Stupidity May Have Limits, But It Has No Boundary

Friday, September 30, 2011
By Paul Martin

BY PATER TENEBRARUM
FinancialSense.com

Stupidity is a bit like the universe. There is simply too much of it for us to fully comprehend it.
The most recent example of what we may call ‘applied stupidity’ emanating from the eurocracy brings us more proof that H.L. Mencken was perfectly right when he said: “Democracy is the theory that the common people know what they want, and deserve to get it good and hard.“
While the euro-land economy is on the verge of imploding as a result of the sovereign debt crisis and the associated crisis of the fractionally reserved banking system, what do the eurocrats have time to debate?

The introduction of a new tax! Once again, every expert opinion and study done on the topic tells them that this tax will lower the euro-zone’s GDP, won’t increase overall tax revenues due to the negative effect on economic activity and will weaken the already severely weakened financial system further. And yet there are few things on which unanimity has been achieved faster than this tax (there are a few holdouts, see further below). No wonder, as the manner in which politicians have framed this taxation proposal – the financial transaction tax – has transformed it into a populist cause that promises to find the approval of the mob of uneducated sheeple who will actually end up paying through the nose for it.

The Rest…HERE

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