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Ask Not Whether Governments Will Default...
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Disagree about the pension age unemployment link - the issue is surely one of whether the benefits structure incentivises people to work rather than there being a set amount of work to share around - each worker earns an income which they can use to spend on items produced by others and eventually producing an equivalent amount of demand - unless it is really possible to have a generalised demand deficiency. The French experiment with a restricted working week did not seem to have any impact on unemployment which I believe remained at over 9%.So, if the tax take is around the maximum, what do you do? Raising tax rates doesn't raise any more money if you are at the optimal rates. Raising pension age doesn't help much either, as it shuffles the unemployment between generations and/or pushes expenditure from pensions onto social security. Inflation is the obvious way out, and it's been tried lots of times, but of course it only really helps with fixed liabilities, eg gilts, not things like pension commitments.I think....0
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The French experiment with a restricted working week did not seem to have any impact on unemployment which I believe remained at over 9%.
I spoke to a very charming woman at a car hire place in the French Alps. Her opinion was that the 35 hour week meant that companies could stop paying overtime as the employees weren't doing the work in a legal sense, only in a real sense!0 -
The problem is that there is only some work that this country has an advantage in, which can be reasonably well paid. There's also service industries. But once you get beyond those areas, you start to be in competition with workers in 3rd world countries where both the cost and standard of living are lower. Such is the so-called benefit of globalisation. The solution to that would be to erect really, really hefty tariff barriers - we'd pay much more for our T shirts, but our taxes would be much lower as we'd be making them in this country again.No reliance should be placed on the above! Absolutely none, do you hear?0
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The problem is that there is only some work that this country has an advantage in, which can be reasonably well paid. There's also service industries. But once you get beyond those areas, you start to be in competition with workers in 3rd world countries where both the cost and standard of living are lower. Such is the so-called benefit of globalisation. The solution to that would be to erect really, really hefty tariff barriers - we'd pay much more for our T shirts, but our taxes would be much lower as we'd be making them in this country again.
The benefits of globalisation are much more than a few cheaper t shirts. The problem is that almost every export contains quite a few bits that are imported.0 -
....but how. (at least according to Morgan Stanley anyway).
Morgan Stanley have brought out a very interesting piece of research, reproduced in part in the FT. QUOTE]
Were Morgan Stanley not one of the first to be caught selling paper promises of silver that they didnt own?
I remember they didnt even try and deny that they didnt have as much silver as they promised, they just said everyone is doing this?0 -
Why is that wrong, Jazz? It's just shorting and is normal market practice.No reliance should be placed on the above! Absolutely none, do you hear?0
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....but how. (at least according to Morgan Stanley anyway).
Morgan Stanley have brought out a very interesting piece of research, reproduced in part in the FT. QUOTE]
Were Morgan Stanley not one of the first to be caught selling paper promises of silver that they didnt own?
I remember they didnt even try and deny that they didnt have as much silver as they promised, they just said everyone is doing this?
No idea. I'm not sure of the relevance of that to this piece of research. Can you enlighten?0 -
Radiantsoul wrote: »The benefits of globalisation are much more than a few cheaper t shirts. The problem is that almost every export contains quite a few bits that are imported.
And of course the added value of turning those imports into exports, increased through marketing (where the resources are typically first world - WPP etc), gets scooped up by us. Just ask Africa...0 -
The problem is that there is only some work that this country has an advantage in, which can be reasonably well paid. There's also service industries. But once you get beyond those areas, you start to be in competition with workers in 3rd world countries where both the cost and standard of living are lower. Such is the so-called benefit of globalisation. The solution to that would be to erect really, really hefty tariff barriers - we'd pay much more for our T shirts, but our taxes would be much lower as we'd be making them in this country again.
Bring back the corn laws.
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