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THE PRICE OF OFFSHORE REVISITED
NEW ESTIMATES FOR MISSING GLOBAL PRIVATE
WEALTH, INCOME, INEQUALITY, AND LOST TAXES
(Tax Justice Network)

The definition of victory for this paper is to review and improve upon existing estimates of the size, growth and distribution of untaxed private wealth protected and serviced by the global offshore industry. This is necessarily an exercise in night vision. The subterranean system that we are trying to measure is the economic equivalent of an astrophysical black hole.

KEY FINDINGS
Overall Size
A significant fraction of global private financial wealth by our estimates, at least $21 to $32 trillion as of 2010 has been invested virtually tax free through the worlds still
expanding black hole of more than 80 offshore secrecy jurisdictions. We believe this
range to be conservative, for reasons discussed below.

The study estimated that during the period 1970 to 2007 at least $150- $200 billion of unrecorded private capital flight flowed out of the developing world each year.

Using conservative assumptions about reinvestment rates and investment yields, these flows suggested that accumulated offshore wealth stock owned by developing country residents was worth at least $6.2 trillion by 2007.

This included only wealth from developing countries, which is at most 25 to 30 percent of all offshore private wealth. This large figure for developing country wealth alone implied that total offshore private wealth was much higher than other estimates, and Remember: this is just financial wealth. A big share of the real estate, yachts, racehorses, gold bricks and many other things that count as non-financial wealth are also owned via offshore structures where it is impossible to identify the owners.

These are outside the scope of this report.
On this scale, this offshore economy is large enough to have a major impact on
estimates of inequality of wealth and income; on estimates of national income and debt
ratios; and mos importantly to have very significant negative impacts on the domestic tax bases of key source countries (that is, countries that have seen net unrecorded private capital outflows over time).

...developing countries might be losing as much as $120-$160 billion per year in lost tax revenue on the interest and other income generated by all this unreported anonymous wealth more than the entire global total of foreign aid from OECD countries.

By 2010, global private banks held $12.06 billion of private crossborder wealth under their management. This is consistent with $21-32 trillion in offshore accounts by 2010. The top ten banks holding this wealth have not changed much over the years. Usual suspects - UBS and Credit Suisse are the top two. Barclays, the ultra private Geneva bank Pictet, and BankAmerica, by way of its acquistion of Merrill. The top ten banks' offshore wealth controlled 51% of this $12 billion. Will Congress act against this with banking reform and reporting?

Incredible documentation, fascinating peek into this dark world and in need of accountants' comments. Long.

Will our elected officials address this loss of tax revenue from the U.S.?
 
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Legacy

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Congress asserts itself (The Hill)

Congress, and particularly the House of Representatives, appears poised to assert itself in a way not seen for decades.

The legislative branch is seen by some as a weak institution, important mostly for its ability to influence the agencies of the executive branch (where the real power is). “The legislative branch,” says Rep. Trey Gowdy (R-S.C.), “was designed to be and at one point was the most powerful of the three branches. It is without question the weakest of the three branches now. Part of that is because we’ve allowed that to happen.”

Congress still has tremendous power, if it can find a way to use it. It can declare war, defund or eliminate agencies, curtail the jurisdiction of the Supreme Court, and remove presidents from office. However, the “power of the purse” has been lost to “mandatory” spending. Huge swaths of legislative authority have been delegated to regulatory agencies. Partisanship has made effective oversight of the executive branch virtually impossible. In Machiavellian terms, Congress is neither feared nor loved.
This may be about to change. Congress now has the leadership, the desire, and a plan for reasserting itself. Two key prerequisites remain: unity and a willing partner in the White House....
 
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Inside the coming war between the United States and the United Nations (Washington Post)

Even before Donald Trump’s inauguration as president, Congress is planning to escalate the clash over the U.N. Security Council’s anti-Israel resolution into a full-on conflict between the United States and the United Nations. If Trump embraces the strategy — and all signals indicate he will — the battle could become the Trump administration’s first confrontation with a major international organization, with consequential but largely unpredictable results.

Immediately after the Obama administration abstained Friday from a vote to condemn Israeli settlements as illegal, which passed the Security Council by a vote of 14 to zero, Republicans and Democrats alike criticized both the United Nations and the U.S. government for allowing what Rep. Eliot Engel (D-N.Y.) called “a one-sided, biased resolution.” Sen. Lindsey Graham (R-S.C.), the chairman of the Senate appropriations subcommittee for the State Department and foreign operations, pledged to lead an effort to withhold the U.S. funding that makes up 22 percent of the U.N.’s annual operating budget.

“The U.N. has made it impossible for us to continue with business as usual,” Graham told me right after the vote. “Almost every Republican will feel like this is a betrayal of Israel and the only response that we have is the power of purse.”

Israeli Prime Minister Benjamin Netanyahu, never shy about working with Republicans against the Obama administration, told Graham: “Please stand with us, it’s time to take the gloves off,” according to Graham.

In the days since the vote, three Republican senators and their staffs have been working up options behind the scenes for how to convert their threat into action: Graham, Ted Cruz (Tex.) and Tom Cotton (Ark.). They believe they will have support for quick Senate action from both Senate Majority Leader Mitch McConnell (R-Ky.) and incoming Minority Leader Chuck Schumer (D-N.Y.), a strong supporter of Israel.

There are several options under consideration, two senior Senate aides working on the issue told me. Some are considered “micro” options, such as passing a resolution that would bar any funding that might go to implementing the anti-settlement resolution. Other options include withdrawing the United States from U.N. organizations such as UNESCO or passing legislation to protect settlers who are American citizens and might be vulnerable to consequences of the resolution....
 
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Land Grab

Land Grab

Zinke, House GOP Approve Rules Change that Would Ease Federal Land Transfers (Flathead Beacon)

House Republicans including Montana U.S. Rep. Ryan Zinke voted Tuesday night to overturn a rule requiring Congress to calculate the value of federal land before transferring it to states or other entities, removing a significant barrier to limit lawmakers from ceding federal control of public lands.

The provision, part of a larger rules package that passed by a vote of 233 to 190, dictates that transfers of federal land should be treated as having no cost to the federal government, therefore requiring no budgetary offset, even if the parcels generate revenue for the U.S. Treasury through logging or energy extraction.

Currently, the Congressional Budget Office provides “scorekeeping” estimates to measure the costs of proposed public land transfers by evaluating the economic impacts of existing uses.

While the idea of transferring federal public land to the states has figured prominently into the GOP platform because it returns management authority to surrounding communities, opponents caution that states without the resources to manage broad swaths of federal land would be forced to sell it off to developers.

There are more than 27 million acres of federal land in Montana, encompassing about 29 percent of the state. The Forest Service oversees 17 million acres, mostly in Western Montana.

Zinke, Montana’s lone congressman, was recently tapped by President-elect Donald Trump as the nation’s next Interior Secretary and has opposed transferring management of federal lands to states’ control, even quitting his post as a member of the GOP platform-writing committee after the group included language that would have made transferring federal land ownership to the states a priority.

“This is an absolute affront to Montana’s way of life and to the millions of Americans who hike, hunt, fish, and camp on public lands,” said Brian Sybert, executive director of Montana Wilderness Association. “It’s especially troubling that Rep. Zinke, a self-proclaimed Roosevelt conservationist and possibly our next Interior secretary, voted for this measure, because this is a major attack on Roosevelt’s legacy.”

Backcountry Hunters and Anglers decried the measure and strongly criticized House members who voted in support of it.

“As the 115th Congress enters its first week, some of our elected officials are wasting no time in paving the way to steal our outdoor heritage,” said BHA President and CEO Land Tawney. “Buried in a litany of other measures is language inserted by Congressman Bishop that would make it easier to give away America’s public lands. For sportsmen, this provision sticks out like a sore thumb. If it’s a fight they want, they’ve got one coming – and I’m betting on public lands hunters and anglers.”

Marne Hayes, executive director of Business for Montana’s Outdoors, joined in criticizing the House vote.

“The U.S. House just voted to make it easier to give away one of Montana’s prized business assets. We are sounding the alarm that this legislation will directly impact Montana businesses because it threatens our public lands,” Hayes said. “While Montana Representative Ryan Zinke voted for the package, we hope that in his new role as Interior Secretary, he will stand firm against future threats to Montana jobs and our outdoor way of life.”

Following the House vote, both U.S. senators from Montana stated their continued opposition to transferring federal lands to the states.
 
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Legacy

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Last September, a bill was submitted called the Coptic Church Accountability Act. Its summary:
This bill directs the Department of State, until 2021, to submit an annual report describing:

the progress made in restoring or repairing Christian religious property and property owned by Christians in Egypt that was damaged or destroyed during the August 2013 sectarian violence; implementation of the law Egypt passed in 2016 that imposes significant burdens on church building; and the nature and extent of Egyptian laws and policies regarding the construction of Christian churches or places of worship. The State Department shall ensure that each country report on human rights practices for Egypt and each report on international religious freedom contains:

a summary of the progress made in restoring religious property; and a list of each Christian church, place of worship, or other Christian religious property and each item of property belonging to a Christian church that was damaged or destroyed.

The reaction in Egypt:
US Congress, Coptic churches and the future American-Egyptian relations

“The Egyptian Coptic Orthodox Church rejects the Congress bill on the restoration of churches and declares that the Egyptian government has done its duty in this regard,” said the church statement. “National unity comes first and we will never accept any interference.” The categorical rejection of the bill on the official level does not, however, diminish the significance of the bill and the way it is expected to affect relations with the US.

Father Rafik Greish, spokesman of the Egyptian Catholic Church, said the bill is an attempt to ruin the relationship between Egypt and the new American administration. “Donald Trump praised on several occasions the efforts exerted by the Egyptian president to combat terrorism and this apparently angered some people,” he said.

“We have to bear in mind that many members of the Republican Party do not support the Egyptian regime and this was very obvious after the toppling of the Muslim Brotherhood.” Greish added that 90 percent of churches destroyed in 2013 were renovated or rebuilt and expressed his surprise that the United States is not aware of that.

Coptic US-basedCoptic US-based activist Magdi Khalil said that the Coptic Solidarity Organization lobbied for the submission of the bill. “The organization lobbied for two laws: the first was the designation of the Muslim Brotherhood as a terrorist group and the second on the supervision of church restoration in Egypt,” he said. According to Khalil, the organization submitted the second bill in response to the state’s failure in issuing a fair law on the construction of churches.

“Many Copts inside and outside Egypt object to the current law, which still makes it difficult to construct churches and most of the requests to build churches after the law were rejected,” he explained, adding that he is surprised that while the state and the Coptic Church supported the first bill they reject the second even though both were submitted by the same organization. Khalil added that it is easy to manipulate Egyptian Copts and use them as a tool for pressure and that congressmen who submit such bills are usually after political gains.

“For example, one of the congressmen who support the accountability act asked Coptic Solidarity to thank him on the organization’s website so that his voters would know that he supports religious freedom.”
 
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Legacy

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Tax Code and Tax Avoidance

Tax Code and Tax Avoidance

Taxpayer Advocate Urges Congress To Reform The IRS And Overhaul The Tax Code (Forbes)

How about a service-oriented Internal Revenue Service and a simpler tax code? That’s what National Taxpayer Advocate Nina Olson is calling for in her annual report to Congress issued today. She says the IRS must change from being enforcement-oriented to service-oriented, and the tax code must change to reduce the overwhelming compliance burdens it imposes on taxpayers and the IRS alike. Congress has made more than 5,900 changes to the code just since 2001, and it takes individuals and businesses an estimated 6 billion hours a year to comply with filing – not including responding to audits and notices...

Bulk of Apple’s profits belong in US, says OECD tax chief (Irish Times)

The bulk of profits attributable to Apple’s Irish operations belong in the US, the OECD’s tax chief has said.
Pascal Saint-Amans was responding to a question during a visit to Dublin about the European Commission’s recent tax ruling in relation to Apple, which said the Irish Revenue should bill two of the tech giant’s Irish entities €13 billion in back taxes.
While Mr Saint-Amans declined to comment directly on the commission’s ruling, he said that, as most of the company’s research and development took place in the US, it was clear profits should be associated with that jurisdiction.
“There is no ambiguity here: the bulk of it belongs to the United States, ” he said...
 

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As good as any place for Senate confirmations on Trump's nominees.

Corker: Full Senate to decide on Tillerson even if panel votes 'no' (CNN)

In an unusual move, Republicans plan on bringing Donald Trump's nominee for secretary of state before the full Senate for a vote even if he does not earn the support of the foreign relations panel.

Bob Corker, who chairs the Senate Foreign Relations Committee, told CNN's Manu Raju Tuesday that he would "absolutely" offer former ExxonMobil CEO Rex Tillerson for a floor vote even if he is not given the blessing of his committee, which oversees the nomination.

"I plan on moving Tillerson to the floor," Corker said. "Without getting into all the machinations, I would expect there to be a vote of Rex Tillerson on the floor and I expect him to be confirmed."....

Tillerson completed his vetting with a FBI background check, the necessary Office of Government Ethics paperwork and his financial disclosure form, but not his income tax records for the past few years, which the Dems wanted to examine due to his financial complexity. Reps blocked that.

Should this pattern continue for other Committee chairs, it should indicate that all of Trump's nominees will be confirmed except any that voluntarily withdraw.
 
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Congress is dismantling environment protect safeguards while Trump has ordered the Army Corps of Engineers to let the Dakota Access Pipeline proceed without an environmental impact study.

Meanwhile, Pipeline spills 176,000 gallons of crude into creek about 150 miles from Dakota Access protest camp (CNBC)

A pipeline leak has spilled tens of thousands of gallons of crude oil into a North Dakota creek roughly two and a half hours from Cannon Ball, where protesters are camped out in opposition to the Dakota Access pipeline.

North Dakota officials estimate more than 176,000 gallons of crude oil leaked from the Belle Fourche Pipeline into the Ash Coulee Creek. State environmental scientist Bill Suess says a landowner discovered the spill on Dec. 5 near the city of Belfield, which is roughly 150 miles from the epicenter of the Dakota Access pipeline protest camps.

Liability for spills is neither the federal government's nor the operator's responsibilty.
IRS exempts most oil sands crude from spill cleanup tax
(The Dakota Access Pipeline will transport oil sands crude.)

When more than 20,000 barrels of fuel leaked from an oil sands crude pipeline in Michigan in 2010, the government set aside $13 million from a fund formed for spill cleanup -- and stretched to its limits by that spring's Gulf of Mexico gusher.

Five months later, the Internal Revenue Service quietly ruled that a significant portion of the type of Canadian crude flowing through that Michigan pipeline was exempt from the per-barrel tax created for that spill-liability fund. The loophole for oil sands fuel, which also forms the bulk of the crude set to run on t

The leak detection systems detect a leak about 13% of the time.

Glad I don't live in the Dakotas.
 
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wizards8507

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What is this myth that oil is dirty? It's the most natural thing there is. There are natural seeps along various fault lines that put a bazillion gallons of the stuff into the water every year.
 

NorthDakota

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Congress is dismantling environment protect safeguards while Trump has ordered the Army Corps of Engineers to let the Dakota Access Pipeline proceed without an environmental impact study.

Meanwhile, Pipeline spills 176,000 gallons of crude into creek about 150 miles from Dakota Access protest camp (CNBC)





Liability for spills is neither the federal government's nor the operator's responsibilty.
IRS exempts most oil sands crude from spill cleanup tax
(The Dakota Access Pipeline will transport oil sands crude.)



The leak detection systems detect a leak about 13% of the time.

Glad I don't live in the Dakotas.

Where do you live? You probably deal with a lot more pollution than we do up here.
 
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Cackalacky

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What is this myth that oil is dirty? It's the most natural thing there is. There are natural seeps along various fault lines that put a bazillion gallons of the stuff into the water every year.

Lol. This is neg worthy. Are you serious?
 

Quinntastic

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What is this myth that oil is dirty? It's the most natural thing there is. There are natural seeps along various fault lines that put a bazillion gallons of the stuff into the water every year.

Peer reviewed article link?
 

Armyirish47

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Lol. This is neg worthy. Are you serious?

<iframe src="//giphy.com/embed/Rn9UhAl9hXC8w" width="480" height="257" frameBorder="0" class="giphy-embed" allowFullScreen></iframe><p><a href="http://giphy.com/gifs/infomercial-home-bear-Rn9UhAl9hXC8w">via GIPHY</a></p>
 
C

Cackalacky

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I have and its a terrible terrible thought out binary no nuanced alternative fact based attempt to rationalize what is most certainly the driving force behind the degradation of the planet and environment that we must have to survive.

Here is a reasonable response to his travesty of a book:
The Environmental Continuum: Reply to Alex Epstein, Bryan Caplan | EconLog | Library of Economics and Liberty

Alex Epstein, author of The Moral Case for Fossil Fuels, replies to my criticism and questions over at Forbes.com. Overall, I'm dissatisfied with his responses. Here's why, point by point. Alex is in blockquotes, I'm not.
I'll address some of his technical questions later on, but I want to acknowledge that I have not fully worked out how the government should handle every form of pollution and welcome the contribution of others in doing so. But here's my contention: we cannot come up with the best policies until we all agree on the baseline question of whether we are to use a humanist or naturist standard of value.
Alex makes it sound like there's a binary choice: either we go 100% with the humanist standard or 100% with the naturist standard. But it's entirely possible to go with a weighted average: say 85% humanist, 15% naturist, or 50/50, or whatever. And as far as I can tell, most people do in fact take an intermediate position, though almost everyone leans humanist.

Given this continuum of possible positions, it's extremely unlikely we will ever "all agree" on the correct weights. Fortunately, Alex exaggerates the importance of this improbable consensus. With simple democratic voting, for example, the best policies will be adopted as long as 50%+1 accept the correct weights. In any case, Alex's case for fossil fuels remains effective as long as most people put high weight on the humanist side.
I disagree with Caplan's assessment of the state of our debate, that "Most people, laymen and philosophers alike, think we should protect the environment primarily for the sake of humanity." Most people, laymen and philosophers alike, have been exposed to sloppy thinking about standard of value (and to environmentalist propaganda) since youth. Thus, most people routinely devalue human life and routinely demean the profound value that is fossil fuels.
The key word in my statement is "primarily." Yes, there is plenty of naturist rhetoric out there - plus a dollop of sheer misanthropy. But few people take it very seriously. How can we tell? For starters, look at what Americans' name as the nation's "most important problem." "The economy" almost always tops the list. "The environment" is near the bottom.

Alternately, consider how rarely mainstream politicians advocate any specific policies that clearly impoverish most of their citizens for the sake of unspoiled nature. If voters took naturist standards seriously, politicians could win major elections by saying, "I'm going to impose a 300% tax on fossil fuels to save Mother Earth," or "I'm going to ban meat-eating." This rarely happens.

Alex then moves on to the three questions I posed to him.
1) How does your view functionally diverge from the "common good" view you condemn as "immoral"? If talk about individual rights means anything, shouldn't there be noteworthy cases where you favor stricter pollution controls than utilitarians? Weaker controls?"

Let's assume that the utilitarians in question, unlike most utilitarians in practice today, have an objective, unprejudiced, and informed assessment of the nature of fossil fuels' impacts on human life. Such a utilitarian, for example, would be absolutely against a tax on CO2, properly recognizing that as a tax on progress for the sake of avoiding a problem (climate danger) to which fossil fuels are a major part of the solution.

"Absolutely against" is a serious overstatement. A sensible utilitarian could recognize that fossil fuels are part of the solution, but still insist that a moderate carbon tax is also part of the solution. Indeed, the sensible utilitarian might say, "Imposing a moderate carbon tax increases the incentive to find ways to produce energy with lower carbon emissions." The fact that we use fossil fuels to clean up fossil fuels does not imply that taxing fossil fuels is self-defeating; you've got to look at the net effect.

Even in that case, there is one difficulty of comparing my position to "utilitarians" because there is no consensus among utilitarians about what constitutes the "greatest good for the greatest number" on any issue. Utilitarians are always disagreeing about how to calculate the utilities. More generally, the problem with the "greatest good" or "common good" approach is that the notion of the common good is inherently vague.

True, but the same goes for every plausible moral standard. (Objectivists often appear to disagree, for example, on what "promotes the survival of man qua man.") But pointing out the vagueness of utilitarianism actually makes it even harder to see how Alex's standard functionally diverges from this rival ethical approach. If he wants to clarify, Alex needs to (a) describe what he sees as the well-informed utilitarian position on fossil fuels, then (b) highlight his disagreements with this position.

But there is a principled difference that would apply to any variant of the utilitarian approach.

The role of government, in my view, is not to calculate the overall benefits and harms of a technology. It is to define a threshold at which a technology violates people's rights by significantly damaging or imperiling them.
Is "significant damage or imperiling" a gross or a net standard? I.e., suppose a new energy source gives everyone $5000 per year in improved medical care, but imposes $1000 per year in respiratory disorders. Does your standard say this is permissible or not? If you say no, then many of your arguments for fossil fuels are beside the point. (Think about your time series for weather-related deaths). If you say yes, then it seems like government does have to calculate overall benefits and harms after all.

This threshold, as I indicated earlier, must be based on what is possible given the current state of technology and the current state of risk in a society. For example, in early industrial cities, when we could not avoid most of the ravages of human emissions (which are almost always more dangerous than machine emissions), the technology and infrastructure didn't exist to combat them, so you cannot say that human emissions are illegal. But you can and should pass laws protecting people from the forms that are both dangerous and preventable.

This is another case where Alex talks as if the world is binary when it plainly isn't. "Preventable" and "dangerous" both lie on a continuum. There is plenty that could have been done to reduce emissions even in early industrial cities. Most obviously: A modest tax on coal. What's the point? Making the air a little less dangerous.

If it can be objectively established that a given use of a technology significantly damages or imperils anyone, then either the technology cannot be used in that way or the users of it need to compensate the damaged parties in some way.

However, the determination of whether someone is damaged or imperiled needs to be made contextually. We are necessarily exposed to all sorts of small risks by living among other people, and even apart from other people we're subject to natural risks of all sorts (especially when we don't have the technologies that make us safe from nature). The damage or risk caused by a technology is only significant when it stands out from this background level. And what this background level is will be relevant to the technological development of the society.

Your position combines a superficially strict standard - no one can be significantly damaged or imperiled - with a massive loophole for "context." Can you see why this is intellectually dissatisfying?

2) What is the evidence that the marginal benefits of fossil fuels are enormous or even positive--i.e., that it is good for an average American to use a little more rather than a little less fossil fuel?

One theme of the book is the marginal benefit of the opportunity of every additional Calorie of energy. (Caplan observes that I only use the word "marginal" once, but that is only because the terminology is not used much except by economists.) Energy is our ability to use machines to improve our lives.

Yes, but you have to subtract the unpleasant side effects of fossil fuels. When you do, the marginal benefits of fossil fuels in rich countries remain unclear.
The enormous opportunity that more (fossil fuel) energy production provides us plus the ability of modern fossil fuel technology to cheaply produce energy with ever-smaller risks and side-effects means that there is no reason to have any inclination whatsoever to reduce (including tax) energy use.

How can you say this? You've acknowledged that fossil fuels - like every energy source - have some unpleasant side effects. Reducing fossil fuel consumption trades a little extra convenience for a little less unpleasantness. What makes you think this is clearly a bad deal, especially in rich countries?

We can see historically that had we heeded the warnings in the 1970s that we already had enough energy, the consequences would have been disastrous.

Yes, but your strongest evidence comes from the developing world. This isn't really relevant to my question.

More energy improves lives in many ways, documented in the book, and some of them are profound. For example: the advent of the coal-hungry internet. Any legal measures to constrict marginal fossil fuel usage in the developed nations in the 1980s would have hampered the development of that technology. And any attempt to constrict FFs now will hamper future technologies. That would have been disastrous.

"Any attempt" would have been "disastrous"? That's absurd. "Would have imposed high costs for small gains" might be true, but I'm still waiting to see the evidence.

Moreover, we have no right to do it.

By your own standard, wouldn't there be a right to do it if marginal fossil fuel use "significantly damaged or imperiled" anyone? And if you're factoring in context, doesn't the context change when we're focusing on marginal uses?

3) Isn't the textbook environmental economics approach of putting a price on pollution a better policy than the combination of technology-and-law that you propose?

No. Putting a price on pollution is one variety of the technology-and-law approach. Policies designed to put a price on pollution are enacted by law.

Trivially true, but you're missing the point. Conventional environmental regulations give detailed orders about how polluters have to reduce pollution. Pollution taxes specify a price and let polluters figure out the cheapest way to comply. There is a lot of evidence that the latter approach roughly halves the cost of pollution clean-up. So why does it fail to pique your interest?

Devising and implementing them require sophisticated technologies to quantify emissions.

"Requires"? Not really. You don't need sophisticated technologies to tax coal. Technology can definitely make emissions pricing work better, but that's a weaker claim.

I don't mean to be finicky. But much as I admire Alex's book, his replies to my questions seem to consistently assume the real world fits neatly into simple binary categories. It doesn't. Fossil fuels really can be great overall but bad at the margin. And if so, there is a simple case for moderate taxes on fossil fuels. This simple case might, on deeper consideration, be wrong. But it needs to be engaged, and I don't see that Alex has vigorously engaged it. Yet.
 

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What is this myth that oil is dirty? It's the most natural thing there is. There are natural seeps along various fault lines that put a bazillion gallons of the stuff into the water every year.

Fracking brine leak in North Dakota reaches Missouri River, prompts state Democrats to call for more regulation


The number of spills from North Dakota’s booming oil industry has risen steadily since 2006, the New York Times reported in November. A Times investigation found that 18.4 million gallons of oil and chemical substances have leaked into the North Dakotan air, water and soil between 2006 and October 2014. The Summit Midstream leak follows on the heels of a 50,000 gallon oil spill in the Yellowstone River near Glendive, Montana — the second oil spill in the river in four years.

The EPA and the Clean Water Act are unnecessary since consumers have friends in the WH and Congress.
 

NorthDakota

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Not in North Dakota. I'm cool with ND and not my tax dollars footing cleanup bills if you are.

Lol not much to clean up. I've heard more about pollution here from out of staters than people who live here. Oil is one of the best things to happen to us. Drill baby drill.
 

wizards8507

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Not in North Dakota. I'm cool with ND and not my tax dollars footing cleanup bills if you are.
How about the companies foot the bills? Instead of the EPA or whomever saying "thou shalt not...", let the companies bear the risks of cleanup. If they're on the hook for the bill, you can be damn sure that they're going to be diligent in preventing spills in the first place.
 

Legacy

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How about the companies foot the bills? Instead of the EPA or whomever saying "thou shalt not...", let the companies bear the risks of cleanup. If they're on the hook for the bill, you can be damn sure that they're going to be diligent in preventing spills in the first place.

Article linked in my first post about tar sands oil leakages and spills exempts the oil companies from liability.

Oil companies pay 8-cents-per-barrel excise tax funding the Oil Spill Liability Trust Fund, but that's exempt from spilling this type of oil. As noted in my first post on this, IRS rules prohibit federal reimbursement for this type of spill.

Canada does hold their oil companies liable for leaks and spills.
CANADIAN PIPELINE OPERATORS TO ASSUME LIABILITY FOR OIL SPILL DAMAGE UNDER NEW RULES

As noted above, too, leak detection systems catch 13% of spills, the vast majority are detected by residents and North Dakota is not very populous, especially where the pipeline runs.

Maybe the Dakotas' congressmen can work something out with the oil companies and their insurers when it happens, but since they asked for exemptions from federal regulations on fracking, I doubt they would move against the federal government or oil companies when a massive leak happens in ND.
 
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Legacy

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Senator Promoting Dakota Access Pipeline Invests In Bakken Oil Wells Named After Indian Tribe

U.S. Senator John Hoeven (R-ND) recently came out in support of the Dakota Access pipeline, the hotly contested Energy Transfer Partners-owned pipeline envisioned to move oil obtained via hydraulic fracturing (“fracking”) from North Dakota's Bakken Shale basin. As the pipeline transports oil across North and South Dakota, Iowa, and Illinois, it will cross farms, natural areas, and perhaps most notably, ancestral lands of the Standing Rock Sioux Tribe, which is one of several tribes disagreeing with Sen. Hoeven's assessment that this pipeline is “infrastructure we need.”

What Sen. Hoeven — an outspoken supporter of TransCanada's Keystone XL tar sands pipeline — did not mention, however, is his personal investment in 68 different oil-producing wells in North Dakota under the auspices of the company Mainstream Investors, LLC according to his most recent congressional personal financial disclosure form.

Seventeen of those wells are owned by Continental Resources, the company whose CEO Harold Hamm also serves as a campaign energy adviser to Republican presidential candidate Donald Trump.
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This can't be correct.
 
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Legacy

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How it will affect us - from the Congressional Budget Office

How it will affect us - from the Congressional Budget Office

How Repealing Portions of the Affordable Care Act Would Affect Health Insurance Coverage and Premiums (Cong. Budget Off, Jan '17)

CBO reports on the estimated changes in health insurance coverage and premiums that would result from leaving the Affordable Care Act’s insurance market reforms in place while repealing the law’s mandate penalties and subsidies.

A little more than a year ago, the Congressional Budget Office and the staff of the Joint Committee on Taxation (JCT) estimated the budgetary effects of H.R. 3762, the Restoring Americans’ Healthcare Freedom Reconciliation Act of 2015, which would repeal portions of the Affordable Care Act (ACA) eliminating, in two steps, the law’s mandate penalties and subsidies but leaving the ACA’s insurance market reforms in place. At that time, CBO and JCT offered a partial assessment of how H.R. 3762 would affect health insurance coverage, but they had not estimated the changes in coverage or premiums that would result from leaving the market reforms in place while repealing the mandate penalties and subsidies. This document—prepared at the request of the Senate Minority Leader, the Ranking Member of the Senate Committee on Finance, and the Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions provides such an estimate.

In brief, CBO and JCT estimate that enacting that legislation would affect insurance coverage and premiums primarily in these ways:
-- The number of people who are uninsured would increase by 18 million in the first new plan year following enactment of the bill. Later, after the elimination of the ACA’s expansion of Medicaid eligibility and of subsidies for insurance purchased through the ACA marketplaces, that number would increase to 27 million, and then to 32 million in 2026.
-- Premiums in the nongroup market (for individual policies purchased through the marketplaces or directly from insurers) would increase by 20 percent to 25 percent—relative to projections under current law—in the first new plan year following enactment. The increase would reach about 50 percent in the year following the elimination of the Medicaid expansion and the marketplace subsidies, and premiums would about double by 2026. ...

The Congress has all this data on the impacts, have listened to their constituents and now we will see what the Republican Congress chooses to do.
 
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wizards8507

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"CBO reports on the estimated changes in health insurance coverage and premiums that would result from leaving the Affordable Care Act’s insurance market reforms in place while repealing the law’s mandate penalties and subsidies."

I don't think anybody is suggesting that "leaving the ACA's market reforms in place" would be a viable option. The whole problem with the ACA is that the "minimum essential coverage" is too comprehensive so people can't get affordable policies.
 

RDU Irish

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"CBO reports on the estimated changes in health insurance coverage and premiums that would result from leaving the Affordable Care Act’s insurance market reforms in place while repealing the law’s mandate penalties and subsidies."

I don't think anybody is suggesting that "leaving the ACA's market reforms in place" would be a viable option. The whole problem with the ACA is that the "minimum essential coverage" is too comprehensive so people can't get affordable policies.

The problem is the implied entitlement of unlimited healthcare for everyone.

I should not pay the same rate as a 500lb smoker my same age - but now that Obama pulled a solid for that guy we can't undo it because he would be put out by increased costs. Classic gubmint in action.
 

woolybug25

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So who is congress working with to develop plans for a replacement? Are they just doing it themselves or have they hired independent organizations to develop ideas? Because to be honest, these bozos (or the former bozos, for that matter) don't know enough about the complexities of healthcare markets to develop a long term solution.
 

wizards8507

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So who is congress working with to develop plans for a replacement? Are they just doing it themselves or have they hired independent organizations to develop ideas? Because to be honest, these bozos (or the former bozos, for that matter) don't know enough about the complexities of healthcare markets to develop a long term solution.
Agree, but I'd rather see legislation that lets the experts in the industry develop the market rather than letting the experts in the industry write the legislation.
 

ND NYC

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it will never happen here in the US but food for thought as we discuss ACA repeal and replace etc.

Top Ten Reasons for Single Payer :: Vermont for Single Payer


Top Ten Reasons for Single Payer

(Source: California Nurses Association and National Nurses Organizing Committee.)

1. Everybody in,nobody out. Universal means access to healthcare for everyone, period.

2. Portability. Even if you are unemployed, or lose or change your job, your health coverage goes with you.

3. Uniform benefits. No Cadillac plans for the wealthy and Moped plans for everyone else, with high deductibles, limited services, caps on payments for care, and no protection in the event of a catastrophe. One level of comprehensive care no matter what size your wallet.

4. Prevention. By removing financial roadblocks, a single payer system encourages preventive care that lowers an individual’s ultimate cost and pain and suffering when problems are neglected, and societal cost in the over utilization of emergency rooms or the spread of communicable diseases.

5. Choice of physician. Most private plans restrict what doctors, other caregivers, or hospital you can use. Under a single payer system, patients have a choice, and the provider is assured a fair reimbursement.

6. Ending insurance industry interference with care. Caregivers and patients regain the autonomy to make decisions on what’s best for a patient’s health, not what’s dictated by the billing department or the bean counters. No denial of coverage due to pre-existing conditions or cancellation of policies for “unreported” minor health problems.

7. Reducing administrative waste. One third of every health care dollar in California goes for paperwork, such as denying care, and profits, compared to about 3% under Medicare, a single-payer, universal system.

8. Cost savings. A single payer system would produce the savings needed to cover everyone, largely by using existing resources without the waste. Taiwan, shifting from a U.S. healthcare model, adopted a single-payer system in 1995, boosting health coverage from 57% to 97% with little if any increase in overall healthcare spending.

9. Common sense budgeting. The public system sets fair reimbursements applied equally to all providers while assuring all comprehensive and appropriate health care is delivered, and uses its clout to negotiate volume discounts for prescription drugs and medical equipment.

10. Public oversight. The public sets the policies and administers the system, not high priced CEOs meeting in secret and making decisions based on what inflates their compensation packages or stock wealth or company profits.
 
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