I am disappointed that a, supposedly, mainstream economist like Hutton could not see that what is really required to get us out of our current predicament is sustainably using the resources on this world rather than looking for some 'pie in the sky' idea of constant growth.

Anyhow, I have come to the conclusion that I might start manufacturing rabbit traps or Hobbit houses instead of giftware, as we really do seem to be heading for the abyss. What with the Greens in Ireland & Cable & Co. it's hard to see any politicians not selling their souls for a piece of the action. Was Mao right ? " change will come through the barrel of a gun" I hope not. If there is any hope it seems to only come from places like this. It's great to see new contributors, seems Golem's seeds are bearing fruit. I now cannot bear watching the mainstream news, it's kind of like " Nothing to see here folks" except Pippa's arse perhaps. I much prefer my alternate universe with all it's amazing contributions & links.

Unfortunately I think it will be sometime before Nostromo takes to the skies, unless they can rake in enough money from bankers going on space tourism trips. In the meantime it will probably be shooting polar bears, raping the polar regions & sending the desperate in 3rd world countries down mines to scrape out the last of what this tired old planet has got to offer.

I cannot help being optimistic though, maybe all the like minded people will eventually link up & create a force strong enough to be heeded, I think it was Pat Flannery who suggested a global network, I live in hope.

Thanks for another great Hudson link. His keyboard must be smoking at the moment, the rate he is bashing out articles!

Not read it all yet, but the first couple of paragraphs are dynamite.

No wonder all my suggestions to Newsnight and Paul Mason to interview Michael Hudson keeps on falling on deaf ears! He'd rip Irwin Stelzer to shreds.

I'm not too familiar with the intricacies of taxing resources. As I see it once minerals have been extracted they are capital, because labour has been applied. Thereafter, if the market does not do the trick, consumption taxes could be applied lower down the chain in order to constrain overconsumption. (I'm only thinking on my feet at the moment and may be completely wrong.)

I've often wondered whether it would be possible to use LVT instead of extraction taxes. The value of the site depends on the known reserves, ease of extraction, extraction rates (which can be govt controlled) and current demand for the mineral. All these variables could be in the public domain and could be used to assess the value on a continual basis. The rate, preferably 100% rental value, could then be applied and collection should be easy (it's difficult to hide a mine). However, I've never found anyone who wants to consider this, even in the Georgist movement so I don't know if this is practical or not.

I know Feasta have advocated such a 'commons' type approach to other resources, or 'rights to pollute' in the case of CO2 (& other Greenhouse gases).

I've wondered myself if, in fact, the bulk of taxation could be entirely derived from resource taxes which were set at a rate that resulted in usage that ensured a reasonable length of sustainability.

What d'you (or anyone) think of that idea?

BTW, excellent article here on Wachovia Bank's massive involvement in money laundering for drug cartels – some $380billion is mentioned. It also talks about the the 'too big to fail, too big to jail' response by federal authorities & virtual MSM 'blackout' on the whole affair.

http://www.informationclearinghouse.info/article28314.htm

Michael Hudson has another excellent piece here too:

http://www.informationclearinghouse.info/article28319.htm

Since full collection of land rent has never been implemented the claims of the single taxers are theoretical and I see no benefit in making such claims.

However, there are some parts of the theory which are unassailable by all economists. Indeed my first introduction to LVT was a book co-written by Mervyn King which concluded that LVT is the only tax which meets all the criteria of a good tax. This is best expressed in terms of 'deadweight' and it is generally acknowledged that all other taxes suppress wealth creation to a greater or lesser degree. LVT carries no deadweight. The suppression of wealth creation leads to lower land rents. LVT would increase land rents (whilst high rate LVT would virtually destroy land market prices – a good thing). The theory is that land rents would rise to a point where they would pay for all public expenditure.

The "value" of residential property may well be £4tr, though if a hefty LVT were applied it could halve, but who knows? Obviously the Exchequer requires a certain amount to be raised, so the rates charged would no doubt vary according to the market…but I digress.

The problem, it seems to me, is that vast amounts of wealth are generated nowadays by e.g. intellectual property rights, buying and selling of commodities, financial products etc, as well as the display and supply of goods which can take place via the internet rather than mall or high st stores…and these endeavours need occupy no land, apart from 0.1 sq.m. of computer footprint, which could be located anywhere from Haggerston to Hong Kong if LVT meant that Mayfair, Bishopsgate or Westfield was too 'burdensome'.

Corporations don't have to occupy prime real estate, or even base their HQs in the UK at all, short of a nameplate….evasion would simply take a different shape, I suspect.

I am not at all against a LVT as that is where a huge amount of untaxed wealth is stored, but not sure George's Single Land Tax ie. LVT as the sole source of Govt. revenue, would cover the same bases it would have done 100 years ago?

I am not any way an expert on this, so would be curious to hear your comments on these points.

It is a sad fact that most people have no concept of the value of land. So could you just please reflect on the fact that the value of UK residential property is something like £4tr and much of that value represents land rather than bricks and mortar. Before the landed aristocracy saddled the workers with income tax, land was the only source of public revenue. It's about time the tables were turned.

No point asking my father – he's in his 80s, and refuses to participate in the internet.

A great shame, he'd love it here…!

I'm going to a steering group meeting tomorrow of the CEJ (Coalition for Economic Justice, which is an umbrella group for UK LVT organisations. I will refer your interest to them. And thanks.