose comprehensive political reforms. This high-level outline, though lacking many crucial details, aims to provide a stage-by-stage transformation of our intricate and already tumultuous world.

I. Introduction of a New Political Generation

The first step in our reform agenda is to introduce a fresh, younger generation of political candidates at all levels of governance – municipal, state, and federal. Each candidate should establish a financial "snatch fund" as collateral, contingent on their commitment to uphold the decisions made by People's Decentralized Autonomous Organizations (DAOs), comprised of all voters who elected them.

II. Electoral System Overhaul

To restore public trust in the political process, we propose a complete overhaul of the electoral system. This includes the prohibition of all forms of lobbying and prevents politicians from assuming positions in businesses after leaving office. State pensions will suffice for individuals who pledge to serve the people. Also, limitations on politicians' age and terms in office must be introduced. Additionally, all elections must be direct, instantaneous, electronic, and blockchain-based, ensuring transparency and scrutiny by all citizens.

III. Transition to Direct Democracy

Our third proposal involves the transition from a representative democracy to a direct one. This transformation begins with the abolition of the presidential office, returning power to individual states and, further, devolving authority to cities and municipal communities. Electronic plebiscites on federal-level issues, including matters of war and economic policy, should become standard. Furthermore, the elimination of most federal agencies is suggested, with their essential functions outsourced to private, competing businesses.

IV. Declaration of Individual Sovereignty

A new constitutional amendment should be enacted, affirming absolute individual sovereignty and the primacy of individual rights over the state. Personal privacy and security must be inviolable.

V. Lowering Regulatory Barriers for Private Businesses

In order to foster innovation and adapt to a divided world, we propose a significant reduction in regulatory requirements for all private businesses.

VI. Implementation of Universal Basic Income (UBI)

We advocate the introduction of UBI, distributed algorithmically and unconditionally to every citizen. The funds for UBI will be generated from a single tax on all business activities. All other taxes (except on wars) must be abolished. Most federal state departments, with the exception of a few critical functions (e.g., defense and environmental protection), should be closed, with their responsibilities transferred to competitive private enterprises. Departments are financed from peoples voluntary donations.

VII. Global Governance Transformation

On the international stage, we envision a new governance system based on individual empowerment over state authority and complete global governance decentralization. Passports should be abolished, and individuals should possess only anonymous coded identifiers, confirming their unique identity without revealing personal information. Citizens of states that infringe upon the rights and liberties of their populace should receive preferential treatment. Borders must be transparent, and new regions should be designated to form new countries when existing ones cannot accommodate them. "Government As A Service" principle must be universal in all free states.

This political reform proposition seeks to address the core issues plaguing our current political systems, promoting transparency, individual sovereignty, and greater control for the people over their governance. While the details may require further refinement, this roadmap offers a direction for transforming our complex and crisis-ridden world