Here it is….socialism/marxism/communism… it cannot work and never has work
Sunday, October 20, 2013 13:59
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Here
it is….socialism/marxism/communism… it cannot work and never has
work….yet the banksters are ready to give away others’ (those who work
and produce) wealth and saving to the entitlement classes who have been taught
begging is better than working. Of course, the
predators/banksters/politicians will not contribute from their own..they have
written in laws that they are exempt. Time for some good hemp
rope… when are people going to realising scribbling on toilet paper (or
any paper) does a law make; much less when criminals write it to exempt
themselves from what is a crime for anyone else.
R
it is….socialism/marxism/communism… it cannot work and never has
work….yet the banksters are ready to give away others’ (those who work
and produce) wealth and saving to the entitlement classes who have been taught
begging is better than working. Of course, the
predators/banksters/politicians will not contribute from their own..they have
written in laws that they are exempt. Time for some good hemp
rope… when are people going to realising scribbling on toilet paper (or
any paper) does a law make; much less when criminals write it to exempt
themselves from what is a crime for anyone else.
R
The International Monetary Fund (IMF) quietly dropped a bomb in its October
Fiscal Monitor Report. Titled “Taxing Times,” the report paints a dire picture
for advanced economies with high debts that fail to aggressively “mobilize
domestic revenue.” It goes on to build a case for drastic measures and
recommends a series of escalating income and consumption tax increases
culminating in the direct confiscation of assets.
Yes, you read that right. But don’t take it from me. The report itself says:
“The sharp deterioration of the public finances in many countries has revived
interest in a “capital levy”— a one-off tax on private wealth—as an exceptional
measure to restore debt sustainability. The appeal is that such a tax, if it is
implemented before avoidance is possible and there is a belief that it will
never be repeated, does not distort behavior (and may be seen by some as fair).
… The conditions for success are strong, but also need to be weighed against
the risks of the alternatives, which include repudiating public debt or
inflating it away. … The tax rates needed to bring down public debt to
precrisis levels, moreover, are sizable: reducing debt ratios to end-2007
levels would require (for a sample of 15 euro area countries) a tax rate of
about 10 percent on households with positive net wealth. (page 49)”
Note three takeaways. First, IMF economists know there are not enough rich
people to fund today’s governments even if 100 percent of the assets of the 1
percent were expropriated. That means that all households with positive net
wealth—everyone with retirement savings or home equity—would have their assets
plundered under the IMF’s formulation.
Second, such a repudiation of private property will not pay off Western
governments’ debts or fund budgets going forward. It will merely “restore debt
sustainability,” allowing free-spending sovereigns to keep tapping the bond
markets until the next crisis comes along—for which stronger measures will be
required, of course.
Third, should politicians fail to muster the courage to engage in this kind of
wholesale robbery, the only alternative scenario the IMF posits is public debt
repudiation and hyperinflation. Structural reform proposals for the
Ponzi-scheme entitlement programs that are bankrupting us are nowhere to be
seen.
If ever there were a roadmap for prompting massive capital flight and
emigration of productive citizens toward capitalism’s nascent frontiers in
Asia, this is it.
The IMF justifies its tax increases by highlighting trends in income inequality
along with a claimed decline in the progressivity of most income tax regimes.
Using “perceived equity” (otherwise known as “envy”) as the key metric
motivating tax policy, the report intentionally conflates tax rates with tax
revenue, lamenting a decline in the top marginal income tax rates paid by the
highest earners. Never mind that these high earners have been forking over more
money, a higher percentage of their gross income, and a larger share of
aggregate national tax revenue in recent years. It also ignores the Laffer Curve
effects that are clearly visible in the data. As for incentive, the report pays
no heed to the idea that wealth and income can only be taxed if someone is
motivated to create it.
The report’s most chilling aspect is the clinical manner in which it discusses
how to restrict the mobility of the rich, along with the inconvenience of
factoring in their “well being.” Again, to quote the report:
“Financial wealth is mobile, and so, ultimately, are people. … There may be a
case for taxing different forms of wealth differently according to their
mobility … Substantial progress likely requires enhanced international
cooperation to make it harder for the very well-off to evade taxation by
placing funds elsewhere.
“A revenue-maximizing approach to taxing the rich effectively puts a weight of
zero on their well-being—contentious, to say the least. What then if some
weight is indeed attached to the well-being of the richest? Figure 19 provides
a way to think about the trade-off between equity and efficiency considerations
in setting the top marginal rate in that case. … If one attaches less weight to
those with the highest incomes, the vote would be to increase the top marginal
rate.”
Yes, this is where the bankruptcy of the modern entitlement state is taking
us—capital controls and exit restrictions so the proverbial four wolves and a
lamb can vote on what’s for dinner. That’s the only way to keep citizens
worried about ending up on the menu from voting with their feet. Again,
straight from the report:
“There is a surprisingly large amount of experience to draw on, as such levies
were widely adopted in Europe after World War I.”
And we all know how well that worked out.
http://www.forbes.com/sites/billfrezza/2013/10/15/the-international-monetary-fund-lays-the-groundwork-for-global-wealth-confiscation/
Source: http://nesaranews.blogspot.com/2013/10/here-it-issocialismmarxismcommunism-it.html
