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« The Suffering of the Rich - Can You Feel It? The Recession Diaries - August 25th | Main | Do They Know What They're Talking About? The Recession Diaries - September 7th »

August 27, 2010

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WorldbyStorm

The fractional impact of any further cuts is central, what's most depressing is that this analysis simply isn't filtering into the public debate (or rather isn't being allowed to). The theological nature of some of this, at least in terms of holy writ which is unquestioned, is remarkable.

Conor McCabe

I see that the New York Times has called a spade a spade. Particularly like this part:

"Ireland’s gross domestic product did grow in the first quarter of 2010, but that was not the good news that many news media and officials claimed.

This misunderstanding stems from Ireland’s success as a tax haven. Many years ago, Ireland cut corporate taxes to attract business. This created one of Europe’s most impressive tax havens — it is possible to set up a corporation in Ireland, channel sales through that head office (with some highly complicated links to offshore tax havens in order to avoid paying Irish tax) and then pay a minuscule corporate profits tax. Ireland boasts a large industry of foreign “tax minimizers” that do this, but these tax minimizers hardly employ any people. Nearly one-quarter of Irish G.D.P. comes from the profits of these ghost corporations."

https://economix.blogs.nytimes.com/2010/09/02/in-ireland-dangers-still-loom/

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