Great article thanks. A bit like the silly suggestions that more houses means that more people will be accommodated these are not logically connected. More bread = more sandwiches for my lunch??
Why the whole obsession with tax? The CFMMEU are choking on capitalist economics, and need to aim a bit higher - this lame “tax” policy simply reinforces the paradigm that is crushing the unions. If we let banks create credit for housing, why can’t the government do the same? Or better yet, as Minsky suggests, the government should take over *all* credit creation, so the banks’ profit motive no longer inflates credit/asset bubbles.
Yes, this is probably harder than even a super-profits tax, as it busts an entire paradigm. But if we wait a few years for the Minsky moment, we just give the banks buyouts instead of bailouts and the job is done. The servants of capital will no doubt exhume Milton Friedman to make a TV show proclaiming the profit motive makes private banks “more efficient” than government, but when it comes to bubbles the profit motive is the problem, not the solution. That’s when the CFMMEU need to be on the streets chanting Buyouts! Not Bailouts!
If the CFMMEU can’t bring themselves to depart from the economic orthodoxy that serves capital, they might as well just appoint Peter Costello as chair and be done with it.
Another logical insightful article exposing ideas we hadn’t thought of.
Great article thanks. A bit like the silly suggestions that more houses means that more people will be accommodated these are not logically connected. More bread = more sandwiches for my lunch??
Why the whole obsession with tax? The CFMMEU are choking on capitalist economics, and need to aim a bit higher - this lame “tax” policy simply reinforces the paradigm that is crushing the unions. If we let banks create credit for housing, why can’t the government do the same? Or better yet, as Minsky suggests, the government should take over *all* credit creation, so the banks’ profit motive no longer inflates credit/asset bubbles.
Yes, this is probably harder than even a super-profits tax, as it busts an entire paradigm. But if we wait a few years for the Minsky moment, we just give the banks buyouts instead of bailouts and the job is done. The servants of capital will no doubt exhume Milton Friedman to make a TV show proclaiming the profit motive makes private banks “more efficient” than government, but when it comes to bubbles the profit motive is the problem, not the solution. That’s when the CFMMEU need to be on the streets chanting Buyouts! Not Bailouts!
If the CFMMEU can’t bring themselves to depart from the economic orthodoxy that serves capital, they might as well just appoint Peter Costello as chair and be done with it.