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Here is someone who does understand 'economics' - Raghuram Rajan, Governor of the Reserve Bank of India.
The lecture, about "Rules of the Game in the Global Financial System", starts about 11 minutes in.
Not only will q.e. (quantative easing), more honestly known as inflation, be an increased tax on the poor [see government inflation is merely a hidden tax on the poor and uneducated].
soak the rich
But the mad belief that you can get 20% tax on capital out of the 'rich' is also nutz.
If you sell your house, you can put it on the market at say £200,000. If everyone in the street puts their house on the market to pay some Corbyn tax, and this happens in every street throughout the land, then you'd be very lucky to get £100,000 for your house. This is what would happen if the 'rich' of Britain were obliged to cash their assets to pay the 20%. Even people with modest incomes are unlikely to hold 20% or more of their annual income, let alone their capital, in cash.
With so many trying to sell assets, whether property, businesses or paintings, this would produce fire-sale conditions. Of course, wealthy people and organisations around the world will circle and come into this fishing binge, and British ownership will be sold to Germans and Americans.
Jeremy Corbyn will not raise anything like the money his greedy cronies want. This would aggravate the fire-sale further in a downward spiral.
Such a policy would impoverish the country and remove investment capital. The population would all end up renting from forrin moneybags.
So a Corbyn regime would have to build a wall.
It is essential that people understand that inflation hits the poor and those on fixed incomes much more than others.
It is necessary to understand that the more government takes in taxation to spend as they want, the less money people have to spend as they choose. Corbyn and Co. want to spend more money on their projects. That money is not then available to spend on your preferred projects.
Do not be confused by the constant talk of money in government actions. What it is really always about is how much of your goods and time King John and the Sheriff of Nottingham take from you by main force.
Socialists always have a prime ambition to bring you ever more under their power, until you no longer have any control over your own lives. Each increase in taxation is another step towards limiting your freedoms, while increasing theirs.
Here we extend and fill in the details of yesterday's report, ten numbers of french government bureaucracy.
To keep within public finance targets, at least 450 million € savings need to be made in the state budget during 2016 and 2017.
In their latest weekly report [150 pages], the Cours des Comptes (France's National Audit Office) did not spare the public sector from criticism.
The public sector is made up of state officials, regional and local officials, and 5.4 million hospital workers. In total, they represent an annual expenditure of 278 billion euros. This is 25% of public expenditure and 13% of national wealth.
From 2004 to 2014, the public wage bill - the staff costs of public employees - on average, increased by 2.4% per year. However, this growth masks contrasting developments. While centrzl government reduced the number of staff between 2008 and 2012 by not replacing one in two retiring officials, local authorities, especially town coucils, increased their staffing annually on average by 1.3% (2009 to 2012). Over the same period, hospital staff increased by 1.2% annually.
Given these rising figures, to achieve substantial savings, the National Audit Office recommends
The state budget for 2015-2017 forecasts a payroll increase of 250 million euros per year, while the total budget growth is estimated at 700 million euros annually.
[Loosely translated from Le Figaro]
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© abelard, 2015, 11 september