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Thread: Britain 'may be forced to bail out tax havens'

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  1. #4
    Join Date
    Apr 2007
    Isle of Man

    Default Re: Britain 'may be forced to bail out tax havens'

    Hello Don,

    Yes, I read the article. I think you might be inviting more comment on the points raised? I might be tempted to rant and raise my blood pressure, so preferred the option of a short comment and move on...

    This is a little piece of drama with which the journalist wishes to fill the UK reader with moral indignation that their money might be taken and given to villains. He has little evidence but relies on insinuation and the presentation of partial information. I only commented because it includes my country of residence in the list of possible villains.

    I think that the UK taxpayer has very good reason worry that their money is to be taken and given to villains. It's already happening, to the tune of hundreds of billions. I suspect that poster "hayekvindicated" could tell you all about that.

    If, as I fantasized, the UK government had instead asked the IoM government for advice, they would probably have been told:

    1) Don't run a deficit, stick to what you can raise from taxes.
    2) If a bank fails, let it. Do what you reasonably can to reimburse the depositers.

    That's what we have done/are in the process of doing.

    The article says that one of the governments mentioned wants to borrow some money to cope with the recession. Well. The horror.

    Last edited by tfthorpe; 09-17-09 at 12:45 AM. Reason: meant to say something different

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