- Food mountains, wine lakes etc were not fake news.
- VAT (you could not think of a worse tax) was not fake news.
- The sudden disappearance of cheap food from Australia, New Zealand, Canada, Argentina and Eastern Europe in 1973 was not fake news.
- The grubbing up of hedgerows in the late 1970s to make the most of CAP was not fake news.
- Farmers being paid to leave fields full of weeds under the 2nd version of CAP was not fake news.
- The grants to country landowners under the 3rd and current incarnation of CAP are not fake news
- The Single Market tariff barrier is not fake news.
I got involved in a discussion with a Youtuber called “Philosophy all along”. This was in connection with criticism of Trump’s policy of deporting illegal migrants, which he argued would be bad for the economy as it would reduce demand. This implies that there is a need to import people to sustain demand. There is no obvious reason why a population should not be able to consume everything that the same population produces. If it can not, then something else is going on. It is a basic principle that wages are the least that workers will accept to do a job. Wages are a share of the value added by workers through their wages. The remainder is distributed as economic rent, after government has taken its cut in taxes. Monopoly profit is a temporary surplus that after a delay gets absorbed into economic rent. Land values in Silicon Valley are an example of this; it's like a gold rush. The miners get little out of it. Rent and tax syphon purchasing power away from those who produce the g...
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