Toto deVeer
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Posts posted by Toto deVeer
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This whole situation hinges on interest rates. If the old folk could get a return for their savings, and if mortgages were more expensive, you would see the flow of money reverse.
Unfortunately the UK interest rates are determined by US FED policy more than anything else.
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I thought this was interesting.
http://globaleconomicanalysis.blogspot.com/2010/05/legalized-theft-uk-proposes-50-tax-on.html
50% Tax on Capital Gains is Insane
How anyone can call themselves a Conservative while proposing a 50% tax on capital gains is beyond me. Note how the party did not make it part of their platform but now says it was "pretty clear" this would happen.
Excuse me, but a hike in capital gains from 18% to 50% or even 40% was not clear to anyone, especially conservatives.
This policy proposal, if enacted, will wreck UK investment opportunities. It puts a firm sell on property and the UK stock index FTSE as well.
Good luck with that David Cameron. You coalition may be burnt toast already.
Whilst I find Mish an interesting pundit on likely market direction, sometimes I think his political/economic views are completely destructive.
The comments to this article are worth reading. Funny how the Yanks want to go back to the pre-FED days, yet they don't seem to have a clue what that was like.
Prior to the FED, there was no income tax, but capital gains tax and tariffs on imports were the major sources of government revenue under the US constitution.
Personally, I think that the ConDems are going in the right direction, and the States haven't got a clue. Any thoughts?
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The chart is a bit old, but it does shed a little light on wealth distribution in Britain. (Source: HMRC)
Anybody knows of a more updated version?
It would be very interesting to find out about the top 1% as well. I suspect it would be very high also.
We do need proper property tax, fully proportional to value, and without ceiling - unlike Council Tax.
And any info on general wealth distribution? I mean, besides properties?
Strange chart, and surely significantly changed now.
Don't think the answer is a property tax though. The whole economy has to be redirected to production, rather than rent seeking.
No doubt that most of the upper 5% are largely wealthy from property investment themselves, a self perpetuating societal monster....
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http://www.youtube.com/watch?v=gSFVx1c6ca8
Nice comments
Man, this is soooo staged.
Identikit protest uniforms. Bused as a group. Pre-prepared speeches. Ensure she's holding the mike close to the mouth. Timed chants...
All scripted, post-processed video, and a special mention of the SEIU at the end.
All paid by your US tax dollars.
Jeez... :angry:
This is nothing more than a completely staged rent-a-mob.
[Edit: Does everyone here know that the SEIU is a national government union in the USA? These guys and others are one of the major reasons for the continuing lack of demand in the housing market. People can't afford houses (read Detroit etc) at any price, because these unions have driven salaries so high that property taxes for an average house in some areas of the country can easily top $15,000/yr.]
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Because you are missing a key and important stage in your anlysis - that it has to pass through the taxmans hands on it's way to "the economy."
Problem - x has too much of y
Solution - let x control all of y
Doesn't compute. The taxman is just another guy.
Thx.
Agree that the tax man is just another guy, but at least can be regulated; acting as a custodian of the wealth of a nation.
Do you think there is a solution to (1) excessive concentration of wealth and (2) the Pareto curve? In my opinion these are the two biggest problems that plague all societies...
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It doesn't really make any sense to reduce the amount of wealth that people hold by concentrating it in a few peoples hands, no.
Thanks Injun, you seem to be the Economic Guru around here...
Why would it concentrate wealth in a few peoples hands, if the money were either retired, or returned to the economy in the form of essential projects or services?
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I think they've decided that, in the current environment, to wait any longer could be suicidal. I just hope they don't get stomped on by Mr. Market before then. The 22nd June is a long way off...
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In which case you have made the guy in the treasury own a lot more than a billion.
And you have made your problem of wealth disparity worse, not better.
Whilst I'm not in favour of taxation or wealth redistribution, I feel that the money of a country belongs to the people, and that extreme wealth of a few represents a threat to democracy.
I have not had a chance to look at it (when time permits) but I wanted to try to see what shape the Pareto curve might take if the upper wealth was simply chopped off. This could be achieved by setting a tax on some maximum wealth point.
My thinking was to combine this with a credit based currency system, where the government spends the money into existence for infrastructure, essential public services etc.
I realize that a credit based system does not have national debt; I was thinking that during the transition (from where we are today) the excess would be paid against national debt then when debt is repayed the money would simply be returned to the treasury, retired if you will, to preserve purchasing power or fund government projects.
Sorry if this does not make sense, I'm just throwing some wild ideas out...
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You can't cap wealth at 1 billion dollars without making someone de facto owner of all wealth.
I was thinking just to return the excess to the treasury, and use it to retire debt. Like buying back shares in a corporation.
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masked sex orgies with wicked whores, bnakers, judges, criminals and sexy socialites...
I'd join the protest if I could watch that too...
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Just as an aside, wouldn't the introduction of a high CGT have a large negative impact on the amount of leverage one could get from a bank for the purchase of additional properties? Or is CGT not considered in this calculation.
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You would think a banker would have a better quality house than that. Jeez its got weatherboard external cladding, i wouldn't be surprised if the cheap fecker has vinyl siding over the top of it as well.
And why protest about Bank of America in Washington, DC? Wouldn't it be better to go protest on Wall Street? Doesn't make sense to me. All staged.
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They are on the thin edge of losing it, nothing is decided yet, they either gain much stronger control over us or they lose it all.
Don't you think that the survival of the Euro plays into the hands of the elite, and that it's failure would work against them? I see the European Union and Euro as a mini-model of global elite control...
As the Euro goes, so goes globalist aspiration for a few more decades, anyway...
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The ones you mentioned have peanuts compared to the real 'elite', starting from the Saudi royal family, the British royal family (most of their wealth doesn't appear in any accounts), the oil barons like the Rockefeller family, the big banking families like the Rothschild, these are the ones with the real wealth that think they control the world.
They probably do control the world, for now. But they could lose it too.
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It is better to give than to receive.
Your thinking is all up the spout I'm afraid.
They've been effectively selling at a loss, and this needs eventually to be accounted for. Far from devaluing their currency, they need to inflate and account for that loss one way or another.
Hoarding at the expense of all around you is not a sustainable strategy. As the goldbugs will one day find out (they insist they won't of course, but they will, it's inevitable)
As for 'assuming others debts' - the debts lie in their own banks. They need to assume their own debts.
I very much agree that it is better to run a balanced economy, with fair trade policies. Countries that have built their economic model on export surplus are going to eventually suffer the consequences; this includes many Asian economies as well as Germany, except that Germany is a little different in that she has built her exports on value, not cheap labour, as has Japan, and South Korea. The rest of Asia may suffer a lot; they are largely using labour arbitrage for export surplus.
I'm just putting forward what I think is the mindset of the German people. I think that, politically, it is going to be very hard for any German politician to go against what I perceive to be the wishes of the German people. They overwhelmingly do not want to 'bail out' the med countries. I could be wrong, though.
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Seems even far more evil than even 'Common Purpose' to me. These foundations all exist to further the interests of the 'elite' and their lunatic goals (apart from evading tax as I mentioned already).
My personal view is that the number one threat to the world is the concentration of great wealth in the hands of a few; where individuals or groups of individuals can destabilize countries. Soros, Gates, Buffet, Walton..etc.etc. all fall into this category. They all want to be Masters of the Universe (or they already think they are).
I say, cap individual wealth to 1 billion dollars, and any wealth above this reverts to the people. Other than this, government should just butt out.
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Each of them don't just export to each other, the export surplus is towards all countries combined, so there is plenty of scope for both sides to benefit.
It's fairly logical once you get it, the european market is stagnating (if not worse) and won't give the Germans much growth (if any at all) for the next few years, so they needed to realign the Euro/$ exchange rate to the long term average to be more competitive in Asia.
After all the DM/$ long term average is below 1.20$/Euro.
Well the underlying assumption is that the Euro will still be of it's present form, in future. The Euro is a currency that is only 11 years old, and only a couple of years ago expanded from 16 to 27 (or 28, I lose track) countries, with no fiscal or political integration, only a single monetary system.
I just can't see how it can survive in it's current form. If Germany stays, she risks being destroyed, not just financially, but politically.
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There is plenty of demand far east, with plenty of dollars to pay for German products (hence the need to lower the euro versus the dollar).
As long as Germany buys an equal or greater amount of Asian product. The last thing that the Asian economies want is to lose their export surplus, and the last thing the Germans want is to lose their export surplus. And I don't see that Germany, with a low Euro, will replace US consumption any time soon.
The German people have suffered a lot of pain, over the last 20 or 30 years, to build an economy built on exports, whilst maintaining a strong currency. I can't think of any other country that has managed to achieve this. Now I find it hard to believe that they would sudden throw all of that away, by assuming others debts and devaluing their currency. Just does not jibe.
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Foundations or charities of the ultra rich exist purely as a way to evade tax, no wonder they have been banned in some countries.
Soro's Open Society is straight from Karl Popper.
His charities have been banned because they are overtly political, and in smaller countries, with his money, they represent a national threat. That's why they have been banned.
I respect Soros for his intelligence, but at the same time I abhor his political views.
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Why would Soros organize a protest against his own ilk? Take that tin foil hat off, will ya?
Yup. Read Soro's 'Open Society' and follow his charitable work. A lot of it has gone to the SEIU.
A number of countries have banned his charities.
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Have you folks looked at the background and connections of the SEIU?
This is likely to be a staged event. The SEIU is a government union organization, with Soros funding connections, and close connections to the Obama White House.
About 2 weeks ago, they made a spectacular own goal by protesting for more pay in front of a nation with 39 million people on food stamps. They were bused to that event as well, payed by union dues that were extorted from the tax payer, no doubt.
This is nothing more than a planned PR stunt by the most hated labour union in America.
Watch for the million strong protest planned for Washington in September/October of this year. That will be grass roots, and meaningful.
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Rubbish.
And that still doesn't change that the Germans are aiming at 1.10 to the dollar to boost their economy.
Read this (providing you can read German):
Thank you for your article, interesting opinions, but I fail to see how lower exchange rates can help in a world where there is no demand, which is where we are headed. If this is what Germany wants, good luck to them. I would have thought that they would rather reclaim their sovereignity, and not assume the massive debt of other, profligate nations.
In the long run the world economy can only recover when each major economy rebalances it's production and consumption, and reduces it's public and private debt.
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That's not the same as legal tender. Try paying anything in DM in a shop in Germany then you might get what legal tender means...
Semantics. The principle is this. If you've got DM today, or 10 years from today, you can still use them.
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Well, you think wrong and the DM ceased to be legal tender a long time ago.
"The Deutsche Bundesbank has guaranteed that all German mark in cash form may be changed into euros indefinitely, and one may do so at any branch of the Bundesbank in Germany. Banknotes can even be sent to the bank by mail.[1]"
Mish On Cameron, Osborne, Uh Oh...
in House prices and the economy
Posted · Edited by Toto deVeer
Well, according to the US Constitution, labour was considered a barter activity, with no gain, so it could not be taxed. That means no income tax. However capital gains are taxable, and tariffs could be levied.
There are gross imbalances in the UK economy. The first is the finance sector. The second is the property sector. Short term there will be pain, but long term the country will be better for it. This is what Mish just cannot see.
You are seeing the elimination of tax for a large group of lower income persons. There, I expect, be a corresponding elimination of many government benefits programs in that sector as well. This will encourage productive activity.
Secondly, you are seeing the closing of major loopholes for the hedge fund industry. This industry does nothing to create wealth in the UK. It is a wealth destruction mechanism.
Thirdly, you will see the purchase and ownership of multiple homes, which has decimated many small communities in the UK, decrease and hopefully disappear. I think these are all good policies for the future of the UK.
Nonetheless there's a lot more that needs to be done.
And, from what I've read, this is not a blanket tax; there will be exceptions associated with start-up businesses etc.
The FIRE economy must be dismantled and replaced with a real economy that is connected to the physical world. This is the true source of wealth creation.