The point is not that the Fed should turn its back when financial markets are on the verge of replicating the Great Crash. The point is that the Fed has become the chief enabler of a dangerously speculative economy. It is simply not possible to get the right balance of financial prudence and financial liquidity using monetary policy alone. That's why we once had a more carefully regulated economy.
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Items:16 | Visits:26
Category:Business & Finance | Tags:taxation
Created:on 2008-02-14 | Updated:on 2008-05-06
What's happening in U taxation issues
1 - 16 of 16
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FT.com | Maverecon: They'd none of them be missed?
The main indirect effect of the proposed increase in taxes on the non-doms (if they were to leave and not spend as occasional or even regular visitors as much as they now spend as residents) is through their consumption of non-traded goods and services, including charitable giving – a form of conspicuous consumption unless it is double-blind. The demand for magnums of 1961 Petrus (at £18,000 a bottle) would suffer. So would a few luxury shops, restaurants and studs. Upper bracket property prices in London and the home counties would fall. With a bit of luck, the fall in property prices would spread more widely.
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FT.com / Companies / Financial services - Terra Firma reviews UK base after tax rises
Guy Hands will on Wednesday warn he is reviewing whether to move at least part of Terra Firma, his UK-based buy-out firm, overseas in protest at the recent tax increases on capital gains and non-domiciled residents. “We are concerned by the recent changes to the UK tax laws,” says Mr Hands, the first buy-out boss to warn he may flee the country since the government started fiscally targeting rich private equity executives last year.
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The Bubble Economy | The American Prospect
But during the past quarter-century, as deregulation has turned the economy into a casino, the Federal Reserve has had to mount major rescues at least six times. In the early 1980s, it bailed out the big New York banks, some of which lost more than the total amount of their capital in failed speculative third world loans; the money-center banks would have been adjudged insolvent if the Fed hadn't bent its usual capital-adequacy rules. Next, the Fed poured huge quantities of liquidity into financial markets after the stock market crash of 1987, in which the market lost more than 20 percent of its value in a single day. The Fed intervened again on several occasions after speculators destabilized several third world currencies and economies from Mexico to Malaysia. The Fed cleaned up after the aforementioned Long Term Capital Management collapse. It flooded markets with money after the dot-com crash and the attacks of September 11, and most recently in the credit crunch of summer 2007.
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Why Business Opposes Local Taxation (from The Herald )
Bad arguments against fiscal devolution ...
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BBC NEWS | Politics | 'No rethink' on tax rate - Hutton
UK Tax - scrapping of lowest rate makes it less progressive. Have the worst-off benefited under labour?
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BBC NEWS | Business | New tax changes explained
The new tax year, which starts on 6 April, brings in an unusually large number of changes to both personal and business taxes. Many of the changes were first announced in 2007, in either that year's budget or in the later pre-budget report.
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