Joel, love your reference to Carl Menger; the father of Austrian School Economics. I've been contributing to the Mises Institute for a long, long time. Can't tell you how good it makes me feel seeing the wisdom of the Austrian School beginning to fertilize the planet. Thank you!!!
Ireland GDP per capita is not because the Irish are so much more productive, it is because they have the lowest corporate tax rates in Europe. Milei should know this and not use phony numbers as a goal. He should simply aim to have a population that is producing things of value like you mention. We get to decide the value. Name the Irish product (besides beer I guess) that is producing that record level of GDP?
Yes, I think the point he was making was that less government interference (in Ireland’s case, low taxes) leads to more economic freedom and therefore higher real wealth creation.
In effect tax policy chased business there. Completely true, and I witnessed this in the corporate world. There always has to be an Irish presence for tax reasons.
I live in Dublin Ireland Ben and the GDP figures are very real. Our Tax Policy welcomes business, whereas many other Countries Do not welcome business with their Higher Tax Policies and overburdening regulations. As a result business is thriving here. Taxation isnt the only factor in the attractiveness of Ireland as a business Location. We speak English and this has suited a lot of US Multi Nationals who run their European Corporate Head Quarters out of Ireland. Im my early years in IT i worked at the Dell European Support Site, and Currently work for an Irish Company that supplies Credit, Insovency and Bankruptcy software to Companies in Ireland, UK, Europe, Canada and Australia and continue to expand the business, attracting some of the best Sofware Developers from around the world. Ireand is a large Exporter of pharmaceuticals, Software Services and Agricultural products, with some well known Brands like Jameson Whiskey in Cork not far from where Bill Bonner has a house and the Guinness Brewery in Dublin. I recently visited the Irish Distillery Factory in Middleton Cork where they had 22Million Bottles maturing and plans to double capacity. In my previous position i worked in IT Network support with KEPAK Irelands largest Beef producer with a Turnover of 1.5 Billion Euro. We export our Music around the world and have a large Tourist industry attracting over 7 millions Visitors in a country of only 5Million people. Ill leave the last word to the IDA ( Irish development Authority ) An exporting powerhouse. Ireland is connected to the world through our transport links to Europe, the UK and beyond. Overseas companies are significant exporters from here, serving global markets in pharmaceuticals, technology services, medical devices, food and beverages, and financial services.
I support lowering taxes. I think all entities should do everything they can to avoid taxation. I support Ireland in playing a taxation game in EU. I think the companies should take advantage like they are. If the point was we should have low tax rates like Ireland than fine.
The point was look at how high their GDP per capita is. This is artificial. From the Ireland Corporate Tax Rate wiki "Ireland had received the most U.S. § Corporate tax inversions in history, and Apple was over one–fifth of Irish GDP".
Apple, Google and Meta, make up a disproportionate amount of GDP and then that is used when calculating a GDP per capita. This number doesn't accurately represent what we are searching for.
We are looking for the best environment to encourage productivity. All of us here agree that low taxation is a important piece of this. I just don't think Ireland is anything special. All the things Stephen mentioned sound like good businesses that any average country would also contain.
So to sum up my point is only. Ireland is a good example for how they are playing a tax arbitrage EU meta game. They are not some hype productive entity along the lines of Singapore or South Korea. I'm not anti-Ireland. Just don't see it as a overall model of what happens when free markets are embraced.
I hope that Argentina can become that example to the world. That is why I find this experiment so fascinating and hope that it works out well.
Criminalising that very transaction through minimum wage legislation is an example of how malign government interference in the marketplace has become.
G’day gents, thanks for your messages and support. Turns out, this whole “Greatest Political Experiment…” thing was much (MUCH) bigger than I expected. What started as a side project quickly took on a life of its own. So I spoke with Bill a couple of weeks ago and let him know that I’m going to focus full time on these Notes from here on out. He was (predictably) gracious and encouraging and wished us well. I look forward to bringing you the latest notes from the End of the World, right here. Cheers!
Yes, we all got the news in the House On Fire BPR post. I'm sure everyone shares my thoughts that we are sorry to see you go, but, of course, we wish you the best in your new endeavor, and continue to look forward to your postings. Take care, and safe travels.
Thank you kindly. Bill was very supportive when I told him of my decision. Going forward, I'm excited to be able to focus all my energies to bringing you these Notes. The response from members so far has been especially encouraging, and played no small part in my decision. Thanks for your continued support and for following the journey. Cheers!
That was great! I like the equation free market = free people.
There are many that assail that; they believe in government justice, the administration of a few, regardless of the facts. They have no faith in the individual and it seems that in many instances they are right.
We annihilated the Indians, fought a Civil War over slavery, people lived in slums owned by the rich.
But, over time, it righted itself and produced a new and prodigious standard of living for all.
When people believe in government justice and goodness they stop believing in freedom.
When we believe in markets, freedom and the invisible hand, we believe in God.
God can impart wisdom, goodness and justice to the individual mind and the whole can be transformed.
Government is eventually controlled by the godless, sociopaths. God, the spirit of goodness, is extinguished.
With Milei leading the charge in Argentina and no guarantee in November, I believe my bolt-hole has been decided. This is why I joined Notes. Keep the (hopefully) freedom messages coming, Joel.
Joel, love your reference to Carl Menger; the father of Austrian School Economics. I've been contributing to the Mises Institute for a long, long time. Can't tell you how good it makes me feel seeing the wisdom of the Austrian School beginning to fertilize the planet. Thank you!!!
Ireland GDP per capita is not because the Irish are so much more productive, it is because they have the lowest corporate tax rates in Europe. Milei should know this and not use phony numbers as a goal. He should simply aim to have a population that is producing things of value like you mention. We get to decide the value. Name the Irish product (besides beer I guess) that is producing that record level of GDP?
Yes, I think the point he was making was that less government interference (in Ireland’s case, low taxes) leads to more economic freedom and therefore higher real wealth creation.
Irish whiskey?
In effect tax policy chased business there. Completely true, and I witnessed this in the corporate world. There always has to be an Irish presence for tax reasons.
I live in Dublin Ireland Ben and the GDP figures are very real. Our Tax Policy welcomes business, whereas many other Countries Do not welcome business with their Higher Tax Policies and overburdening regulations. As a result business is thriving here. Taxation isnt the only factor in the attractiveness of Ireland as a business Location. We speak English and this has suited a lot of US Multi Nationals who run their European Corporate Head Quarters out of Ireland. Im my early years in IT i worked at the Dell European Support Site, and Currently work for an Irish Company that supplies Credit, Insovency and Bankruptcy software to Companies in Ireland, UK, Europe, Canada and Australia and continue to expand the business, attracting some of the best Sofware Developers from around the world. Ireand is a large Exporter of pharmaceuticals, Software Services and Agricultural products, with some well known Brands like Jameson Whiskey in Cork not far from where Bill Bonner has a house and the Guinness Brewery in Dublin. I recently visited the Irish Distillery Factory in Middleton Cork where they had 22Million Bottles maturing and plans to double capacity. In my previous position i worked in IT Network support with KEPAK Irelands largest Beef producer with a Turnover of 1.5 Billion Euro. We export our Music around the world and have a large Tourist industry attracting over 7 millions Visitors in a country of only 5Million people. Ill leave the last word to the IDA ( Irish development Authority ) An exporting powerhouse. Ireland is connected to the world through our transport links to Europe, the UK and beyond. Overseas companies are significant exporters from here, serving global markets in pharmaceuticals, technology services, medical devices, food and beverages, and financial services.
I support lowering taxes. I think all entities should do everything they can to avoid taxation. I support Ireland in playing a taxation game in EU. I think the companies should take advantage like they are. If the point was we should have low tax rates like Ireland than fine.
The point was look at how high their GDP per capita is. This is artificial. From the Ireland Corporate Tax Rate wiki "Ireland had received the most U.S. § Corporate tax inversions in history, and Apple was over one–fifth of Irish GDP".
Apple, Google and Meta, make up a disproportionate amount of GDP and then that is used when calculating a GDP per capita. This number doesn't accurately represent what we are searching for.
We are looking for the best environment to encourage productivity. All of us here agree that low taxation is a important piece of this. I just don't think Ireland is anything special. All the things Stephen mentioned sound like good businesses that any average country would also contain.
So to sum up my point is only. Ireland is a good example for how they are playing a tax arbitrage EU meta game. They are not some hype productive entity along the lines of Singapore or South Korea. I'm not anti-Ireland. Just don't see it as a overall model of what happens when free markets are embraced.
I hope that Argentina can become that example to the world. That is why I find this experiment so fascinating and hope that it works out well.
Excellent part 2 . The smallest minority, You and I . Although that makes 2 , but You need 2 to trade!
Two unencumbered individuals bartering for each other's output. Freedom! How simple is that.
Criminalising that very transaction through minimum wage legislation is an example of how malign government interference in the marketplace has become.
Joel, are you still on the team at Bonner Private Research? I haven't seen you post there lately.
G’day gents, thanks for your messages and support. Turns out, this whole “Greatest Political Experiment…” thing was much (MUCH) bigger than I expected. What started as a side project quickly took on a life of its own. So I spoke with Bill a couple of weeks ago and let him know that I’m going to focus full time on these Notes from here on out. He was (predictably) gracious and encouraging and wished us well. I look forward to bringing you the latest notes from the End of the World, right here. Cheers!
You’re right - Joel’s last post there was 24 March
Hey Vernon, thanks for your message. See my reply, above. And stay tuned for more Notes, only here…
Yes Joel, missing the Sunday Sesh!
Cheers, good sir. Sunday Sesh in this space from now on. Best to you!
Dan recently mentioned he is on the team, but I think Mr. Bonner relieved him of posting duties so he could do his Notes from the end of the World.
Cheers, Alex. See my reply, above, and stay tuned form more Notes, only here. Best!
Yes, we all got the news in the House On Fire BPR post. I'm sure everyone shares my thoughts that we are sorry to see you go, but, of course, we wish you the best in your new endeavor, and continue to look forward to your postings. Take care, and safe travels.
Thank you kindly. Bill was very supportive when I told him of my decision. Going forward, I'm excited to be able to focus all my energies to bringing you these Notes. The response from members so far has been especially encouraging, and played no small part in my decision. Thanks for your continued support and for following the journey. Cheers!
That was great! I like the equation free market = free people.
There are many that assail that; they believe in government justice, the administration of a few, regardless of the facts. They have no faith in the individual and it seems that in many instances they are right.
We annihilated the Indians, fought a Civil War over slavery, people lived in slums owned by the rich.
But, over time, it righted itself and produced a new and prodigious standard of living for all.
When people believe in government justice and goodness they stop believing in freedom.
When we believe in markets, freedom and the invisible hand, we believe in God.
God can impart wisdom, goodness and justice to the individual mind and the whole can be transformed.
Government is eventually controlled by the godless, sociopaths. God, the spirit of goodness, is extinguished.
Joel, Thanks for your coverage and imput on this subject. Its right on as usual.
Joel,
Once again, your thoughts, convictions and willingness to take risks to pursue and deliver them is truly inspiring.
And as for you endearing stab at the Socialist Spunk, this one made me laugh…
“millions have been convinced that “cradle-to-grave” socialism is merely a more comfortable ride when, all too often, it’s an express ticket.”
Va’manos Amigos/Amigas!!!
Brian
PS. Soz about the Spanish mis-spelling. No autocorrect prompt to spank me. Best to All down there.
I enjoyed; 'It is the fat finger on the scale, which all too often tips the profits into well-connected pockets.'
With Milei leading the charge in Argentina and no guarantee in November, I believe my bolt-hole has been decided. This is why I joined Notes. Keep the (hopefully) freedom messages coming, Joel.
Fantastic
Inspiring stuff