A Wealth Tax Consumes Capital

By Keith Weiner – Re-Blogged From Gold Eagle

It seems one cannot make a name for one’s self on the Left, unless one has a proposal to tax wealth. Academics like Tomas Piketty have proposed it. And now the Democratic candidates for president in the US propose it too, while Jeremy Corbyn proposes it in the UK. Venezuela finally added a wealth tax in July.

A Wealth Tax

So how does a wealth tax work? The politicians quibble among themselves, as if the little implementation details that differ between them are important. But they share the key idea. The wealth taxman is to go to the people who have wealth, and take some. And next year, come back and take more. And so on.

It should be obvious that this is morally wrong. But we want to focus on the economics. To do that, we need to drill down into the nature of wealth. What is wealth?

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Weekly Climate and Energy News Roundup #374

The Week That Was: August 31, 2019, Brought to You by www.SEPP.org

By Ken Haapala, The Science and Environmental Policy Project

Quote of the Week: What I cannot create, I do not understand. – Richard Feynman

Number of the Week: 6,000 times more accuracy needed!


Nothing New in AGW: David Whitehead briefly reviews several new studies which demonstrate where and how Global Climate Models are failing. The first one listed, in Science Mag, discusses how humans have been changing the face of the Earth for up to 10,000 years. There is a large project underway, ArchaeoGLOBE, which is gathering data and various areas of the globe, to include change of land use from agriculture be it animal husbandry or farming. Archaeologists have discovered that humans have modified corn for some 10,000 years.

The ArchaeoGLOBE Project was based on a questionnaire to more than 200 archaeologists with 10 distinct time points from 10,000 years ago to 1850. Data were collected for four land use categories: foraging, hunting, gathering and fishing. Such work might provide valuable information on how humans affected different regions of the globe, and what tools were used. Also, the study dispels the common notion than human impact on climate did not start until about 1850, so human impact on nature and climate is nothing new.

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Our Costly Dalliance With Lord Keynes

In “The General Theory of Employment, Interest and Money”, Keynes virtually created macroeconomics. But Keynes was a mathematician, not an economist, and did not fully understand free markets, so he was hardly qualified to emerge as the most influential economist of the last century. His misconceptions still inform the establishment, comprising governments and their regulated financial sectors. Given that there is dawning acknowledgement that these policies are propelling leading nations into a common financial and economic crisis, a forensic dissection of Keynes’s errors and motivations is overdue. This essay is a brief attempt to rectify this omission.

Hayek’s assessment of Keynes

Perhaps we should have listened to Friedrich Hayek, when he said that his friend Lord Keynes was not an economist. This description of Keynes by Hayek is extracted from a video interview with Leo Rosten in 1975:

“He was a man with a great many ideas who knew very little about economics. He knew nothing but Marshallian economics. He was completely unaware of what was going on elsewhere. He even knew very little about nineteenth century economic history. His interests were very largely guided by aesthetic appeal, and he hated the nineteenth century and therefore knew very little about it, even about its scientific literature.”

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Germany Considers a 19% Meat Tax to Combat Global Warming

By Eric Worrall – Re-Blogged From WUWT

Anyone here believe that global warming zealots want to stop at 19%?

Germany may introduce ‘meat tax’ to protect the environment

Currently meat has reduced tax rate of 7 per cent but politicians say it should increase to 19

Phoebe Weston Science Correspondent @phoeb0  1 day ago

Germany could introduce a “meat tax” to protect the climate and improve animal welfare.

Currently meat in the country has a reduced tax rate of seven per cent but the Social Democrat party and the Greens are arguing that this should increase to the standard 19 per cent, with additional revenue spent on improving animal welfare.

New York Hot Dog
Monks Hot Dog, author Mark H. Anbinder

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Bubble Bubba Isn’t Doing Fine Anymore

Let’s take a look at how the average consumer is doing. I’ll call this typical consumer “Bubba” because I just read an article that claimed “Bubba’s doing better today than at any time since before the Korean War.” It disgusted me because I found it to be such a disingenuous set of lies wrapped in half-truths, all contrived to pacify the trickle-down peasants as that philosophy continues to short-change the middle class with its fake promise.

First of all, who cares about how Bubba was doing before the Korean War? That’s going back an awful long time to find a day the present could beat. It’s before my days, and I’m a grampa now. If you have to look back that far to find a time when Bubba wasn’t doing as “well” as he is today, you’re chasing a false narrative because working-class Bubba wasn’t even alive back then. Those pre-Korean-war Bubbas retired long ago, and frankly they are much better off today in retirement than today’s working Bubba.

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What the Green New Deal Really is About

By Allan M.R. MacRae – Re-Blogged From WUWT

On July 4, 2019, I published the article “THE COST TO SOCIETY OF RADICAL ENVIRONMENTALISM”.
There was a reason why this article was published on July 4. My article begins:

Ever wonder why extremists attack honest scientists who oppose global warming and climate change hysteria? Ever wonder why climate extremists refuse to debate the science?

IT IS BECAUSE GLOBAL WARMING AND CLIMATE CHANGE ALARMISM WAS NEVER ABOUT THE SCIENCE – IT WAS ALWAYS A FALSE NARRATIVE, A SMOKESCREEN FOR THE TOTALITARIAN OBJECTIVES OF THE EXTREME LEFT.

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Social Security Soon Will Slide Into Insolvency

By Robert Weisman – Re-Blogged From The Boston Globe

Some time next year, as the ranks of retirees swell, the Social Security system in the United States will pass an ominous tipping point and start the slide into insolvency.

For the first time in nearly four decades, the government program that provides retirement checks to older Americans will pay out more in benefits in 2020 than it takes in. That will force the program to dip into a rainy day fund that will be depleted in about 15 years.

And if the political dysfunction in Washington continues and lawmakers don’t fix the system, benefit cuts are in store for current and future retirees, most of whom haven’t socked away enough money in their personal retirement accounts.

Senator Bernie Sanders, Independent of Vermont, wants to expand Social Security, even as the program will pass an omnious tipping point.
Senator Bernie Sanders, Independent of Vermont, wants to expand Social Security, even as the program will pass an omnious tipping point.(Mark Wilson/Getty Images/File)