This letter was originally posted at Morganist Economics, it was sent by email to the Finance Minister of Canada Bill Morneau. http://morganisteconomics.blogspot.com/2020/06/letter-to-finance-minister-of-canada.html "To: Bill Morneau House of Commons Ottawa, ON K1A 0A6 Canada To: The Honourable Bill Morneau, P.C., M.P. Regarding: New School of Economic Thought and Economic Growth. Wednesday, 10th June 2020. I am a macroeconomist located in the United Kingdom and have my own school of economic thought 'Morganist Economics', which the British government uses extensively. My work has been used to sustain economic growth over the last decade, which it has achieved effectively attaining the targeted two percent of real GDP annual growth rates consistently. This was made possible by altering the amount that can be paid into pension schemes annually and by reforming pension regulations, significant treasury cost efficiencies were also generated. I have developed a new macroeconomic control mechanism using alterations in pension saving which has enabled economic growth, inflation and even the base rate of interest to be managed. The pension saving mechanism has kept inflation and the base rate of interest low, resulting in a reduction in the cost of paying interest on government debt. This process of changing the pension saving rates to prevent inflation rising reduces the cost of index linked gilts, it also avoids the need to increase the interest rate reducing the repayment costs of debt. I have since used the pension saving economic control mechanism to stimulate economic growth during the low growth deflationary period. The technique called 'Pension Pumping' reduces the amount that can be paid into pension schemes to encourage spending. Although the annual pension contribution allowance decreases during this process the reduced amount is still sufficient to enable the pension saver to reach the full lifetime pension saving personal allowance over their working life, the pension saving process has been efficiently optimised. I have provided documentation on the technique including a website with articles, four books and an archive of correspondence I have conducted with the British government. I make my work available to you through providing you with new techniques and policies that you can use to implement effective economic governance. I also have a range of pension and banking products that can be used to save and make your government billions of dollars every year. If you are interested in a new product development business venture I can provide the products. Kind Regards. Peter James Rhys Morgan."
Amazing work, I thank you as a Canadian! I'm a firm believer of lowering the tax bill of individuals in order to stimulate the local economy.
I have developed a new taxation reduction method for supplementary income. See below. This may also help to stimulate economic growth. The R-PAID. http://morganisteconomics.blogspot.com/2018/05/an-answer-to-pay-disputes-make-sure-you.html?q=r-paid The SASI. http://morganisteconomics.blogspot.com/p/supplementary-income-sasi.html?q=r-paid
I like Steve Martin's plan better. Tell IRS I forgot. BTW OP ever read The Mystery of Banking by Murray N. Rothbard?
He shows how historically it is proven Free Banking works (in the U.S. and U.K.) and that it corrects all the issues that Fractional Banking brings about - that Fractional Banking was supposed to fix but instead actually causes more of as well as exacerbates. Especially applicable as to the current situation. Free money not bailing out the economy. Give it more free money. And more again. Central banksters buying up everything in sight - for all practical purposes open ended.
Banking has changed a lot since it was written. What was happening when I worked in various banks and still happening today and you will believe me when I tell you this because of all the annoying phone calls banks make. They have been taking low cost borrowing from the central banks and then holding it as short term excess reserves to then lend out to customers. They don't even have to increase the interest rate it is the charges or fees that make them the money. Zero percent balance transfers but with a three percent transfer fee. That is where they make their money. The interest rate doesn't matter apart from the central bank interest rate being less than the transfer fee, it is the only transfer fee that matters. The banks new way of making money is the management of moving money to prevent borrower default and the charges or fees they make in doing it. This is the reason for all of the annoying phone calls. They are pushing these fee charging products on you to use up all of the cheap debt they are getting from the central bank. They are holding short term excess reserves and then setting product sale targets to take advantage of the low borrowing they can get from the central bank. Then they get their transfer fee that is what they want, that is how they make money now. This is modern banking moving money to manage the debt repayments and the fees banks charge in doing it. The low interest rate the bank offers does help and it helps when banks offer zero percent balance transfers but that is what banking has become. The credit cards been maxed out, although some people might be able to get extensions. The modern world of banking is managing the staggering debt so the big debt default everyone is worried about won't hit.
Yes for the worse. What is happening today is gubmint control. The market place if left alone knows better. Banks (and Central Banks) that can't cut should fail. Period. Good for every other industry (when the gubmint doesn't step in there too) good for them.