Opinion: Stefano Scarpetta reviews new approaches to closing the world’s growing income gaps ex Project Syndicate- John Gelmini

Dr Alf is correct.

Stefano Scarpetta is only partially correct in his prognosis and very radical solutions which he does not propose are needed to address the scale of the problem.

1) To begin with, we need to get the money which is tied up in gold, gems and investment property, and much of the $32 Trillion US dollars hidden offshore, back into circulation within the countries where it originally came from.

This money then needs to go into reinvestment in businesses and infrastructure to create jobs for the indigenous populations which have young people without work.

Governments should provide an amnesty for the tax evaders conditional upon them delivering targeted outcomes in each of these areas.

2) If there is backsliding or attempts to circumvent the thrust of these measures, then there needs to be sequestration of assets and a short sharp shock delivered to the miscreants in the form of a very public trial, imprisonment, disqualification as a director and disqualification for a time as the senior partner or partner of an LLP Partnership.

3) People and companies who have legally based themselves offshore and kept their capital offshore as a result must be encouraged to bring it back onshore by lower taxes and a better regime for accelerated writing down allowances for plant and machinery.

4) Inward investment needs to be promoted by selling infrastructure bonds and selling citizenships as Malta has started to do this week

5) Export sales need to increase by dint of massively expanded export sales-forces, faster writing down allowances under a formula not unlike the one devised by Dr Alf to make the process easier.

6) Companies with websites with shopping carts all translated into Mandarin,Brazilian Portuguese,Arabic rather than just the language of the home country

7) Directors basic pay should not exceed average earnings by more than 25 to 1 unless their performance was extraordinary and they proved to shareholders that “They were worth it”

Similarly “emoluments” should be earned and “rewards for failure” made a thing of the past

8) Business boot camps need to be established along with Pimsleur style language training, more crowd-funding and more diverse sources of finance than VCs and Business Angels

The High Street should be opened up to full competition from home-grown and foreign banks.
Through this process more micro businesses and SMEs would emerge.

To further assist the process the Government should not tax profits or levy VAT until turnover reaches £1 million gbp and GP exceeds £250,000.

9) Measures need to be taken to reduce the healthcare bill created by the elderly, drug takers and woman over the age of 65 who were once debauched pot smoking proponents of “free love” and who are now becoming today’s dementia patients and Adult Social Care recipients.

These should include variable taxes on food, the promotion of better eating, vitamin supplementation, exercise and enabling philosophy

John Gelmini


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2 responses

  1. Pingback: Opinion: How to Reinvent Yourself After 50 – Dorie Clark – Harvard Business Review – John Gelmini « Dr Alf's Blog

  2. Pingback: Opinion: Wary of Roma, Europe cold-shoulders its new eastern workmates via Reuters -John Gelmini « Dr Alf's Blog

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