☕ Sean Rushton appears in the Asia Times today, talking currency:
Speaking in 2010, Dr. Robert Mundell, the Nobel Laureate and iconoclastic dean of international monetary economics, made an intriguing observation.
The global economy was like a solar system, he said. And for many decades, due to the overwhelming size of American GDP, the US dollar had been like the sun, the behemoth at the center whose gravity dominated and defined the system.
The dollar’s centrality was a fact, despite the supposed monetary independence nations attained in the early 1970s, when the Bretton Woods system of pegged exchange rates broke apart and currencies were allowed to float relative to one another.
☕ Steve Forbes makes some great points about why we tolerate the “atrocity” of the tax code.
But try to get an American politician to make it a front-burner cause! Most are too scared to attempt it. They’ll mumble about the need for a tax code that is “simpler and fairer,” but that’s it. They fear getting in the lobbyists’ crosshairs. They tremble at being accused of benefitting the rich, while shafting the poor and gutting health care and the tax breaks of home ownership and charitable giving.
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Ultimately, this is a moral issue. Just think back over 20 years and add up the, literally, tens of billions of hours, the trillions of dollars and the immense brainpower that have been wasted on this utterly unnecessary activity. Then think of all the new products and services, the new medical devices and cures for diseases that could have been created with these resources that went down the drain of the current and ever more complex and corrupt tax code.
☕ Do not miss this chance to hear from George Gilder.