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Mnuchin Fails to Disclose $100M in Assets… Then it Got Worse

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President-Elect Donald Trump has put forth his cabinet picks. If they’re all approved, this would mark the wealthiest U.S. cabinet in history. But before each pick can be granted his or her position, they must go through the Senate nomination hearing. And for some, that hearing was worse than for others. For Steve Mnuchin, Trump’s pick for Treasury Secretary, things did not go well. Just hours before his hearing, it was revealed that Mnuchin failed to disclose $100 million in assets, as well as a few other important pieces of information. What’s next for the treasury nominee?

Here’s a List of Assets Mnuchin Failed To Disclose

In politics, there is always heated opposition from across the aisle. Accusations run rampant, and hostilities are always high. But in the case of Treasury nominee Steve Mnuchin, the Democrats were handed an arsenal of firepower with which to hammer Mnuchin during his nomination hearing in front of the Senate when it was revealed he failed to disclose $100 million in assets. And it only got worse from there. Can Mnuchin survive the nomination process or does Trump need to decide on a plan b?

Things got ugly for Mnuchin during the hearing when Democrats focused on his financial disclosure form. In his revised form, Mr. Mnuchin disclosed $95 million in real estate holdings spread across New York, California, and Mexico. He also originally failed to mention that his children own $1 million in art collections. But the biggest omissions on Mnuchin’s part were bigger than money.

Mr. Mnuchin also initially failed to disclose that he is the director of Dune Capital International, an investment fund incorporated in the Cayman Islands, along with management posts in seven other investment funds. That’s a big deal because the Cayman Islands act as a tax haven for corporations, meaning that Mnuchin could be using federal loopholes to avoid paying millions in taxes – not a good look for the nominee for Secretary of Treasury.

Mnuchin was also hammered on his foreclosure practices when he was running OneWest bank following the 2008 housing crisis – by a Republican senator. The questions from Sen. Dean Heller (R-Nevada) focused on how many people received assistance from his bank, which profited heavily from the crisis. Sen. Heller prodded for answers saying he’d asked 7 times over two weeks, and still had not received an answer. OneWest foreclosed on 60,000 families nationwide while denying 75 percent of mortgage modification applications.

Watch the news report from The Wall Street Jornal for a glimpse of what happened in Mnuchin’s senate hearing:

Democrats believe Mnuchin is an example of “the swamp” Trump claims to want to drain. They believe Mnuchin’s proposed corporate tax cut, lowering tax from 35 to 15 percent for corporations, will only help the super rich, and not do a single thing for the poorest 8 million families in the U.S. However, Republicans are embracing Mnuchin, and believe his tax plan will bring money back into the country, increasing economic growth by 3-4 percent a year. And with a Republican controlled Congress and Senate, there’s a fair chance Mnuchin is our next Treasury Secretary.

 

Find out why President-elect Donald Trump wants Mnuchin in the first place as Treasury Secretary when you click this now!

 

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Business

American Firms Keep Hiring, Easing Worries of Weakening Economy

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The unemployment rate is “now at a half-century low of 3.5%” – this matches the lowest jobless rate since 1969 – and economists have also given a warning that hiring would soon slow because there are fewer unemployed workers. However, in November, employers added 266,000 jobs – the highest number since January. Monthly hiring has averaged 205,000 for the past three months.

Associated Press reported that “Friday’s jobs report largely squelched fears of a recession that had taken hold in the summer. Steady job growth has helped reassure consumers that the economy is expanding and that their jobs and incomes remain secure.”

President Trump tried to focus voter’s attention on the state of the economy instead of his impeachment inquiry. Trump even tweeted “JOBS, JOBS, JOBS!”

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Economy

Could Trump’s Tariffs Hurt The U.S. Economy?

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Could Trump’s Tariffs Hurt The U.S. Economy

About a year ago, the media was talking about how Trump’s trade wars could negatively affect many industrial companies, the agricultural sector, and right down to the every day American worker.

The recent stats from Gross Domestic Product has now revealed the current reality of Trump’s multiple front trade war.

Data shows that imports increased, while exports decreased by over 5%. Business investments have declined by 0.6%, and this decline has been happening since 2016. Most North American corporate capital spending is also on a declining trend.

Trumps’s tax reform was short-lived for most American companies. We did not get many benefits from the trade tensions either. U.S. corporate debt is getting much worse and far more significant than household debt.

Many are speculating that the cutting interest rates will lead to more zombie companies that will threaten both the U.S. and global economy.

Click here to learn more.

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Economy

CryptoRuble | Cryptocurrency in Russia

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What do you get when you implement cryptocurrency in Russia? Cryptoruble! Read on to find out how Russian cryptocurrency is doing.

CryptoRuble | Cryptocurrency in Russia

Russia’s Pivot Toward a Pro Cryptocurrency Policy

Prior to the great boom which propelled Bitcoin over $7,000, both Russian bankers and politicians alike voiced their conflicting opinions and hesitancy toward the cryptocurrency.

Vladimir Putin called for tighter regulation of cryptocurrencies only a month prior to his speech where he touched on nurturing the new technology, while authoritative bankers compared cryptocurrencies to Ponzi schemes.

At one time, a proposal was made that would punish those owning bitcoin with up to seven years in jail for a violation.

Recently however, these antagonistic statements from central banks and the Kremlin have pivoted with a series of official announcements that would strengthen Russia’s position as a possible focal point for the impending and inescapable cryptocurrency revolution. The major impetus for this considerable change in rhetoric is demanded from people all over the world for digital cash as instruments of investment, payment, and more. The people’s demand hasn’t fallen on deaf ears in Russia.

But the Russian elite have answered the people’s call in a uniquely Russian way.

To everyone’s surprise, President Putin, in late October of 2017, announced his support for cryptocurrency in Russia and subsequently ordered legislation that would put into place infrastructure for its national adoption.

Unique legal frameworks has since been conceived for the taxation of cryptocurrency mining, regulating initial coin offerings (ICOs), developing blockchain technology in business, and establishing a far-reaching system of payment for Russian citizens.

Perhaps, the most astonishing statement given by President Putin’s was his announcement that Russia intends to form a digital crypto rendition of the ruble termed the ‘CryptoRuble’. The CryptoRuble is supposed to be interchangeable with the ruble on a 1:1 ratio. Quite dissimilar to other more ‘traditional’ forms of cryptocurrencies, the CryptoRuble will not be able to be mined and will be exclusively issued by the Russia’s central bank. This kind of approach is distinctly Russian, and is based on years of meticulous observation of how various forms of cryptocurrency has previously affected other countries.

This Russian model cedes some economic freedoms for government control, while still preserving and incorporating the technology’s primary advantages.

Additionally, an unchangeable ledger will make citizen cash flows transparent to the government and help stem fraud and corruption. In theory, it should also help to bring down walls of previous systems plagued by middlemen.

CryptoRuble income is expected to be taxed at a rate of 13 percent for those wo’re unable to provide a legitimate source for it. Not only is this an attempt at preventing corruption, but it’s also a way the Russian government can profit from it.

Russian leadership is likely to remain watchful of any new methods they can use to achieve a competitive edge in international politics, finance and trade.

Cryptocurrency seems to be one of the most likely channels for increased influence across borders; thus, Russia’s pivot toward a pro-crypto policy stance is quite logical.

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