LA ACTUACIÓN TRIBUTARIA AUTOMATIZADA

IMPEACHMENT: APPLICATION, U.S. HOUSE OF REPRESENTATIVES

USATODAY (JULY 28,2019): IMPEACHMENT

Don’t be confused by the 105 Democrats now “calling for” an #ImpeachmentInquiryNow. That inquiry has BEGUN as of Friday July 26. The eagle has taken flight. No question about it. Read my @USATODAY op-ed ⬇️https://t.co/PWeNuQz7fG

— Laurence Tribe (@tribelaw) July 28, 2019

IMPEACHMENT IS UNDERWAY

LA CONCENTRACIÓN DE RIQUEZA Y PODER

https://t.co/GwCk7Fggd8

Two-thirds of all US corporate sectors have become more concentrated since 1997.
Source: (The Economist, 2016)

— Guillermo Ruiz Zapatero (@ruiz_zapatero) July 26, 2019

ECONOMÍA EN IMÁGENES ( 25 JULIO 2019)

A further rate cut would be catastrophic, especially for German banks. Goldman estimates that 20bps cut (effectively what mkt has priced in betw now and Sep), would trigger aggregate losses in 32 banks they cover of €5.6bn, about a 6% cut to profits

German recession gauge raises the alarm bell: 3mth/5y Bund spread turned neg for first time since GFC. The last time the 3mth to 5y Bund spread inverted was Aug2008 on the eve of Lehman Brothers collapsing

Yields negative out to 21 yrs

10 y Greek debt yields less than US 10 y Treasuries 

ECB interest rate should be around 3,8% instead of ZERO at least according to Taylor rule

via @shuldensuehner

¿ESTÁN LOS BANCOS CENTRALES PERDIENDO SU GRAN APUESTA?

INVERSIÓN DE LA CURVA DE TIPOS

MANUAL DERECHO EUROPEO: ASILO E INMIGRACIÓN

LOS SIETE VELOS DE LA DESIGUALDAD (JOSE GABRIEL PALMA)

Behind the Seven Veils of Inequality. What if it’s all about the Struggle within just One Half of the Population over just One Half of the National Income?

Jose Gabriel Palma

ABSTRACT 

This article addresses three main issues: why there is such a huge diversity of disposable income inequality across the world, why there is such a deterioration of market inequality among countries of the Organization for Economic Cooperation and Development (OECD), and why inequality seems to move in ‘waves’. There are many underlying questions: does diversity reflect a variety of fundamentals, or a multiplicity of power structures and choice? Is rising market inequality the product of somehow ‘exogenous’ factors (e.g., r>g), or of complex interactions between political settlements and market failures? How do we get through the veils obscuring these interactions and distorting our vision of the often self-constructed nature of inequality? Has neoliberal globalization broadened the scope for ‘distributional failures’ by, for example, triggering a process of ‘reverse catching-up’ in the OECD, so that highly unequal middle-income countries like those in Latin America now embody the shape of things to come? Are we all converging towards features such as mobile elites creaming off the rewards of economic growth, and ´ ‘magic realist’ politics that lack self-respect if not originality? Should I say, ‘Welcome to the Third World’? In this paper I also develop a new approach for examining and measuring inequality (distance from distributive targets), and a new concept of ‘distributional waves’. The article concludes that, to understand current distributive dynamics, what matters is to comprehend the forces determining the share of the rich — and, in terms of growth, what they choose to do with it (and how they are allowed do it).

https://onlinelibrary.wiley.com/doi/pdf/10.1111/dech.12505

(...)

What we are witnessing in the OECD is another type of distributional failure (number 4 on my list),which is not about increasing market inequality per se — large though this has been. This failure is about the ever less sustainable gap between market and social distributional outcomes, and its inevitable plethora of distortions, transaction costs and public debts. I want to highlight five (for a detailed analysis, see Appendix 5):

i. Increased market-inequality has not been ‘Pareto-improving’ even in the ‘Kaldor–Hicks’ sense.

ii. There are also significant transaction costs in letting market inequality go one way only to try to reverse it later in terms of disposable income.Like the Grand Old Duke of York: ‘He had ten thousand men; He marched them up to the top of the hill; And he marched them down again’.

iii. But as the OECD’s ‘reverse catching up’ aimed not just at Latin-style market inequality, but also at its regressive taxation, the very rich and large corporations also became de facto practically tax-exempt. So, instead of the winners compensating the losers it was those not invited to the party who were left with the bill, and had to be ‘over-taxed’ for this — but over-taxed not because of the growing needs of the poor, but in order to compensate the increasing tax evasion and avoidance of the winners.

iv. As transfers balloon, governments’ debts are soaring. The EU’s share of ‘social protection’ stands at 40 per cent of public expenditure —and with health and education, this share jumps to two-thirds. But in their new tax status, corporations and the very rich now prefer to partpay/part-lend their taxes, and part-pay/part-lend their wages (Palma,2009). It’s so much more fun than the old-fashioned way of having to pay for public goods via progressive taxation, and having to put up with positive but challenging wage–productivity dynamics. That is, growing market inequality creates further necessities for public expenditure, while a new generous tax status for those who benefited most denies the necessary public revenues. And as there are limits to taxing those ‘others-than-the-real-winners’ (ask the gilet jaunes),governments’ debts are mounting.

v. Finally, now that OECD markets have finally been unshackled from all those Keynesian ‘rigidities’ and ‘distortions’ brought about by well intentioned but supposedly economically misguided post-war policies,are Latin America’s levels of market inequality really the new rising sun? Are OECD countries now embarked on a ‘creative destruction’of those rigidities, or just bent on some (fairly uncreative and highly corrosive) ‘reverse catching up’, including the return of some of their own disagreeable ghosts of the past?As discussed in detail for Europe in Appendix 5 (and in section 2.4 below for the USA), it seems highly unlikely that elites and special interest groups captured policies with the aim of enhancing economic efficiency

EL RATIO "PALMA" Y LA BOMBA DE RELOJERÍA DE LA EXPLOTACIÓN

ECONOMÍA EN IMÁGENES (VARIOS)

DISTOPÍA DIGITAL (JEAN TIROLE)

THOSE WHO TELL THE STORIES...

THE TRUTH OF WINNERS AND LOSERS

THE #TRUTH OF #WINNERS AND #LOOSERS https://t.co/OPkWxwKQNX

I called on the king, but he made me wait in his hall (...). There was a man in my neighborhood who lived in a hollow tree. His manners were truly regal. I should have done better had I called on him
HDT

— Guillermo Ruiz Zapatero (@ruiz_zapatero) 5 de julio de 2019

PROBABILIDAD DE RECESIÓN: MEDICIÓN

CRYPTOTYTAN thetacit1101 The highest probability of a recession since 2008! pic.twitter.com/KkcpupZM1A #BTC #ETH

— CoinMarketNews (@coinmarketnews) 10 de julio de 2019

¿NOS SALVARÁ LA CREACIÓN DE DINERO?

¿UNA AGENCIA DE LA DEMOCRACIA DIGITAL?

LAS CLASES EXPRIMIDAS (I)

LA CLASE MEDIA EXPRIMIDA (OCDE 2019)