Tax wealth now!
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Tax wealth now!
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About this listen
The world is facing a financial crisis because we will be facing absolute shortages of oil, food, and raw materials very soon. And that changes everything.
Markets can never solve the problem of absolute shortages: they simply supply whoever can pay the most. If we leave allocation to the market, the vulnerable will be left with nothing.
The Economist forecasts that the oil crisis will hit us by June 2026 if the Strait of Hormuz stays closed, as it will. But all politicians are still talking about are fiscal rules. That is not good enough.
There are only two things that can manage this crisis now. We need rationing of food, petrol, and diesel to ensure they are distributed equitably, and not sold to the highest bidder.
And then we must increase taxes on large companies, commodity traders, and the highest earners and wealthiest people to ensure money can be reallocated to those who will otherwise suffer as a result of the inflation that shortages are going to create.
These tools exist. What is missing is the political courage to use them.