Governments around the world plan to encumber their societies with further twists to the failed tax policies that constrain their economies. Outcome: exit from the Corvid-19 pandemic will further reduce productivity. The land-driven boom is on course for the bust when house prices peak in 2026. Post-pandemic reactions in the markets will aggravate the trend. Investors will minimise risk by placing money in rent-generating assets rather than job-creating enterprises. People who suffered most from the virus will endure downward pressure on incomes. And the global trading system enters a hazardous future.
JOHN LOCKE said it first. In 1691, he wrote a letter to a Member of Parliament in which he warned that it was futile to tax workers’ wages. His insight was published in Some Considerations on the Consequences of the Lowering of Interest and the Raising of the Value of Money. Such taxes would reduce take-home pay below what people needed to live on. So taxpayers would defend their living standards by reducing the Rent that they paid for the use of land. In other words – ATCOR: All Taxes Come Out of Rent.
Middle-class, middle-aged professionals in Britain are being excluded from the ownership of homes at increasing rates. But instead of diagnosing the cause of their plight, they settle for complaining that renting their homes is “money down the drain”. When educated people are successfully socialised into believing such false mantras, we know that society is in terminal trouble.
The Experts are almost unanimous is asserting that Britain will suffer once the Brexit deal has been struck with the European Union. Fear is the overriding emotion of those who want to reverse the 2016 referendum, in which people exercised their democratic right to redefine the future of their country. The psychology which frames the Brexit negotiations is calculated to deliver a bad outcome for both the UK and the EU. To transform the new relationship into one that delivers mutual benefits, Britain needs to scope out a plan that would guarantee prosperity for the UK, including an open economy that welcomes European engagement.
AS CANADA’S Minister of International Trade, Chrystia Freeland devoted two years to negotiating the terms of global commerce. She is now Canada’s Foreign Minister. Anticipating the political turbulence called “populism”, she firmly declared:
Globalization and the technology revolution aren’t going away – and thank goodness for that.
But she was sympathetic to the plight of millions of people who were excluded from a share of the riches being bequeathed by the digital revolution. The solution was not less robotic power, but better public policies.
On 4 November, 1997, I wrote two letters to 10 Downing Street. One was to Prime Minister Tony Blair. The other was to his media guru, Alastair Campbell. I explained that their New Labour government had exactly 10 years to save Britain from a global housing crisis that would end in a depression. They took no notice. Ten years later, on 9 August, 2007, a French bank froze withdrawals from some of its money market funds. A month later Northern Rock was humiliated by the first run on a British bank since the 19th century.
In my quest to find cures, rather than only dealing with palliatives, for the world’s problems, I have drawn on experiences arising from my 59 years of wearing a ‘dog-collar’. By participating in a Christian ministry, I grew to acquire several basic insights which I believe are of fundamental importance in charting a new course […]
The industrial phase of capitalism had to be challenged. In the 19th century, two humane doctrines emerged. One was social democracy. It sought to protect people who lived in poverty. In the 20th century, Europe tested that philosophy through the Welfare State. Now, after 70 years of that experiment, we know that it has failed […]
When the IMF and the OECD concede that the global economy is out of control, we know our world is in serious trouble. The economic crisis is compounded by political paralysis. A new paradigm, or world-view, is needed. Britain now has the historic opportunity to take the lead in charting a new pathway into the future as it negotiates its exit from the European Union.
The terrible atrocities being inflicted on the citizens of France are said to stem, in part, from the failure to integrate Muslim migrants into society. There is a more general explanation, however. At its heart, France is an intrinsically unstable state. Understanding the cause of the instability could lead to the improvement of governance in […]