A remarkable claim

The days when the free movement of capital could be assumed to be beneficial are over.

And it\’s one that\’s at the heart of Ritchie\’s maunderings.

Far more than anything about \”tax justice\” that\’s the goal he\’s got in mind. To prevent that free movement of capital. Something of a pity of course that he strives for this just as we see the beneficial effects of it: the greatest reduction in poverty in the history of our species.

But of course Ritchie suffers not just from the Dunning Krueger effect but also from Kip Esquire\’s Law. Not only does he erroneously think that he\’s competent to direct the capital investment plans of an entire nation, he thinks, erroneously, that if such a system existed then he\’d get to do the directing.

This has also been tried of course. In those very undeveloped nations that he claims to care about as well as here. Didn\’t work then and given the fuckwits who go into politics wouldn\’t work in the future either.

I\’d recommend he have a little read up on what happened to Ghana under Nkruma if he doesn\’t believe me.

10 comments on “A remarkable claim

  1. Beneficial to who(m)?

    What Murphy means is that it is no longer of benefit to the scum of the state, who want your money fixeed under their rule so they can steal it.

    He is a vile little commisar.

  2. No-one in Britain has any money anymore.

    The country’s massive negative in balance of payments is only offset by inflows of fresh capital. Taxing this inflow would halt Russian oil men and Arab despots from “investing” their money in million-pound houses, but at the cost of reducing the international purchasing power of Sterling.

    Besides, the idea is plainly unworkable. If I have $X Eurodollars in assets overseas, it is straightforward to arrange a collateral-based note of credit in Sterling in any case. My guess is that the cost of this in most cases would vastly undercut the payment of a tax and would be used frequently by anyone who could afford to.

    It’s not about accounting numbers, but about asset control here. The values are based on completely unreliable future cash flow estimates.

  3. In fairness I think the context of the post is worth taking into account, (Russians using Cyprus as a tax bolt hole) However, the idea that the Russians are going to meekly sit there and be lectured on tax morality by the likes of Murphy is risible in the extreme. He also needs to stop leaving kernels
    Iike the quote above for people to misinterpret….

  4. “Ritchie suffers not just from the Dunning Krueger effect but also from Kip Esquire’s Law.”

    These of course are types of autism ?

    Alan Douglas

  5. “Ritchie suffers not just from the Dunning Krueger effect but also from Kip Esquire’s Law.”

    These of course are types of autism, no ?

    Alan Douglas

  6. ….Alan, you are denigrating autistic people. Not even the most autistic person could reach Ritchie’s level of incompetence…..

    Autistic people lack emotions, but where their intelligence is not impaired, are very logical. So Richie, whose arguments make up in emotion what they lack in logic is very definitely something else.

  7. @ Serf
    Autistic people do *not* lack emotion, but, mostly, avoid permitting it to distort/interfere with logic.
    I agree that comparing autistic individuals with Murphy is grossly offensive to autistic individuals.

  8. One of the reasons why the developing world is actually developing, is because of the inflow of capital in the shape of repatriation of earnings by ex-pats working in the richer parts of the world. Stopping the flow of capital would be a complete disaster.

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