“Another financing of the economy supposes the socialization of the financial system”

“Another financing of the economy supposes the socialization of the financial system”
Written by on100dayloans

Philippe Poutou, do you think stock market investment by individuals should be promoted?

PP: “We are not in favor of stock market investment. The stock market in fact plays a very limited role in the financing of companies and to support prices, managers are often ready to make decisions that are harmful to the long-term future of company, investments and, of course, employment. When a company buys back its own shares, it only benefits the shareholders. It is not for nothing that we speak of ” stock exchange dismissals”.

As for PEAs, the financial advice site “Le Revenu” headlined on January 18, 2018, AEP: one Fiscal paradise for stocks. We are against tax havens, tax loopholes that benefit the richest. Without their real usefulness being demonstrated.

Another financing of the economy presupposes the socialization of the financial system, its management in the service of the greatest number within the framework of economic, social and ecological planning.

There are still tax havens in the EU, scandals revealing massive evasions are recurrent, what do you propose?

PP: “There are in fact two realities: the race for the lowest tax bidder and the concealment of their wealth and their profits by the big fortunes and the big companies (for the ultimate benefit of their senior managers and shareholders). Everything this emerges from the logic of capitalism and the race for profit.

We would go towards the establishment of a “global minimum tax” at 15%, of which Thomas Piketty rightly wrote in Le Monde on June 12, 2021: By acknowledging the fact that multinationals will be able to continue to locate their profits at leisure in tax havens, with a 15% rate as the only tax, the G7 formalizes the entry into a world where the oligarchs structurally pay less tax than the rest of the population. To track the sums and financial flows hidden in tax havens, there are technical proposals such as the global “financial cadastre” proposed by the economist Gabriel Zucman but, in the name of “business secrecy”, it is not ready to see the day!

Only a total shift in economic logic and power could change things. But, for that, it will take large-scale anti-capitalist social and political movements.

What tax and legal framework should be applied to crypto-currencies?

PP: “According to a study by the National Bureau of Economic Research (USA) published in October 2021, 90% of bitcoin transactions recorded on the blockchain are “not related to activities that make sense, economically speaking” but are particularly linked “to many participants’ taste for anonymity.. On the other hand, criminals love cryptocurrencies. In 2021, the sums received by illicit addresses increased: the equivalent of 14 billion US dollars passed through addresses linked to illegal activities, against 7.8 billion in 2020.

In fact, crypto currencies, under cover of modernity, are an element of the capitalist casino. In addition, they have a catastrophic ecological impact. Mining consumes a considerable amount of energy.

Cryptocurrencies are in no way progress from the point of view of the great mass of the population. Any provision aimed at promoting their use must be removed.

Philippe Poutou’s full program here.

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