Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
They have created a perceived reality highly favourable to their interests and >> majority of the population view the world through that perceptual filter.

Yes for long as I know they are telling us that we shouldn't tax rich because they are those who will invest their wealth and make jobs for us and prosperity for the state. Also they kept telling us that we should borrow on the equity of our homes to by investment properties as their prices were raising like mad, put the tenant in and woala you'll have free money too just by watching time passing. People bought it. We all are going to be rich, hurray!
Now we know that there will not be free lunch for us / middle class, there is not enough lunches so they/super rich will have their meal.
So (no matter how fictional this scenario is) if government decide to tax them is it really that "sky will fall down" as they are saying? I do not see super rich investing in their countries in this era of globalisation and that's probably why we are not seeing more jobs in our respective countries...just opposite. Looks like they see us from developed world as consumers ONLY and how we are going to consume without jobs is not of their interest. They blame governments for unemployment. It's a circle.
I would like to know what would happen in this fictional situation where superrich are taxed so they can not invest in China/India/wherever. So governments with tax money should make more jobs (they are not that good in this)? Logic tells me that governments can only really invest that money in infrastructure and they will again give those works to corporations. Corporation (because they are capable of big projects) will pay us low wages again and keep the fat profits. For us people there is no win situation but at least we'll have infrastructure instead of cheap Asian stuff. My head is spinning...
How would this play in a short run? I am afraid financial system as we know it would collapse totally in this circumstances (this may be good in brother picture) but how this all will affect us little people? They keep scaring us with domino effect...and it is scary...

Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Sat Aug 20th, 2011 at 10:04:28 PM EST
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Unless someone emerges with the stature of an FDR I fear that the only way out of our current situation will be by going through a collapse. But alternatives are available. The USA in WWII gave the lie to the myth that government cannot do anything right. Had the US Government not directed the economy to produce the necessary goods and services we could not have prevailed.

The myth that the rich should not be taxed so that they can invest their wealth in creating jobs died in the 1970s in the USA. But, through propaganda and the spell it has woven, most people think it is still true. And the government has within its power the ability to raise minimum wages and to require businesses to pay for medical care and retirement.

The USA and Australia, to name two countries, could be substantially self sufficient should they choose to direct their economies to that end, as could the European Union, could it just see itself as one multinational union working together for the common good instead of as many nationalities with some prospering at the expense of the others.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Aug 20th, 2011 at 11:48:22 PM EST
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they are telling us that we shouldn't tax rich because they are those who will invest their wealth and make jobs for us and prosperity for the state ...

Nice little graph posted on BooTrib today (h/t to ejmw) exploding that bit of intellectual drivel:

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Mon Aug 22nd, 2011 at 02:12:05 PM EST
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