Economic Presence
  • Home
  • Paradox found
    • Paradox found

Were you aware the NFL is treated as a not for profit and thus is tax exempt?

1/26/2014

2 Comments

 
Mish.  These are the individuals that claim any suggestions of taxation increases are tantamount to Nazi persecution. The slave masters blame the slaves for being uppity and rebellious. We obviously don't know our place. 
2 Comments

Leading Venture Capitalists claims those who "complain" about inequality are Nazis

1/26/2014

0 Comments

 
This is why my contempt, derision and scorn of the leading "intellectuals" on the right grows daily.

"Tom Perkins, the 81 year-old cofounder of Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers, compared the current “hatred” of the rich to the outrage in Nazi Germany prior to Kristallnacht, a series of coordinated attacks against the Jewish community throughout Germany in November 1938."

I expect any day now that Tyler Cowen or Scott Winship will tell us that under Alexander the Great, the world's wealth was controlled by 20 people, and so now that 85 people control half of the world's wealth, inequality has gotten better.

If we wait for" intellectuals" on the right to agree on the "facts", we will never do anything meaningful about inequality - which is obviously their strategy. As long as we are talking about outrageous comments from puppet masters like Perkins and their sock puppets like Cowen and Winship -they are winning. Shame on the Wallstreet Journal for publishing his letter to the editor.

Balanced reporting shouldn't mean given the right equal air time if what they are saying isn't even credulous.  

And if Perkins wants insurance against political blowback that would include confiscation of the 1%ers properties then they should do what economists like myself have been recommending for years - support progressive taxation and remove tax loopholes that allow the rich to take their money offshore. It is only the height of arrogance to political rig the deck so an ever increasing minority benefit and then complain against political pushback. The heat on you 1%ers is just starting to get turned up and you guys have supplied all the fuel -keep pouring more gas on the fire (with hate filled ridiculous speech and blocking reform) and you will indeed become victims.

This is what CHRYSTIA FREELAND meant when she talked about the self destruction of the 1%, in the NY Times.


"IN the early 14th century, Venice was one of the richest cities in Europe. At the heart of its economy was the colleganza, a basic form of joint-stock company created to finance a single trade expedition. The brilliance of the colleganza was that it opened the economy to new entrants, allowing risk-taking entrepreneurs to share in the financial upside with the established businessmen who financed their merchant voyages.

Venice’s elites were the chief beneficiaries. Like all open economies, theirs was turbulent. Today, we think of social mobility as a good thing. But if you are on top, mobility also means competition. In 1315, when the Venetian city-state was at the height of its economic powers, the upper class acted to lock in its privileges, putting a formal stop to social mobility with the publication of the Libro d’Oro, or Book of Gold, an official register of the nobility. If you weren’t on it, you couldn’t join the ruling oligarchy.

The political shift, which had begun nearly two decades earlier, was so striking a change that the Venetians gave it a name: La Serrata, or the closure. It wasn’t long before the political Serrata became an economic one, too. Under the control of the oligarchs, Venice gradually cut off commercial opportunities for new entrants. Eventually, the colleganza was banned. The reigning elites were acting in their immediate self-interest, but in the longer term, La Serrata was the beginning of the end for them, and for Venetian prosperity more generally. By 1500, Venice’s population was smaller than it had been in 1330. In the 17th and 18th centuries, as the rest of Europe grew, the city continued to shrink.

The story of Venice’s rise and fall is told by the scholars Daron Acemoglu and James A. Robinson, in their book “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” as an illustration of their thesis that what separates successful states from failed ones is whether their governing institutions are inclusive or extractive. Extractive states are controlled by ruling elites whose objective is to extract as much wealth as they can from the rest of society. Inclusive states give everyone access to economic opportunity; often, greater inclusiveness creates more prosperity, which creates an incentive for ever greater inclusiveness. "




0 Comments

Upward  Mobility Bad but Stable in US since the 1980s

1/24/2014

0 Comments

 
Intergenerational Wealth Mobility is bad but stable since the 1980s. Article ends on a somewhat contradictory note:

"For all the continuity over recent decades, the authors emphasized that parents appeared to cast a longer shadow over their children’s lives, in some ways, than before. As inequality has risen, pushing the rungs on the income ladder further apart than they once were, the average economic penalty of being born poor has grown over time.

“It matters more who your parents are today than it did in the past,” Mr. Chetty said."

0 Comments

Oxfam reports the astonishing scope of global inequality

1/22/2014

0 Comments

 
The 85 richest people in the world own half the wealth in the world. Davos has listed it as #4 in Global risks. Bill Gates reminds us that the poorest among us are doing better than they ever have. Both Davos and Gates are right. I looked at my inequality link and see that my first post that dealt with inequality was the third post I wrote (08/22/2011) and suggested higher progressive taxes were in order, which is one of Oxfam's recommendations.

0 Comments

Tax arbitrage

1/22/2014

0 Comments

 
Apple pays only 1.9% taxes on revenues generated outside the US. Any wonder why US government taxes as a % of tax receipts are so low?  21-32 Trillion dollars parked off shore, about a third is from the developing world. Canada is not immune from the fine line between tax avoidance and fraud.

0 Comments

Noah Smith is also really annoyed with Libertarians

1/22/2014

0 Comments

 
Admittedly, like me -he is a self-described liberal. Noah expresses frustration, I shared mine  here.:

" Because really, this is a post about libertarianism.

In case you haven't noticed, modern American libertarianism really annoys me. Much more than it probably should, given the fact that I share many of that movement's ideas - distrust of government, respect for personal liberty, etc. But that's exactly why libertarianism annoys me so much: it's so much like me in some ways, and yet so maddeningly different in others. It's smack dab in the uncanny valley of affiliation.

There are two things that annoy me about libertarianism. The minor annoyance is ideological inflexibility; a number of otherwise smart libertarians fetishize the Robert Nozick idea-package to the point of catechism. But much more annoying is the fact that libertarianism has become a hideout for a bunch of white racial nationalists. At the grassroots level there are the Ron Paul people. But at the elite level, the movement includes people like Jason Richwine and Garret Jones, who love to talk about race-IQ correlations. And even non-racist libertarians like Bryan Caplan nevertheless often support the idea of individual-level IQ-based elitism. Then, of course, there are the "Austrian economics" people.

It is easy to see why libertarianism appeals both to white supremacists and to elitists. The logic is that in a free competition, the Naturally Best People will win. That is appealing to anyone who thinks he is one of the Naturally Best People, whether because of his group membership or his individual abilities."







0 Comments

Anecdotal evidence on US  and European Labour Market

1/20/2014

0 Comments

 
An IKEA opens in Valencia, Spain has 100,000 applications for 400 positions.

McDonald's (2011) has 1,000,000 applications for 62,000 positions.

DC Walmart has 23,000  applications for 600 positions.

Mish. 

0 Comments

Zerohedge takes on the "aging population = declining LFP" meme

1/20/2014

0 Comments

 
I am back, my apologies to my readers; I have been doing a text book project over the Christmas holidays -it just finished last night (and of course caught my traditional cold).

Many economists are saying the dramatic drop in US labour force participation is natural (nothing to worry about) because it is primarily being driven by demographics. Here is an example. (Brent, who sent me the link, included this comment:"Interesting to me, but with a lot of projections from which to choose unsurprising to find one close!")

Zerohedge wonders why, if this is the case, employment among older workers (55+) is still at the same level it was in 2007?

0 Comments

    Author

    Karl Pinno

    Categories

    All
    60 Minutes
    Abnormal Returns
    Academic Publishing
    Advice For Econ Students
    Age
    Aid
    Algo Trading
    Aluminum
    Argentina
    Assortive Matching
    Austerity
    Bank Of England
    Behavioural Economics
    Bio Weapons
    Bis
    Bloomberg
    Bonds
    Bono
    Book Of Mormon
    Brain
    Brazil
    Brics
    Bridgewater Associates
    Buffet
    Calgary
    Canada
    Capital Flight
    Carola Binder
    Cds
    Central Banks
    Chainmail Bikinis
    Chanos
    Child Rearing
    China
    Chris Martenson
    Christmas Wishlist
    Climate Change
    College Humor
    Commercial Banks
    Commodities
    Community
    Computer Programming
    Confirmation Bias
    Conservatism
    Conservative
    Constructive Ambiquity
    Consumer Confidence
    Copper
    Corporate Lending
    Counterparty Risk
    Creativity
    Credit
    Culture
    Cwb
    David Einhorn
    David Rosenberg
    Debate
    Debt Crisis
    Deflation
    Demographics
    Depression
    Development
    Dragons
    Dr. Ed's Blog
    Econ Blogs
    Economics
    Ecri
    Education
    Electricity
    Eurasia Group
    Eurozone
    Excercise
    Externalities
    Falkenblog
    Ferguson
    Fertility
    Filtering
    Financial Crisis 2008
    Financial Engineering
    Financial Reform
    Financial Repression
    Financial Research
    Fiscal Policy
    Fiscal Stimulus
    Fisher
    Fixed Income
    Flood
    Food Prices
    Frank And Cook
    Fraud
    Freidman
    Ft
    Game Theory
    Gender
    Generalist
    George Soros
    Get Smart
    Giffen Good
    Global Banking
    Global Economy
    Gmo
    Godfather
    Gold
    Goldman Sachs
    Great Careers
    Greece
    Greenlight Capital
    Happiness
    Hayman Capital Management Lp
    Hbo
    Health
    Hedge Funds
    Homosexuality
    Housing Market
    Hubbard
    Hugh Hendry
    Hussman
    Ian Bremmer
    Imf
    Inception
    Income Smoothing
    India
    Inequality
    Inflation
    Inflationary Expectations
    Inside Job
    Interest Rates
    Interfluidity
    Intuition
    Inventories
    Iran
    Iraq
    Italy
    Janusian Thinking
    Japan
    Jordan Peterson
    Jp Morgan
    Judgement
    Kalecki Equation
    Krugman
    Kyle Bass
    Larry Smith
    Larry Summers
    Lehman Brothers
    Levitt
    Liberal
    Lonely Island
    Luck
    Macro
    Macro Intro
    Macro Predictions
    Management Consulting
    Marginal Revolution
    Market Design
    Market Monetarism
    Marx
    Matt Taibbi
    Mercantilism
    Michael Portillo
    Milton Friedman
    Mircea Eliade
    Mish
    Mishkin
    Monetary Policy
    Monetary Stimulus
    Multipliers
    Mundell
    Music
    Nanex
    Nfl
    Noahpinion
    Nobel Price In Economics
    Oil Price Volatility
    Oil Production
    Omitted Variable Bias
    Optimism Bias
    Overcomingbias
    Palantir
    Pettis
    Phillips Curve
    Placebo
    Podcasts
    Poker
    Poland
    Politico
    Politics
    Populism
    Portfolio Management
    Positivism
    Prisoner's Dilemma
    Productivity
    Psychology
    Publishing
    Quality
    Quantitative Easing
    Race
    Rand Paul
    Ray Dalio
    Rbc Theory
    Real Interest Rates
    Reality Tv
    Recession
    Redistributionist Reform
    Regulators
    Regulatory Capture
    Remembrance Day
    Research
    Richard Wilkinson
    Riots
    Risk
    Risk Taking
    Robots
    Roubini
    Russia
    Ryan
    Sachs
    Salt
    Saudi Arabia
    Sec
    Seth Klarman
    Shadowbanking
    Shiller
    Signaling
    Smes
    Snap
    Social Policy
    Social Unrest
    Society
    Sorkin
    Soros
    S&P
    Spain
    Specialization
    Speculation
    State Sponsored Terrorism
    Status
    Steve Jobs
    Steven Keen
    Stress
    Structural Unemployment
    Structure Finance
    Sugar
    Suicide
    Svars
    Systemic Risk
    Tax
    Taylor Rule
    Technology
    Ted
    Television
    The Clash
    The Economist
    The Wire
    Thinking
    Thoureau
    Trade
    Trilemma
    Turkey
    Tyler Cowen
    U2
    Unemployment
    Us 2012 Election
    Us Economy
    Us Foreign Policy
    Velocity
    Volatility
    Welfare
    Williams
    Words
    Work
    Writing
    Zerohedge
    Zig Ziglar

    Archives

    November 2017
    October 2017
    March 2017
    January 2017
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    February 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011

    RSS Feed

Powered by Create your own unique website with customizable templates.