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Showing posts from July, 2017

Stiglitz, Tax Cuts and Trickle Down.

Stiglitz on Tax Cuts.7/27/2017 0 Comments Why Tax Cuts for the Rich Solve Nothing
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NEW YORK – Although America’s right-wing plutocrats may disagree about how to rank the country’s major problems – for example, inequality, slow growth, low productivity, opioid addiction, poor schools, and deteriorating infrastructure – the solution is always the same: lower taxes and deregulation, to “incentivize” investors and “free up” the economy. President Donald Trump is counting on this package to make America great again.
It won’t, because it never has. When President Ronald Reagan tried it in the 1980s, he claimed that tax revenues would rise. Instead, growth slowed, tax revenues fell, and workers suffered. The big winners in relative terms were corporations and the rich, who benefited from dramatically reduced tax rates.
Trump has yet to advance a specific tax proposal. But, unlike his administration’s approach to health-care legislation, lack of transparency will not help him. While many of…

"Ceterum censeo Carthaginem esse delendam", nihil sub sole novum

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Profitless usurer, why dost thou useSo great a sum of sums, yet canst not live?For having traffic with thy self alone,Thou of thy self thy sweet self dost deceive:Then how when nature calls thee to be gone,What acceptable audit canst thou leave?William ShakespeareThe Sonnets , IV.

https://archive.org/details/StephenZarlengaTheLostScienceOfMoneyScan44Mb

THE USURY ERROR It would have been a major conceptual error to allow usury to be charged on agricultural loans denominated in metals, especially if the interest and principal was to be paid in metal. For one thing, metals are “barren” - they have no powers of generation. Any interest paid in them must originate from some other source or process, outside of the bor- rower’s understanding or control. Money and power would concentrate in the hands of lenders. This structural flaw was alleviated by the central authority. Although the Royal household was the largest lender and charger of interest, it took decisive action to minim…