Ideal Taxes Association

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 Richmans' Trade and Taxes Blog



Bank of Japan steps up its mercantilist attack upon the U.S. economic future.
Howard Richman, 10/31/2014

The biggest financial news this morning is that the Bank of Japan announced last night that it was going to boost its money creation -- using the money to buy U.S. stocks. Here's a selection from an article on Zero Hedge, my favorite economics blog: 

In retrospect, the BOJ's [Bank of Japan's] announcement [that it would be creating money and using it to buy Japanese government long term bonds] should have been anticipated. Recall that yesterday, the biggest non-story was the regurgitated headline that the Japanese Pension fund would boost its holdings of domestic and foreign stock from 12% to 25%, while slashing its Japan bond holdings from 60% to 35%, something that had been leaked previously. The full changes:

  • Domestic stocks raised to 25% from 12%
  • Japan bonds cut to 35% from 60%
  • Overseas shares 25% from 12%
  • Foreign debt 15% from 11%

And here's an article about the same announcement being the cause of rising U.S. stock prices on the Yahoo Finance blog:

http://finance.yahoo.com/news/stocks-charges-toward-new-highs-after-bank-of-japan-s--qe-115342351.html

Explanation:

Read more...

Comments: 0


The role of non-citizens in U.S. Elections
Jesse Richman, 10/24/2014

I have a piece with David Earnest up on the Washington Post website this evening which reports on the results of research into the role of non-citizens in U.S. elections.  Although it is illegal for non-citizens to vote in U.S. elections, some do.  We report on an analysis of survey data that allows us to estimate the scale of this participation, and to identify election outcomes that were likely altered by the presence of non-citizen votes. 

The piece appears on the Monkey Cage, a Washington Post blog which reports on Political Science research.  

We begin: 

Could control of the Senate in 2014 be decided by illegal votes cast by non-citizens? Some argue that incidents of voting by non-citizens are so rare as to be inconsequential, with efforts to block fraud a screen for an agenda to prevent poor and minority voters from exercising the franchise, while others define such incidents as a threat to democracy itself. Both sides depend more heavily on anecdotes than data.

In a forthcoming article in the journal Electoral Studies, we bring real data from big social science survey datasets to bear on the question of whether, to what extent, and for whom non-citizens vote in U.S. elections. Most non-citizens do not register, let alone vote. But enough do that their participation can change the outcome of close races.

I encourage you to take a look at the entire piece. 

 

Read more...

Comments: 1


Outsourcing is not a political winner, and may cost Republicans the Senate
Jesse Richman, 10/16/2014

Democrats are taking a page from their Anti-Romney playbook with a series of apparently quite effective attack ads against Georgia Republican Senate candidate David Purdue. Purdue must respond effectively, and articulate a clear vision on trade to counter these attacks.

Purdue seems to be in significant trouble. The polls have tightened, and national super-PACs and campaign committees are pouring millions into the Georgia Senate contest as a result. A major factor in that trouble seems to be his record of outsourcing jobs while CEO of Dollar General and before that as an executive with other firms, as highlighted in a series of attack ads such as this attack on his compensation from managing a struggling manufacturing company that folder soon after he left, this ad emphasizing his career in outsourcing ad and this "outsourcing is good" ad. The Real Clear Politics average for this race began moving substantially immediately after the second ad ran, with Nunn leading in the two most recent polls.

Purdue's campaign website says some very positive things about his aspirations to boost the growth of American manufacturing....

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Comments: 1


Similarities and Differences Between Fascism, Communism, Socialism, Democrats and Republicans
Raymond Richman, 10/13/2014

Both political parties in the U.S. are coalitions. The Democrats include persons who believe government has a role in setting the direction of the economy and those who want government to control the economy, including socialists. Republicans include people who believe government has a more modest role in setting the direction of the economy and conservatives who fear a powerful government. The Democrats are labelled as leftists and the Republicans as rightists.

Fascism is always described as far right when it should be described as far left because from its start in Italy and Germany socializing the economy was its intent. Communism until then claimed to be international not national. Stalin was a Georgian, not a Russian. The Communist party in Germany, in its struggle for power with the Nazis, which stands for national socialist party, argued that it was rightist. The notion that it was a rightist party was simply German Communist propaganda that intellectuals around the world bought hook, line, and sinker.  Mussolini had been a communist until he decided that the road to power was to nationalize socialism. National socialism in Germany and Italy wisely tolerated a large private sector because socializing the private sector would have brought disaster to their economies, resulting in the deaths of millions of people as it did in the USSR during its first two decades.

To be far right, one must be for minimum government. Authoritarianism is not rightist; it is leftist. Both Democrats and Republicans have since the 1930s have been increasingly interventionist with the consequent growth of government and its entry into areas where government has never gone before. Only the Tea Party Republicans oppose these tendencies. Perhaps it is time for three parties, including a conservative party on the right.  ...

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Comments: 0


Continetti's The Case for Panic
Jesse Richman, 10/4/2014

Writing in The Washington Free Beacon, Matthew Continetti argued The Case for Panic in his October 3rd Column.  His equation for panic is given in the subtitle of the column: "Incompetent government + corrupt elite = disaster."

The first paragraph encapsulates his charge:

"Deadly, irrational, and determined, the intruder snuck across a weakened perimeter. Eluding capture, the intruder was detained only after missteps and close calls. The spin began soon after the threat was isolated. Information was selectively leaked. Half-truths and untruths were uttered. Responsibility was avoided; privileges and credentials asserted; authority reasserted. Trust us. Remain calm. Don’t panic."

It is then effectively applied to a series of recent cases including the White House fence jumping, the spread of Ebola to the United States, the mismanagement of Ukraine, the contradictory US policies toward the Islamic State, Syria, and Iraq. All of it is worth a read, but he leaves out some of the most important cases.

Critical among these omissions is the failure of America's elite to craft an effective -- and balanced -- trade policy over the last four decades, and the resultant destruction of much of U.S. industry, the hollowing out of the defense industrial base, and the undermining of the living standards of the American working class.  My coauthors and I make this case in our book Balanced Trade

He then turns to a brilliant but also limited diagnosis...

Read more...

Comments: 0





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    Wikipedia:

  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

    Atlantic Economic Journal:

  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]