Newsnight: Quantitative Easing

SGE1

alared wrote: »

If you had read my post correctly you would have seen I didn`t mention the US but the UK being the worsed placed to manage the recession according to the WMF.

If you had read my post correctly, you would have noticed I questioned, "how much worse off are we?", in other words, Britain, and you would have realised US was a typo, and I meant UK.

I take it you're going to make cheap shots at my typo then, rather than address the substance of my comment? Ah, a good argument indeed.:rolleyes:

Really2

SGE1 wrote: »

1) It's "embarrass", not "embarress"
2) Can you read? The article you've linked to states that "Britain's tax burden is at its highest level for more than 20 years" - do you know what this means? This means that the tax burden in Britain has increased. But it makes no comments about the tax burden relative to the rest of the world. Let me give you an example: if in country A, the tax burden increases by 10%, but in country B, the tax burden increases by 11% - who is worse off? The answer is, it still depends on the absolute level of taxation. Another analogy: if country A has a tax burden of 10, and this tax burden increases by 10% - the new tax burden is 10.1. If country B has a higher tax burden of 9, but the increase is 20%, then the new tax burden is 10.8 - higher than country A's who has a higher relative increase in taxation.
All this to explain that the data in the table I posted earlier still stands
3) :rotfl:

You are obviously some WUM who thinks 38p in every pound is given back to the govement is low tax:rolleyes:
Trott of you are obviously claiming my wages.:rolleyes:

Do you do this:smileyhea when I say Labour.:rotfl:

Microstar_2

The UK tax burden is not particularly high by EU standards. Our direct tax rates on not actually that high (especially for high earners) and indirect taxes are not especially high either.
TV licence is neither here nor there in the grand scheme of things (and good value IMHO), stamp duty is higher in many countries, ditto VAT. Many other countries also have local taxes analogous to our council tax.
Most people would describe me as a high earner (although not yet quite into the £150k PA bracket) but I know which side my bread is buttered, if I lived in e.g. Germany I would be paying out a lot more tax, I know that.

SGE1

Really2 wrote: »

You are obviously some WUM who thinks 38p in every pound is given back to the govement is low tax:rolleyes:
Trott of you are obviously claiming my wages.:rolleyes:

Do you do this:smileyhea when I say Labour.:rotfl:

God bloody damn, you are SO HARD to get through to! LISTEN TO ME:

Whether or not I think 38p for every pound is high or low is irrelevant. My point is, and always has been, that in a comparative table including worldwide tax levels, we aren't taxed more than many other countries. So the idea that was originally posted, the idea that Brown taxes us "to the hilt", therefore assumes that a whole new set of adjectives has to be invented to describe the very many countries who have higher tax rates than we do.

My wider point is, this persecution complex (the bad PM is taking all my money, I hate him) is unfounded.

And what is a WUN?

StevieJ

dopester wrote: »

You could be right.. but just because mainstream newspapers and vested interest commentators are pushing it - doesn't guarantee it will happen.

I don't deny it is a danger, but am hoping the costs of such reinflation will be seen to not be worth it, early in the process - therefore limiting the damage and allowing for deflation to take place.

And I think too many people underestimate the power of the market.

I know you have been a profit of doom on these boards, I didn't realise you actually
wanted it, OMG

Microstar_2

Really2 wrote: »

You are obviously some WUM who thinks 38p in every pound is given back to the govement is low tax:rolleyes:

'Low' and 'high' are relative. Our overall tax is high compared to say USA, but low compared to somewhere like Norway. An overall 38% is on the slightly low side of average in the EU.

SGE1

Microstar wrote: »

The UK tax burden is not particularly high by EU standards. Our direct tax rates on not actually that high (especially for high earners) and indirect taxes are not especially high either.
TV licence is neither here nor there in the grand scheme of things (and good value IMHO), stamp duty is higher in many countries, ditto VAT. Many other countries also have local taxes analogous to our council tax.
Most people would describe me as a high earner (although not yet quite into the £150k PA bracket) but I know which side my bread is buttered, if I lived in e.g. Germany I would be paying out a lot more tax, I know that.

THANK YOU.

WTF?_2

SGE1 wrote: »

Surely it doesn't just matter whether or how much we print - but also how other OECD countries react to the recession, and whether or how much they decide to print as well?

You can print money but you can't create real 'wealth' and that is the problem that we face.

For years we have been living off borrowed money/wealth; We import and consume vastly more than we produce and most of the 'Product' in our GDP has been in financial management, retail/services and selling increasingly overpriced houses to each other with borrowed cash. We've seen how well that has turned out.

We've now hit the limit of that and need to get down to being productive and paying it back.

Simply inflating the money supply isn't going to get us away from that fact. Once the printing starts it will be seen by politicians as the answer to everything - need more public spending? Print the money! Too bad for anyone who has saved plus of course the incentive to save in the future will be nil, the name of the game will be spending your money as fast as you get it.

This is merely deferring the crisis by a few years (at most) at the expense of an even more massive crisis down the line.

dopester

!!!!!!? wrote: »

Once the printing starts it will be seen by politicians as the answer to everything - need more public spending? Print the money! Too bad for anyone who has saved plus of course the incentive to save in the future will be nil, the name of the game will be spending your money as fast as you get it.

This is merely deferring the crisis by a few years (at most) at the expense of an even more massive crisis down the line.

The quickest way for the British Government to run out of money is to print more of it.

The markets will see to that.

Really2

SGE1 wrote: »

God bloody damn, you are SO HARD to get through to! LISTEN TO ME:

What the hell do you think corporation tax is. 30% no matter the size of the business.

Just because YOU do not pay it does not mean it does not exist and does not affect the tax burden of the country.

Look at your chart again not just taking in to account personal tax.:rolleyes: