In Dec 2012 a European bitcoin exchange said it had been granted "payments service provider status" by French government officials. (Meaning French government considered the exchange to be like Paypal.) If other companies that trade in BTC seek to be legitimized by governments, it could undermine one of the basic things that defines BTC -- that it works best outside the "white market" sector.Read more »
The World Bank has clued in to the fact that many Eastern Europeans prefer to work in the "shadow economy" — that is, off the books and out of sight of tax men, inspectors and other assorted bureaucrats. This has the World Bank very concerned, for a variety of reasons — some convincing, and others, not so much. By the way, World Bank Employees are exempt from income taxes.Read more »
This is a link to the discussion about the Silk Road Armory closing. You will need TOR to be able to see the link.Read more »
The illegal trade in kidneys has risen to such a level that an estimated 10,000 black market operations involving purchased human organs now take place annually, or more than one an hour, World Health Organisation experts have revealed. Evidence collected by a worldwide network of doctors shows that traffickers are defying laws intended to curtail their activities and are cashing in on rising international demand for replacement kidneys driven by the increase in diabetes and other diseases.Read more »
If all the world’s informal markets were formed into a single independent nation, its $10 trillion economy would be the second-largest on the planet (behind only the US). These markets thrive in places where taxes are low, poverty is high, and resources are scarce. The colors on this map indicate the size of each country’s underground economy, as a percentage of its GDPRead more »
For as long as there have been laws, there have been black markets to sell whatever those laws prohibit -- drugs, guns, whatever Han Solo was shipping on behalf of Jabba during his smuggler days. But not every law is as clear-cut as "machine guns and heroin are bad," and not every black market item is as menacing as those. In fact, you'd be utterly baffled to see what's getting traded in the shadows these days, considering it includes things like ...Read more »
Tom Woods calls this article "one of the most interesting and startling articles I have read in a long time."
In 2009, the Organisation for Economic Co-operation and Development (OECD), a think tank sponsored by the governments of 30 of the most powerful capitalist countries and dedicated to promoting free-market institutions, concluded that half the workers of the world -- close to 1.8 billion people -- were working in System D: off the books, in jobs that were neither registered nor regulated, getting paid in cash, and, most often, avoiding income taxes.Read more »
An excellent article from Reason magazine about a large, prospering city in China supported entirely by the black market.Read more »
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