Tuesday, November 08, 2011 – by Staff Report, Daily Bell
Giulio Tremonti
Tax evasion is a national pastime afflicting southern
Europe ... "Wherever the olive tree grows, you won't find much tax
being collected," the mayor of a small town in southern Spain told me a
few years ago. He shrugged; such was life. He probably had no idea
that some high-powered academics were about to come up with the same
conclusion. When they analyzed Europe's "shadow economies" – defined as
areas that fall beyond the reach of the taxman – those of Greece,
Italy, Spain and Portugal were much larger (relatively) than those in
northern Europe. That is partly because of the higher number of
self-employed and family businesses, which tend to deal in cash and pay
little tax. But to many economic commentators, tax evasion is also a
national pastime in much of southern Europe, and a significant factor
in the region's burgeoning financial crisis. – CNN
Dominant Social Theme: Look, we're the power elite,
and we've printed about US$50 trillion around the world since the 2008
crisis began; we've now "backstopped" an additional US$75 trillion in
bad Bank of America derivative bets via the Fed. But, listen, my friend
... the REAL PROBLEM is Italian tax evasion!
Free-Market Analysis: CNN is the Bill Clinton of
liberal media; it continuously lies to every watcher it reaches, yet it
continues onward without apparent difficulty, without even a brush
with bankruptcy. Now CNN has decided one of the main reasons for the
Euro-crisis is rampant tax evasion in Southern Europe.
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