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Tax Reform needed to avoid another spectacular crash

Further Reading:

Boom Bust
by Fred Harrison

The Power in the Land
by Fred Harrison

The Secret Life of Real Estate and Banking
by Phillip J Anderson

This week marks the 10th anniversary of the event that triggered the 2007/8 crisis and the ensuing Great Recession. But it need not have happened. In November 1997 Fred Harrison, author of Boom Bust and The Power in the Land, wrote to Prime Minister Tony Blair and his Press Secretary, Alistair Campbell, to warn them about a ‘housing crisis that would end up in a depression’. No notice was taken. Chancellor of the Exchequer, Gordon Brown, even boasted in each of his Budget speeches, including April 2007, that “we will never return to the old boom and bust”.

The conditions that gave rise to the 2008 crash are still with us. Unless the tax reform outlined in Boom Bust and The Power in the Land is implemented soon, 2026 is on schedule for another spectacular crash. The problem is that economists who advise governments are either unaware of the cause or protecting vested interests. They too will be shame-faced when faced with the question the Queen asked at the London School of Economics following the collapse of Lehman Brothers: “If it’s so big, why did no one see it coming?”

The Power in the Land warned in 1983 of the 1990 property crash, Boom Bust warned in 2005 of the 2008 property crash. The regularity of the 18-year property cycle with reference to the United States is dealt with in The Secret Life of Real Estate and Banking.

To Tax or to Borrow?

This is the dilemma facing the British government – and many others – as they struggle to meet the rising costs of the welfare state while trying to eliminate the budget deficit. The options are either to increase taxation, never a popular move, or to increase borrowing. The cost of the former will fall on present taxpayers, the latter on future generations and the young of today who are being wooed by Jeremy Corbyn.

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Politics for the people, not just the privileged

Further Reading: From Here to Prosperity by Tom Burgess By Tom Burgess The British people want change, we voted for change. And we will continue to vote for change until we get it. Theresa May paid no heed to how the perceived arrogance and sense of entitlement of...

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Rent Unmasked: Winner of The People’s Book Prize Best Achievement Award

We are delighted to congratulate Fred Harrison on the receipt of his Best Achievement Award. After June’s election result it is clear that many of the UK’s population are no longer supportive of the Conservatives’ austerity measures and are looking for a way to introduce equality and reduce poverty. This book outlines a way this might be achieved.

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The People’s Budget

Further Reading: The People's Budget by Geoffrey Lee Rent Unmasked by Fred Harrison Public Revenue Without Taxation by Ronald Burgess In his first budget the Chancellor of the Exchequer had the opportunity to set a course for Britain’s prosperity post Brexit and to...

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“You can become wealthy by creating wealth or by appropriating the wealth created by other people. When the appropriation of the wealth is illegal it is called theft or fraud. When it is legal economists call it rent-seeking”

John Kay, Financial Times 27th Dec 2009

“If a free society cannot help the many who are poor, they cannot save the few who are rich.”

John F Kennedy, Inaugural Speech, Jan 1961

“If science is defined by its ability to forecast the future, the failure of much of the economics profession to see the crisis coming should be a cause for great concern”

Joseph Stiglitz

“Today we live in a world that is divided. A world in which we have made great progress and advances in science and technology. But it is also a world where millions of children die because they have no access to medicines… It is a world of great promise and hope. It is also a world of despair, disease and hunger”

Nelson Mandela

LATEST BOOK

Rent Unmasked

Rent UnmaskedRent Unmasked explores the new economic paradigm that policy-makers need to solve global problems in the post-2008 era. With conventional economic theories discredited, the new model must equip governments with tools to re-stabilise societies in a dangerous world. Rent Unmasked explains why one paradigm only qualifies to serve this purpose: the dynamic model that reinstates time and space in economic theorising.

ISBN 9780856835117 | Price: £19.95