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Back Taxes

Great write up guys. Keep them coming!

Back Taxes

Everything has a certain degree of corruption that cannot be totally taken away. Of course greed and corruption will flock where there is money and a way to extract that money, hence the banking system.

Mark Griffith

All these points have substance, although I don-t see any discussion of the role of increased risk and more complex hedging since the end of Bretton Woods at the start of the seventies.

The arbitrariness of using one or more metals to back a currency (and the monomaniac narrow-mindedness of the typical gold bug) have made the bygone era of slow-moving exchange rates faintly embarrassing for most economists. However, the advantages in simplicity, transparency, and stability of that vanished world which had a far smaller number of financial markets and derivatives are rarely mentioned, even by the most rabid hoarders of precious metals.

Bankers can no longer be people who mainly assess the riskiness of borrowers in long-term contexts when they are surrounded by a host of other short-term opportunities and risks for transaction loss or gain on constantly moving markets. At its simplest, the problem is one of distraction. There are simply too many ways now for bankers to make transaction profits for there to be much appeal in an activity as vanilla as lending it to someone long-term to help them set up a factory that might manufacture something.

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This sure wins a few points in the bike uglification process. But what happens when it rains on them? They'd get all soaked and drip on you in your next ride. Gross.


This is a nice post in an interesting line of content.Thanks for sharing this article, great way of bring this topic to discussion.

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James Swede

Brilliant post - the crux of the matter, as you seem to suggest is the attitude to capitalism itself. Communism failed as a system and unregulated capitalism cannot work either. Regulation which is not implemented properly is just a political sop. This has been the problem.


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Laws + rules do not apply to them.

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