public finances

The Bitcoin barrage certainly towers prominently among the 2013 phenomena.

Under the pressure of unionists, local or state governments gave up fast – after all, they are not private owners, who protect their firms against the threat of bankrupcy, but elective clerks financed by taxes!

In line with Laffer’s curve[1], the low flat income tax has led to a steady growth in revenues from income tax, because people responded to the reduced incentives for concealing income.

It is intriguing to observe the level of oil taxation in each European country owing to the mutual tax competition in the field of transportation.

Extraneous people (politicians, bureaucrats) decide about extraneous money (taxes) which is, as Milton Friedman concluded from his decision-making matrix, the most inefficient situation we can imagine.

In 2013, Civil Development Forum added estimates of implicit public debt to the Public Debt Clock, which was launched three years ago.

As we have mentioned many times, China is preparing to enter the world currencies sphere. One piece of evidence is its vast activities in currency swaps with many countries, or the alleged increase in their official gold holdings.

The Bank of England has not changed its policy, but surprisingly our brothers, Czechs, entered currency wars. Although CNB decided to keep interest rates unchanged, it has decided on interventions on the foreign exchange market that weaken the koruna, so the exchange rate of the koruna against the euro is held close to CZK 27.

Germany wants to make it big. By the year 2050, German government aims to have achieved an 80 percent target for electricity supply from renewable energy sources.

This study is not worth the paper on which it is printed.