“Capital will always go where it’s welcome and stays where it’s well treated.” Wriston’s Law of Capital
The majority of Western nations faces the stark choice between rigid spending cuts, marked tax increases (or a combination of both), resp. a somewhat more subtle method, namely pronounced financial repression. Since the time shortly before elections always represents a ‘period of focused unreason,’ the supposed magic formula can be quickly found, since the political implications of rigid austerity packages and large tax increases are widely unpopular and represent a considerable obstacle to reelection. Moreover, austerity measures often go hand in hand with social unrest.
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