Heterodox
Martin Armstrong mentions the increasing tax burden on workers in Europe. He doesn't mention that the increasing tax burden results from the institutional structure of the EZ, where the member countries have ceded currency sovereignty to the ECB. As a result, these countries are no longer sovereign currency issuers and cannot self-fund. Like US states, they have to tax or borrow to spend and there are institutional limits on borrowing (deficit spending) imposed by treaty.The key point in...
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