Economic Update: Puerto Rico's Crisis is Systemic

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On this week's Economic Update, Prof. Wolff provides updates on US income inequality vs rest of world, Europe exposes Apple Corp's tax evasion; TTP and...READ MORE

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  • commented 2016-09-04 17:27:45 -0400
    Prof. Wolff,

    Ireland is one of the E.U. countries that has suffered most from austerity policies imposed on it to pay off its debts to European and international loan institutions. Irish politicians borrowed this money because, as I believe you have discussed, it was easier to borrow than to tax in order to raise the funds necessary to provide for the basic needs and services of the Irish people.

    Is it possible that the E.U.’s motives in going after Apple, Inc., has as much to do with grabbing cash to go into the pockets of the I.M.F. and the banks, et. al., than it does for the reasons cited in your report, namely to raise funds to benefit Irish citizens.

    How much of the €15 billion would likely go to the country’s lenders and how much to the benefit of the people of the country?

    Thanks.

    PS I will post this as a comment on democracyatwork.com, too.

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