Tuesday, June 21, 2011

The UK government’s job is to try and minimise the contagion …

Greece: bad news whatever happens

IT was cruel but brutally effective. In 1487, John Morton, the Lord Chancellor, devised a new way of collecting taxes. If he spotted somebody who was living in luxury, he assumed he had enough wealth to spare some for his King, Henry VII, and hit him with higher taxes. If he encountered somebody living modestly, he assumed that he was a prudent individual quietly building up vast savings, and also hit him with higher taxes. We face a similarly depressing Morton’s Fork with Greece: whatever we do, whether we bail it out or not, we will be hit.

Posted by warren1066 @ 12:25 PM (643 views)
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