Tag Archives: taxation
Nov 17, 2018Posted by on
This week on Facebook: In 2008 I wrote an article about privatisation under a New Labour government, in which The Guardian newspaper figured prominently. Some eight years later I am still writing about the sale of pubic assets, with the media on the left now writing in support of a ‘Labour’ opposition party and highly critical regarding the sale of public assets. At least this time around The Guardian has been more honest, if still remaining somewhat circumspect↔ about the part that the New Labour Administration played in the sale and funding of public assets (1). Read more of this post
Oct 13, 2018Posted by on
This week on Facebook: Most of those who believe in the existence of ‘A Money Tree’ and particularly those who choose to write about it (either from the political left or right), are not so naive as to believe that the State uses its fiscal policy wisely. The term money tree is used for political effect, yet regardless of political leanings most remain mute regarding the money that grows on it and where it comes from.
The issue of affordability never arises when the proposed spending relates to activities like going to war or bailing out the banks. There Is A Magic Money Tree
Countries like the UK that have their own central bank with which to create and borrow its own currency, claiming that deficit financing is part of a fiscal policy and not a problem as it is only incurred as an investment that is part of government economic policy. Those committed to the political left or right claim that their fiscal policy will encourage economic growth and resolve any deficit financing problem. The State has consistently failed to cover the costs for the future in its management of fiscal policy such that deficit financing always increases the national debt and fails in its social responsibilities.
To paraphrase Peter F. Drucker, it could he said that: The first responsibility of government is to cover the costs for the future. If this social responsibility is not met, no other social responsibility can be met. Peter F. Drucker, The Practice of Management
Apr 12, 2018Posted by on
The following is a brief extract from ‘Big Brother Loves You!’ by Detlev Schlichter in which he rails against fiat money and the creation of debt something that I touched on in A Universal Debt. Commenting on the trend towards interventionist policies and assertive state action, The Economist and the Financial Times talk of the trend towards ‘repression’ and ‘national capitalism’ in crisis management. The public believe that greedy bankers and ‘unfettered capitalism’ brought about this crisis. Yet cheap credit through state fiat money and the systematic subsidisation of the housing market, are not features of the free market but of politics. Read more of this post