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Alternative Visions -Economic Updates: Corporate Taxes, Amazon Union Vote & Miscellany

Dr. Rasmus reviews the notable economic events and data of the past week. Included are Treasury Secretary, Yellen, proposes for a minimum global corporate tax for the 20 advanced economies, in the latest effort to stop the corporate manipulation of taxes and ‘race to the bottom’ globally in corporate tax revenues; the IMF’s proposal to raise $650 billion in Special drawing rights (SDRs) in anticipation of more sovereign debt defaults coming in emerging market economies; Larry Summers’ latest defense of corporations by critiquing plans to raise corporate taxes; latest jobs data showing a million new jobless claims every week despite the growing media puffery about the US economy now booming; growing signs of financial fragility globally and looming future defaults in the US from leisure & hospitality to urban office buildings; dangerous new strains of Covid spreading; and the recent union vote at Amazon.

 

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