Too little and too much


Oh Dear.

Labour leader Andrew Little still wants to stiff-arm banks:

. . . ‘I stand by the stance I took, which is to get very heavy-handed with the banks. Because the truth is when the banks fail to follow the signal that the Reserve Bank is sending, that’s keeping money out of the back pockets of ordinary Kiwis, and I will always fight for their interests and for their rights. If the banks don’t want to play ball when it comes to the way we run our monetary policy, actually, there’s only one outfit that can really take them on, and that’s the government.’. . .

The Reserve Bank is independent because it’s not the government’s role to set interest rates.

Retail banks are independent businesses and it’s not the government’s role to tell them what interest rates they should charge.

Interest rates are at historically low…

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China Censors Discussion Of Panama Papers Showing President’s Family Members With Millions in Foreign Bank Account


130px-Mao_Zedong_portraitIt appears that the Communist censors of China are concerned about more than just discussion of the absence of civil liberties. It appears that one of the greatest concerns for Communist censors is any proof that its Communist leaders are capitalists. Networks like Sina Weibo and Wechat has deleted all discussion of the Panama Papers leak which names several members of China’s elite, including President Xi Jinping’s brother-in-law, as hiding huge amounts of money in foreign accounts. Mao warned that “There is a serious tendency towards capitalism among the well-to-do peasants.” It appears that the well-to-do peasants have discovered foreign bank accounts.

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Some people do not understand the principle of the lever

HT: Julian Weeks

What do economists think of Karl Polanyi?

This is a guest post by Marko Grdesic, a doctoral candidate at the University of Wisconsin. Marko’s research focuses on social movements and political sociology. You can learn more about Marko at his website.

What do economists think of Karl Polanyi? For sociology, Polanyi is a classic. His book The Great Transformation is part of the sociological canon and is of special relevance to economic sociologists. Polanyi’s agenda has recently received an important update by two well-known sociologists. But what do economists think of his work? Have they read it? If so, what do they think of it? The motivation behind this small research project was to investigate the disciplinary differences between economics and sociology, by looking at an author who is arguably relevant for both fields. In order to do this, I sent a bunch of emails to economists. I wrote to a randomly chosen 10…

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@jeremycorbyn @realdonaldtrump @BernieSanders would want to save these jobs


The Greatest Speech Ever – Robert F Kennedy Announcing The Death Of Martin Luther King

Utopia, you are standing in it!

This speech will take your breath away.

HT: Mohammad Azzam

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The dark underbelly of The Great Escape: Japanese BMI trends

japanese Trends and Forecast in Adult BMI


Syria ~ Map Update dd April 3, 2016

Moral of the Story: Tax Havens Are Okay if You’re a Politically Connnected Leftist

International Liberty

Earlier this year, I had some fun when it was revealed that the President’s new Treasury Secretary had a lot of money in the Cayman Islands.

After all, leftists want us to believe tax havens are rogue regimes that should be eliminated. Some of them even want military intervention against these low-tax jurisdictions!

Much to my amusement, Mr. Lew even pretended he was financially illiterate to justify making sensible decisions to invest via the Cayman Islands.

And unlike the President’s first Treasury Secretary, Mr. Lew didn’t break the law and cheat on his tax return.

You probably won’t be surprised to learn that Secretary Lew wasn’t the first Democrat to utilize tax havens. Lawmakers such as John Kerry, Bill Clinton, John Edwards, and others on the left also have utilized tax havens to boost their own personal finances.

And it appears that Mr. Lew won’t be the last…

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Another Attack on Tax Competition: “Panama Papers” Is a Non-Controversy Controversy

International Liberty

Three years ago, thieves stole a bunch of information from “offshore” service providers in the Cook Islands and British Virgin Islands. This was supposed to be a ground-breaking exposé with huge ramifications, but it turned out to be a tempest in a teapot. As I pointed out at the time, all that we really learned is that people who use offshore services are generally honest and law-abiding. And they definitely had far more integrity than the politicians who routinely attack the offshore world.

Well, here we go again. We’ve learned that thieves have now obtained client data from a global law firm based in Panama, and leftists once again are making this seem like a giant story.

But here’s what you really need to know. This is simply another chapter in the never-ending war by high-tax governments against tax competition, fiscal sovereignty, and financial…

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