What an awesome discussion Alasdair and Anthony, BRAVO!
QUESTION - I wonder if Alasdair has studied the huge contribution that FTT (Financial Transaction Taxation) could make to countries?
Especially from the point of view that it would greatly level up the playing field, stimulate the productive economy (IOW be actively disinflationary), and by definition, penalise the parasitic asset bubble-blowing financial economy.
Scott Andrew Smith as outlined in his 2023 book, 'A Tale of Two Economies' ran the numbers and found that in the U$ economy the purchase of goods and services only represents ~0.33% of the total economy.
The long and the short is that all existing taxes could be abolished and replaced by a FTT of ~0.25% on each payment, with the possibility of even exempting all material payments. This one simple tax could generate enough revenue to fund a multitude of societal benefits and within a few years even pay off ALL public debt.
Simon Thorpe from Toulouse ran the numbers for France back in 2010 and came up with the identical figure. For less financialised economies like in NZ the numbers work at more like 1% - hardly a king's ransom and not worth the bother of trying to evade.
Back in February of this year I wrote an article on this concept...
The natural corollary to FTT is obviously running banking as a public utility where the rent/interest stays in the domestic economy as capital and liquidity for the good of society, rather than being siphoned off overseas to further line the deep pockets of the 0.001% of obscenely wealthy plutocrats.
Cheers and thanks for a very stimulating interview
Brilliant. Simple, honest, straight to the point, no nonsense, no faff, no drivel question and answer format. Excellent stuff Alasdair
What an awesome discussion Alasdair and Anthony, BRAVO!
QUESTION - I wonder if Alasdair has studied the huge contribution that FTT (Financial Transaction Taxation) could make to countries?
Especially from the point of view that it would greatly level up the playing field, stimulate the productive economy (IOW be actively disinflationary), and by definition, penalise the parasitic asset bubble-blowing financial economy.
Scott Andrew Smith as outlined in his 2023 book, 'A Tale of Two Economies' ran the numbers and found that in the U$ economy the purchase of goods and services only represents ~0.33% of the total economy.
The long and the short is that all existing taxes could be abolished and replaced by a FTT of ~0.25% on each payment, with the possibility of even exempting all material payments. This one simple tax could generate enough revenue to fund a multitude of societal benefits and within a few years even pay off ALL public debt.
Simon Thorpe from Toulouse ran the numbers for France back in 2010 and came up with the identical figure. For less financialised economies like in NZ the numbers work at more like 1% - hardly a king's ransom and not worth the bother of trying to evade.
Back in February of this year I wrote an article on this concept...
https://globalsouth.co/2024/02/09/solutions-to-the-western-train-wreck/
The natural corollary to FTT is obviously running banking as a public utility where the rent/interest stays in the domestic economy as capital and liquidity for the good of society, rather than being siphoned off overseas to further line the deep pockets of the 0.001% of obscenely wealthy plutocrats.
Cheers and thanks for a very stimulating interview
Colin Maxwell