Posted February 08, 2021
By Byron King
The morning after a lopsided Super Bowl, a reader says: Im personally appalled by how much professional athletes make, but I would never infringe on the freedom they and their team owners have to negotiate a contract.
The problem with maximum pay (and all socialism), is that taken to its logical conclusion, everyone gets the same.
And given our trend towards globalism, simple math will tell you that when we average across the world, most everyone gainfully-employed in the U.S., is going to take a pay cut to get to the average.
Another reader writes: A maximum wage sounds great until you realize that it devastates high-performance operations and people.
A better angle is an extremely high income-tax rate (without deductions) on income above $1,000,000 a year, like the 90% marginal rate that was used in the past.
People who earned more than $1,000,000 would still keep some of what they earned, but not a whole lot.
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Your Rundown for Monday, Feb. 8, 2021
In the past year, Bitcoins lived up to 2017s mania when the flagship crypto neared $20,000 only to crash below $5,000.
Today, Bitcoins rallying in dramatic fashion, up about 14% and surpassing $40,000. What gives?
A regulatory filing on Monday, The Financial Times reports, [shows] Tesla has invested $1.5 billion in bitcoin and plans to begin accepting [bitcoin] for payment in one of the highest-profile endorsements of the cryptocurrency sector by a major U.S. company.
Tesla said it purchased the bitcoins after changing its investment policy last month to diversify and maximise returns on its cash.
The investment represents about 8% of Teslas near $20-billion war chest, according to the companys filing at the end of December.
And Teslas co-founder Elon Musk has been an outspoken supporter of cryptocurrency, including the goofy Dogecoin which Musk has called -- jokingly? -- the peoples coin. (Dogecoin soared 55% Sunday after Snoop Dogg likewise endorsed the crypto.)
Regardless, Tesla offers this caveat: We believe our bitcoin holdings are highly liquid. However, digital assets may be subject to volatile market prices, which may be unfavourable at the time when we want or need to liquidate them.
Hmm From a diversification standpoint, Teslas board chair Robyn Denholm says Bitcoin is just a portion of Teslas cash and that the companys also diversified with gold bullion.
[To our readers: If youve purchased Bitcoin, write in with your experience. When and why did you buy crypto in the first place? Also, do you hold gold or other precious metals? Well publish your responses Wednesday. Thanks!]
Market Rundown for Monday, Feb. 8, 2021
S&P 500 futures are up 17 points to 3,897.
Oil is up 1.2% to $57.53 for a barrel of West Texas crude.
Gold is up 1.15% to $1,833.80 per ounce.
Bitcoin is up almost 14% to $43,651.21.
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Have a great Monday Well be back Wednesday.
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