Wednesday, May 5, 2010

Bankers and miners behaving like children

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One of the saddest aspects of this debate over Resource Rent Tax (RRT) has been the strategic idiocy of 'Big Business'. Rather than working together and arguing that the government has no right to do this, they are behaving like children in a 'tit-for-tat'. Read the following article and you will see what I mean. The mining industry is arguing with the banking industry about who pays more tax. Duh!
They should be working together to attack the government. This is why people pay taxation because they concede the moral imperative to the government. They concede that the government has the right to unilaterally and arbitrarily expropriate wealth or income from whoever they wish. As long as they do this they will pay a huge price - they will lose the war.
As much as I might think banking CEOs are unprincipled pricks who behave unethically, this is a time to see where that policy is going to hurt you as a shareholder in mining projects, or even any taxpayer who is ultimately going to end up in a socialist 'paradise' under Red Ruddy.
This is just like in the 1800s when the poor were on the sides of government when they accepted 'taxation of the rich'. Now we all pay excessive amounts of taxation.
The implication is that the banking industry ought to be on the side of the miners....if only because they would like to see miners able to develop projects so they can earn more interest income.
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Andrew Sheldon www.sheldonthinks.com
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