Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Mar 27th, 2012 at 04:20:34 PM EST
Budget tax break for non-doms | UK news | The Guardian

George Osborne "buried" plans in last week's budget to offer a tax break to non-doms, according to an analysis of the red book by Labour.

In a paragraph in the middle of the treasury explanation of the budget, the chancellor said that he would raise the inheritance tax exemption for non-doms.

At the moment, a taxpayer domiciled in the UK can transfer their entire £325,000 inheritance tax allowance to their spouse if theyare also based in Britain.

This figure is reduced to £55,000 if a UK taxpayer makes a transfer to a spouse who is not domiciled in the UK. Osborne said he would increase this figure, though he declined to set a figure

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Mar 27th, 2012 at 05:11:28 PM EST
[ Parent ]
The Agonist | thoughtful, global, timely

William Engdahl punished an excellent analysis of the Greek debt crisis, oil and gas reserves emerging near the battered nation, and the leverage that the US and EU used to buy Greek government owned energy companies on the cheap, just before they strike it rich. The United States government is u to the hips in this. Hillary Clinton's ambassador for Eurasian energy, Richard Morningstar, is all for the privatization deal and husband Bill has even schmoozed for Noble Energy for Mediterranean oil deals (in Israel). Call me cynical (or realistic) but it sounds like a Money Party mega swindle: Goldman sells Greece paper it knows will tank; the crisis emerges; normal IMF garbage, er, doctrine is offered - privatize. Clinton and the Germans weigh in and Greece puts up its gas company for nothing when it's looking at at a $300 bil take for oil and gas revenues over time from the government owned companies.

There's just one problem if this or a variation of this scenario is true. Everything involving Greece has been fraudulent. The risk factor for the firms acquiring Greek government assets is an unraveling of the plot. But, hey, who cares. It's quarterly bonus time and if someone challenges them, they'll just bring those making the charges some democracy Libyan style.

"ATHENS - Greece Wednesday invited bids for state-owned gas company DEPA and natural gas grid operator DESFA, moving ahead with a long-awaited privatization program aimed at raising EUR19 billion by 2015 to aid in addressing its huge debt crisis." February 29

From the Engdahl article: "In December 2010, as it seemed the Greek crisis might still be resolved without the by-now huge bailouts or privatizations, Greece's Energy Ministry formed a special group of experts to research the prospects for oil and gas in Greek waters. Greece's Energean Oil & Gas began increased investment into drilling in the offshore waters after a successful smaller oil discovery in 2009. Major geological surveys were made. Preliminary estimates now are that total offshore oil in Greek waters exceeds 22 billion barrels in the Ionian Sea off western Greece and some 4 billion barrels in the northern Aegean Sea. [1] Link

shocking, not.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Tue Mar 27th, 2012 at 09:42:19 PM EST
[ Parent ]
Aha! William Engdahl once again points to the great conspiracy underlying (cont'd p 94)
by afew (afew(a in a circle)eurotrib_dot_com) on Wed Mar 28th, 2012 at 01:32:12 AM EST
[ Parent ]
Yanis Varoufakis: Keynesian Legacies neither Europe nor Keynes deserved: A critique of New and ISLM Keynesians in the context of Europe's Crisis (28 March, 2012)
In a previous article, entitled On the Political Economy of Eurozone Bailouts - The curious case of Greece's neoliberals, I took great pleasure in lambasting the internal inconsistency of Europe's (and in particular Greece's) neoliberals. In today's article I cast a critical gaze at the `other camp'; that which consists of self declared Keynesians. The article comprises four sections. After a brief introduction, Section 2 sums up (what I think was) Keynes' central insight. Section 2 then looks at the so-called New Keynesians and their desperate attempt to ingratiate the anti-Keynesian powers-that-be within the economic profession while still retaining something of what Keynes was saying alive. Section 3 is dedicated to the school of thought best represented by Paul Krugman, Brad de Long, and other economists who have played an important role in returning some sanity to the debate initiated by the Crash of 2008. As the reader will discover, my respect for them does not suffice to desist from considering some of their underlying economics not only flawed but also profoundly inconsistent with Keynes. Lastly, Section 4 relates the above discussion to the European Crisis, making the point that the internal inconsistencies of the best and brightest Keynesians have, unwittingly, hampered the search for a rational solution.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 28th, 2012 at 09:34:50 AM EST
[ Parent ]
EUobserver blogs: The importance of public goods (Georve Irvin)
These days, because the distinction between `public' and `private' has become blurred, and because amongst mainstream economists the consensus appears to be that the private sector is more efficient than the state, it is commonly thought we should limit the public role almost entirely to that of supervision. In Britain, for example, in the 1990s the railways were privatised and an `internal market' was created within the National Health Service on the grounds that this improved the efficiency of service delivery for `customers'. In the USA, it has become common for everything from mass transport to prison services run for private profit. Indeed, there are some politicians who--as followers of the economist Friedrich Hayek-- would abolish all forms of state supervision or control, and a few who would abolish all taxation.


It used to be argued that publically-owned industries are necessary in the case of `natural monopolies'; ie, where long-term economies of scale in production make for `monopoly profits'. It is only fair that government--through ownership or regulation--captures such revenues for the public benefit. Also, because natural monopolies (eg, water, energy, transport) typically require very large initial capital outlays, often the state alone is in a position to finance them. What has happened in recent decades to many public utilities is that, having been established and run by the state often with a strong element of public subsidy, they have been sold to private interests at knockdown prices on the grounds of fiscal rectitude (and with the blessing of the IMF).

In short, arguments favouring private over public provision are not just theoretically flawed, but typically favour the few at the expense of the many. We may choose commodities at the supermarket, but public goods require collective choices; ie, choices made as citizens at the ballot box. Abolish well-informed collective choice and one abolishes democracy--little wonder Margaret Thatcher argued there was `no such thing as society'.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 28th, 2012 at 10:05:18 AM EST
[ Parent ]


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