Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
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by Bjinse on Wed Dec 20th, 2017 at 09:11:49 PM EST
Lack of global stance on tax havens deepens divide
The publication of the list, and the threat of sanctions and losing access to EU programmes, brought a sharp rebuke from the African Caribbean and Pacific (ACP) community, which described it as "unilateral and discriminatory practice" and a breach of the 2000 Cotonou Agreement between the two blocs since signed by 78 ACP countries.
[...]
The failure of EU ministers to include any of their own countries linked to the Panama and Paradise Paper, or any of the British Crown Dependencies or Overseas Territories, such as Jersey and Bermuda, has also prompted a backlash from developing countries and transparency NGOs.
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In the meantime, a host of European governments are in the process of re-negotiating bilateral corporate tax treaties with developing countries, many of which date back to the transition from colonialism. Regional blocs of developing countries are have started to harden their negotiating stances. In November, the six countries in the East African Community became the latest organisation to agree their own model tax treaty.

The awkward process of legislating recommendations in the "PANA" report --
EP | Wedsday, 13 December 2017 | Results of votes available pp 8-14
3. Draft recommendation following the inquiry on money laundering, tax avoidance and tax evasion  
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§ 210, S&D, PPE:amendment 14
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Second part `notes that, according to research carried out by the University of Amsterdam, 23 % of all corporate investments that ended up in tax havens passed through the Netherlands; believes that these data are a clear indication that some Member States are facilitating excessive profit-shifting activities at the expense of other Member States;' [ADOPTED]

Third part `calls, therefore, on the Commission to regard Luxembourg, the Netherlands, Ireland and Malta as EU tax havens;' [REJECTED]

Miscellaneous Amendment 21 had been withdrawn.

You also may be interested to review results, part by part, "1. State of play of negotiations with the United Kingdom", Motions for resolutions: B8-0676/2017, B8-0677/2017.

archived: Happy Vanuatu Day!!
a raft of documents addressing tax avoidance and evasion

Diversity is the key to economic and political evolution.

by Cat on Sat Dec 23rd, 2017 at 06:45:41 PM EST
[ Parent ]
in the narrative "15 Dec GUE/NGL analysis of final vote on PANA recommendation"
Resolves to establish a permanent committee of inquiry, on the model of the US Congress

About GUE/NGL

< wipes tears >

archived: after the 'bank union' and the 'defense' union ...
German conservatives reject 'United States of Europe' 12 Dec
National lists confirmed in France for 2019 elections
Articles of Confederation


Diversity is the key to economic and political evolution.

by Cat on Sat Dec 23rd, 2017 at 07:12:19 PM EST
[ Parent ]
by Bernard on Sun Dec 24th, 2017 at 06:32:11 PM EST
[ Parent ]
there's an apocryphal tale of a '29 banker who realised he had to take his winnings and run when his shoe shine boy started giving him stock tips

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Sun Dec 24th, 2017 at 06:39:08 PM EST
[ Parent ]
Wasn't it the senior Kennedy?
by das monde on Mon Dec 25th, 2017 at 05:24:06 AM EST
[ Parent ]
Bubbles are a huge betting game on guessing when the end comes, not if.
If bubbles ended well they wouldn't be bubbles.
Since all the profits quickly are made on the waxing stage until and including when the price starts to level off, those late to the game just prolong the agony of decline as the plateau increasingly tilts and ever more punts fail.
What's usually forgotten in the terribility of the end is that many made serious bank if they bought early.
It's hard to imagine late stage capitalism without bubbles.
Profits are made on successful risk taking. Risks are risky for a reason, and statisical probability is only part of it.
The vagaries of nature and man's animal spirits feature heavily but the gamble is really about the sustainability of demand and the collision of contradictory vested interests, competing monopolies.
Bubbles gradually tempt conservative investors out of lower, safer yields, but everyone pays attention to bubbles as they become more and more the only way to get rich(er) so quickly.
In an economically dynamic, growing economy like the 50's and 60's conservative investors patiently pulled down huge capital gains with blue chip stocks like IBM and GM.
The good old days before junk bonds and high-speed trading, when bubbles were rare and legendary.
Sometimes small bubbles, like localised infections can affect the general health of an economy for better and worse, mostly they distract from a bigger looming bubble that is about to hit peak profit plateau soonish.
Or so many small bubbles pop they compromise whole sections of the economy, a froth of bubbles like the dot come boom/bust.
Usually they're like bitcoin or tulips, something out of left field.
Of course the sum of these bubblicious events distracts investors from contemplating the ultimate bubble under even the seemingly placid parts of the market -the methane under the tundra. One man's placid is another's stagnation!
Namely the whole concept of money as a thing to own, hoard and wield rather than a river to channel to drink from.

Bubbles are like lotteries, the worse the general state of the economy the more they proliferate. The poorer the country, the more beggars selling scratchcards.

Krugman's being disingenuous.

A hearty ho ho ho to the stalwart denizens of ET, may your days be merry and bright.

 

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Mon Dec 25th, 2017 at 02:50:32 AM EST
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A bubble is a straightforward, reliable way to institute steep inequality.

Eastern Europe of the 90s was overrun by pyramid schemes and three card monte games. Worked like a charm...

by das monde on Mon Dec 25th, 2017 at 05:29:51 AM EST
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Here in the US, Utah operates the same way.
by rifek on Wed Dec 27th, 2017 at 11:20:11 PM EST
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