If the US wants to strengthen its economic and geostrategic position versus China, it needs to apply the same free market principles that made it prosperous and powerful in the first place.
The G7's quest for a global minimum corporate tax has highlighted just how much the global elites can't stand what they see as private "monopolies," but also want more monopoly power for themselves.
The "trickle down" effect is real in how capitalists are motivated to expand affordability of their products and services. Mobile phones and air travel were once just luxuries enjoyed by a select few, but are now widely affordable.
The global minimum tax rate will not hurt G7 members or large technology giants, but it will devastate small and dynamic countries that need to attract capital and investment and who cannot afford to have the tax rate of global leading nations.
Social democrats love to denounce low-tax, probusiness regimes as "neoliberal" and as places with more poverty. But the reality is that parts of Europe that embraced markets most reduced poverty while making their citizens richer.
The destruction of the free market, competition, and innovation may seem appealing to some now, but the likely outcome of poor employment, negative real wage growth, and stagnation should be a real cause of concern.
China and Russia are trying to build a Eurasion bloc that can break free of any American spheres of influence. The American regime obviously opposes this, but money printing and debt limits the American options.
Have you ever noticed that it's only the wealthy Nordic countries that are singled out as being "socialist"? Places like Greece and Italy, which are more socialistic than Scandinavia, never seem to warrant a mention on this topic.
The eurozone still had an unemployment rate of 8.3 percent and more than 7 million furloughed jobs at the end of February. This is just one outcome of the EU's harsh lockdowns and regulation-caused malaise.
