Amy Goodman has just interviewed James Henry, the author of the report on offshore banking that was cited in the Guardian. You can see the interview or read a transcript at here. He makes the point that when you take offshore finance into account it becomes clear that states like Nigeria are actually net creditors. These countries don’t really have a debt problem – they have a tax problem. …
The Irish economy needs stimulus and the most effective way to do this is to implement an immediate jobs program backed by newly issued, low-yield tax-backed Jobs Bonds. This will provide the financing necessary for such a program without adding to Ireland’s already substantial interest burden. [...]
I really like this idea, below copied in full, that Warren Mosler has devised for Greece but fully applicable to Ireland. Mr Mosler doesn't seem to want for self confidence. Perhaps he has good reason. [...]
by Lothar Luken. Just had a crash, wrote off two cars. Now where's my medal for stimulating the economy? Two replacement cars have been bought; one driver seen by a doctor; an assessor coming to inspect the wreckage; state keeps motor tax for the old cars; insurance (UK-based!) pays scrapper for wreck crushing. Nice stimulus package - according to official theory.