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Tag Archives: USA

How is the USA like Greece? Both are crony states

Government is inherently crony. That is its nature. It has an inherent tendency toward corruption. Crony entropy. Like water flowing downhill.

In Greece we see a relatively poor crony state languishing on the rocks while the Germans pick at its liver. And we pity the place. Yes, they’ve gotten themselves into this mess, but Brussels (and Berlin) are being stupid about things.

Not because they won’t give Greece another bailout. They are dying to give Greece more money truth be told. (The banks want to be paid on their Greek subprime portfolio.) But because they won’t just cut the Greeks loose with any dignity.

But hey, Greece does have nice beaches, got to keep access to those.

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Pfizer to leave the US because of high tax rates, Makes a huge part of its money from tax funded government programs

The big pharmaceutical companies have done very well in the crony department over the last decade. Medicare Part D was a giant gift to pharma, then the “donut hole” fill of Part D in 2010 meant even more money for the drug companies. Big Pharma in many respects is a government contractor. A quarter of its revenue comes from Medicare, Medicaid, and various other government programs. But now one of the giants is leaving for England lured by lower tax rates.

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Will the Obama-era hypocrisy continue when the next president takes office?

I don’t care if you like this president. I can understand why some people do. There are partisan affiliations which are hard to break. There are ethnic ties which are powerful. There is an opposition party which is not much of an alternative. But make no mistake, President Obama has taken this country down a very dangerous path and now is the time to set the country back on the right one, before the next president comes in and makes things even worse.

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Guest Post: Detroit’s Bankruptcy WILL Bite You In the Wallet

By N. Yakovlevitch

Does Detroit filing for bankruptcy indicate that the decades of corruption and can-kicking in America’s municipal governments have finally caught up with us? I don’t think most Americans understand just how serious this is and just how much it matters to their daily lives – even if you live nowhere near Detroit.

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Moneynews: US Has Morphed Into ‘Crony Capitalism’

It has. But it’s not the endgame. Free market capitalism, with the free movement of prices is what our economy needs. In a sped up world innovators may be able to make end runs around the crony capitalist system. They may overwhelm the state/corporate dynamic. But as we wrote over the weekend, it will take a lot of work.

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