But which language does she say this in?

ATHENS, GREECE—Following a sudden high-pitched squeal of audio feedback, the 11 million citizens of Greece were reportedly woken up at 6 a.m. Wednesday by German chancellor Angela Merkel informing them over loudspeakers that it was time for work. “Rise and shine, Greece! Time to get out of bed and head out to your jobs!” said Merkel, bidding the indebted nation a productive day as she has done every morning since bailout loans to Greece began six years ago. “Work is good for your country and good for the eurozone! You have 30 minutes to get ready!” According to sources, Merkel’s voice then cut out, only to return later that evening for Greece’s 10 p.m. lights-out warning.

Dear God the man’s a fucking idiot

The OECD published the financial balance sheets of its member states from 2007 to 2014 this morning. I have not, of course, had time to review all this data as yet but this snapshot for the UK government is telling (page 311):

The bottom line (quite literally) is this: in 2007 the government had negative worth of £495 billion. Now that sum has risen to £1,477 billion, an increase of £982 billion from 2007 and of £618 billion from 2010.

At the same time note this set of balance sheets for UK households and non profit institutions servicing them:

Again the bottom line is key: household net worth (which we know to be very concentrated in the hands of a small part of the population) grew significantly over this period, from £2,860 billion in 2007 to £4,497 billion (£4.5 trillion) in 2014, or by £1,637 billion in al, with £1,329 billion of this being post 2010.

What can be concluded? I suggest three things. First, Conservative led management of the government’s finances has been exceptionally poor.

Secondly, there has been a massive transfer of wealth from the state to the private sector during this period: austerity has paid handsome returns to the UK’s wealthiest people.

Third, the case for redressing his with wealth taxation is very large indeed.

Truly cretinous. The numbers themselves are from here. Pages 311 and 314.

so, why has the government’s net position declined? Because it’s been issuing bonds out like there’s no tomorrow. Obviously. Who says that they should issue more? Ritchie. So, $Ritchie advocates that the government’s net position should get worse.

What has been the major part (£1.3, £1.4 trillion or so) of the rise in household wealth? Nope, not stocks etc. It’s the value of pension funds.

What happens when interest rates decline? The capital value of a pension fund rises, doesn’t it? If it’s DB then the value which is promised, as a capital value today, in the future is higher. If it’s a DC then higher asset prices, a result of the lower interest rates, will do it. And who is it who says that people should have better pensins? Ritchie again.

So, Richie is using his two pet policies to argue that wealth taxation must increase. That is, that QE (and PQE would have exactly the same effect on the government balance sheet) means that wealth taxation should be higher. And people getting higher capital values in their pensions means that wealth taxation should be higher.

Man’s a fucking idiot.

Don’t accountants have to pass a test to show they can read numbers?

This is the Green Party’s leading economist

Apple has benefited from both a favourable Irish tax regime and the notorious “double Irish” scheme, exploiting the fact that revenues declared as earned by subsidiaries or Irish companies outside its territory are not liable to tax.

The double Irish does not exploit the non=territorial nature of Ireland’s tax system. And if we are to accept that Ireland’s tax system is indeed non-territorial then the €13 billion isn’t due, is it?

No, really, she doesn’t get it, does she?

Soon after the referendum, MEPs voted overwhelmingly for a series of measures including a common consolidated corporate tax base (CCCTB), a single set of rules on taxable profits for companies operating within the EU, which can stop tax wars between nations and a race to the bottom in terms of tax rates. George Osborne’s response to this post-Brexit? An announcement that he planned to reduce corporation tax to 18%. When it comes to tackling corporate tax dodging, give me faceless bureaucrats and MEPs over Tories and their corporate cronies any day.

The CCCTB leaves the rate of tax open to hte nation, the definition of what profit to be taxed is what is set by the CCCTB.


Idiot stupidity

I am outraged that Apple is outraged by its tax bill (Apple rages at EU’s €13bn tax demand, 31 August). Apple has hundreds of stores in Europe to sell its products. The message to Apple is very simple: if any of your stores catch fire, don’t bother to call the fire service. If you are burgled, don’t call the police. If you want to deliver your products using public roads, you can’t. If someone falls off a ladder in one of your stores, don’t call the medical services.

If you do not want to pay your taxes, fine. But do not expect to use the infrastructure paid for by our taxes.
Neil Holmes
Bromsgrove, Worcestershire

Fire and police are paid for by rates, of which business rates are a large, around half, part and which stores do indeed pay. Roads are paid for out of fuel duty, which the lorries delivering do pay. Medical services, the NHS, are at least nominally paid for out of national insurance, a tax upon wages, which Apple employees do pay and with regard to the employers’ part (ignoring incidence) Apple does pay.

But then they are all thick in the Midlands, aren’t they?

Eh? What?

Data appropriation is a form of exploitation because companies use data to create value without providing people with comparable compensation

The data Google gains from me is worth what? $10 a year?

Google is worth what to me? More than $10 a year?

What the fuck are these cunts talking about?

Well, yes, they probably should

Outspoken Ryanair boss, Michael O’Leary said the Irish government should tell the EU to “f**k off”.

O’Leary labelled EU’s ruling that Apple should pay Ireland £11 billion in back taxes “bizarre”, and said, ”one of the fundamental principles of the European Union is that each country has its autonomy to make its own tax decisions.

“Frankly the Irish government should turn around – they shouldn’t even appeal the decision – they should just write a letter to Europe and tell them politely to f**k off.