Capitalism Costs

The stock markets are taking a slump (again!), this time because Dubai has finally announced its high level of debt. Ah, Dubai; isn't that the one which set up Palm Island, a place where celebrities who are already extremely rich can stay with each other in order to feel even more financially superior and somehow morally rewarded for their lifetimes of greed? Yes, that's the one. And yet people are now seemingly surprised that this avarice has resulted in the accounts taking a turn for the red. How blinkered people can be sometimes. Unfortunately, I fully expect the perpetually wavering stockmarkets to make a full and swift recovery; but at least capitalist ways of obtaining false luxury have received another slap in the face.

Also relating to millionaires today, the Liberal Democrats have doubled the threshold at which people should pay annual mansion tax. It used to be their policy that anyone owning a house worth more than one million pounds would be subject to a 0.5% charge; only right and proper for those of us who believe in the redistribution of wealth. But now (for some reason wishing to give in to the excessively rich), the Lib Dems have said that (an albeit increased) mansion tax will only apply to properties over two million. At which point does any millionaire need to be felt at all sorry for? Nick Clegg says the increased rate will generate more income overall meaning that poorer taxpayers would have to pay less, but then why not implement that higher tax for more expensive properties without taking away the tax for houses between one and two million pounds? That would be the fairest outcome for less well off people. But then I'm not an economist, only a moralist.