jwalker jwalker at
Fri Apr 28 09:20:22 MDT 1995

Hey, bodhisattva --

Quit your apologisin'.  I for one have read and enjoyed your posts, which
make a welcome change from the often ponderous tone of much of what is
posted here.  (I can be pretty ponderous myself.  ;-)  )

On the matter of trying to control, by means of tax strategies,
international capital flow: I'm not as worried as you that doing this
will in any way make the world economy less "efficient", and so
disadvantage workers.  The *vast* majority of international capital
transactions have nothing to do with buying and selling actual goods, or
should I say use-values, but are instead mere speculation on currency
markets and the like.  The precipitous increase in the volume of these
transactions over the past fifteen years or so has been destructive in
many ways, I think, not least because national policies are now subject
to enormous pressure brought to bear by the international bond market.
(Examples of this pressure working: the change in course of the
Mitterrand gov't after 1981; the realignment of the Chretien Liberal gov't's
domestic policies after the '93 Canadian elections.)

A very accessible piece on the effects of international capital flow is
"Monopolizing Money" by John Dillon, in _Canadian Forum_, June '94.

John D. Walker
Department of Philosophy
UNC-Chapel Hill
jwalker at

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