WASHINGTON | By Mike Konczal at The New Republic, via The Next New Deal | Our problem today was not caused by a lack of business and banking regulations,” argued Ron Paul in his 2009 manifesto End the Fed, which outlined a theory of the financial crisis that only implicated government policy and the Federal Reserve, while mocking the idea that Wall Street’s financial engineering and derivatives played any role. “The only regulations lacking were the ones that should have been placed on the government officials who ran roughshod over the people and the Constitution.”
WASHINGTON | By Pablo Pardo | To lose faith in mankind, there is nothing better than following the debt ceiling and government shutdown debate in the United States. Just one example: a big chunk of the whole discussion has been a medical device tax that, once implemented, would generate in revenue the equivalent of 0.015 percent of the US GDP–or, approximately, 3 percent of the federal deficit.
WASHINGTON | By Pablo Pardo | Last week, the Federal Reserve’s decision to keep bond purchases at the current level was received with some degree of hysteria by the financial markets. These are, of course, the same financial markets that had decided to ignore the subpar US labor market performance in August, the extremely low inflation rate and, in general, the moderate pace of the US recovery.
You’ve certainly read by now Warren Buffet’s op-ed column in The New York Times “Stopping to coddle the super-rich”. Mr Buffett talked about raising the tax rate to the “rich” and “super-rich” in an effort to reduce the huge deficit in the US. While in Europe some members of the wealthy elite –like Maurice Lévy, chairman and chief executive of the French advertising firm Publicis or multimillionaire chairman of Ferrari…