NO WIKILEAK ON THESE ECONOMIC SECRETS YET
Julian Assange and the media have done us a favour in reminding us of the secrets and hypocrisy behind international diplomacy.
But there’s no sign yet of the following on WikiLeaks. Is it possible that the ‘powers that be’ keep these facts under a much deeper level of security?
- Classical economics was re-cast into neo-liberal economics for a particular reason, namely, to hide the manner in which those few who privatise the common wealth (land and natural resource rents) steal from the wages of the vast majority via taxation, thereby creating economic recessions.
- This parasitic process has accelerated since 1972 as the public capture of rent for revenue was wound back by a rent-seeking lobbyocracy. It is a misbelief that people are better off now than they were 38 years ago because of the mountainous levels of household debt that have accompanied the resultant escalation of taxation and land prices (as land and resource rents increasingly became privatised).
- The current economic depression will continue to implode, because of crass public policies, such as creating more debt to solve the problem of excessive debt, and making taxpayers responsible for the delinquency of financial institutions.
- Until we recapture resource rents back into the public purse, the after-tax returns to labour and capital will continue their drift towards vanishing point.
There’s a sense in which WikiLeaks’ exposure of all the political gossip amounts to little more than a distraction from these blatantly unaddressed socio-economic issues that lay waste to world economies.
Don’t study the times, study the eternities.