Euro Logic: We Must Kill Free Speech to Promote Free Speech

Recent “hate speech” investigations in European countries have been spawned by homily remarks by a Spanish Cardinal who opposed “radical feminism,” a hyperbolic hashtag tweeted by a U.K. diversity coordinator, a chant for fewer Moroccan immigrants to enter the Netherlands, comments from a reality TV star implying Scottish people have Ebola, a man who put a sign in his home window saying “Islam out of Britian,” French activists calling for boycotts of Israeli products, an anti-Semitic tweet sent to a British politician, a Facebook post referring to refugees to Germany as “scum,” and various other sorts of so-called “verbal radicalism” on social media.

One might consider any or all of these comments distasteful, but Americans (recent trends on college campuses notwithstanding) tend to appreciate that for a free-speech right to truly exist, we must severely limit the types of speech—true threats, slander, etc.—that don’t deserve protection from government censorship and potential prosecution. Not so in European Union (E.U.) member countries, many of which have laws against any language that “insults,” “offends,” “degrades,” “expresses contempt,” or “incites hatred” based on certain protected traits like race, religion, or sexual orientation. As Nick Gillespie has put it, “hate speech” is like the secular equivalent of blasphemy.

On Monday, Věra Jourová, the E.U. Commissioner for Justice, Consumers and Gender Equality, gave a speech stressing the importance of such laws and calling for even more intense policing of so-called hate speech. (Just to be clear, by “hate speech” we are not talking about things like threats or criminal harassment.) “My top priority is to ensure that the Framework Decision on Combatting Racism and Xenophobia is correctly translated into the national criminal codes and enforced, so that perpetrators of online hate speech are duly punished,” Jourová said.

The commissioner offered a characteristically European rationale for the imposition: only by government censorship of free expression can free expression flourish.

“In recent years, we have seen messages of extremism and intolerance spread around the globe like wildfire” and “we need to stand united against this growing phenomenon,” said Jourová. “Our commitment is to deliver change so that people do not need to live in fear, and to ensure that the internet remains a place of free and democratic expression, where European values and laws are respected.”

“The spread of illegal hate speech online not only distresses the people it targets,” she continued, “it also affects those who speak up for freedom, tolerance and non-discrimination in our society. If left unattended, the fear of intimidation can keep opinion makers, journalists and citizens away from social media platforms.”

It’s easy to see how folks might buy Jourová’s idea that allowing intolerant speech online “means a shrinking digital space for freedom of expression.” We’ve all heard about public figures or controversial thinkers who were allegedly hounded off of social media by online criticism, with its harsh, vulgar, and sometimes violent tones. And what is gained by such uncivil opprobrium? By sanctioning not only violent threats and ongoing harassment but also speech that serves no purpose but to troll, denigrate, or spread bigotry, we can usher in a more welcoming environment for all sorts of ideas and speakers online…

Or so the thinking goes, anyway. But the fatal flaw in this conceit is pretending there’s some bright line between desirable, pro-social speech and speech that merely incites offense, fear, or feelings of negativity.

Of course, many of us object on pure principle to censoring the latter forms of speech. But setting aside classical-liberal notions, there are still plenty of good arguments against EU-style speech policing. For one, it makes distinctions between legal and illegal speech based not only on what is being said but who is saying it and whom it’s said to.

For instance, a few years ago Slate’s William Saletan complained that countries were (in practice) criminalizing insults against Jews but not against Muslims. Now, a more common complaint is that speech critical of Islam, Islamic customs, or refugees form Muslim countries gets monitored and punished more than any other speech.

There’s also the fact that officials can’t possibly go after everyone who insults someone’s religion on the internet, disparages Syrian migrants, espouses non-egalitarian views about the sexes, or expresses empathy for some hated group. Thus police and political elites tend to concentrate on those who are either the most visible (celebrities, opposition leaders) or deviate most from the intellectual status-quo. The result is speech policing that leaves alone plenty of people who fly under the radar or direct their hate in the right direction, while denying protection to the sorts of ideas and speakers who need protection most.

Yes, allowing a “right to offend” may mean more vulgar and inflammatory online environments. But there are plenty of non-governmental and less draconian ways to address problems that arise from this than imprisoning people for saying dumb, mean, or unpopular things. Technological tools, business practices, and social shaming have all been known to work—and to work more effectively than police playing an endless, expensive game of whack-a-mole with online speech.

How could officials ever expect to put a dent in online intolerance through individual criminal prosecutions? I’m not sure that’s actually their point—rather, high-profile and individual “hate speech” investigations are intended as a morality play put on by government to teach its desired values and ideologies.

Jourová more or less admitted as much, crowing that new European Commission initiatives seek “to step up” the spreading of “counter-narratives” that give “due space to the messages that oppose hate speech and respect our values.” One way it’s doing this is by issuing an IT code of conduct, agreed to in May by companies like Facebook, Twitter, and Google. You can find all sorts of details (and official justifications for it) here.

As Jourová explained Monday, the code “means that notifications for removal of illegal hate speech have to be assessed and relevant action has to be taken [by IT companies], in the majority of cases, in less than 24 hours.” These polices must be “checked not only against the companies’ terms of service but also against the law.”

The commissioner insisted that free speech was alive and well in the E.U., and no one was denying “the right ‘to offend, to shock or to disturb the State or any part of the population.'” Speech rights do not, however, “include the right to incite violence and hatred,” Jourová said. “Speech inciting violence or hatred is illegal. It is a crime.”

Yet spreading “hate” isn’t like punching someone in the face. Hatred, unlike violence, is an entirely internal and subjective thing. Thus criminalizing the incitement of hatred necessarily involves banning or censoring speech merely because it winds up offending, shocking, or disturbing some individual or the state.

Jourová comes close to admitting this, too, stating that while “many cases of online hate speech, notably those inciting violence,” will be easy for online companies to recognize and deal with, in other cases “it may be more difficult to decide whether a speech is illegal or not.” This is the major issue with E.U.-country speech rules—how does one determine conclusively whether an off-color comment is merely uncivil/sexist/racist/whatever or whether its criminally actionable?

Yet Jourová waves away the entire tension in one sentence, acknowledging that business leaders already “make difficult legal compliance decisions” in many areas, “such as tax, accountancy or workers’ rights cases” and “ensuring compliance with hate speech law is no different.”

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Dennis Gartman Is “Only Very Slightly Net Long”

Last Friday morning, just before the market was about to take a 2-day swoon, we reported that in Dennis Gartman’s latest letter, the “world renowned commodity guru” had just turned bullish: “We have had derivatives in place to hedge that position, but we’ve been reducing that derivatives position all week long and we are now of course net long of equities on balance.”

Remaining the ultimate contrarian indicator du jour, we were curious if after taking his latest beating, he would flip-flop once again and turn bearish. The answer, as it turns out, is no.

US stock index futures are up quite sharply as we write as the market is now more convinced than ever that Ms. Clinton will win the election following last evening’s debate between she and Mr. Trump. As we have explained here previously, the stock market here in the States is able to convince itself that her left-of-center rhetoric of recent days and weeks is nothing more than campaign rhetoric; that when she becomes the President she will turn away from these recently embraced leftist philosophies and will return to her roots better anchored on Wall Street… or at least that is the hope this morning as the S&P futures are trading 12-15 points higher.

 

The capital markets can deal with almost any sort of news as long as it has hard, fixed news with which to deal. Mr. Trump was and is the “wild card” of the two candidates, with equity investors uncertain what his protectionist policies would bring to the domestic and the world economy, but fearful that a fully-fledged protectionist Administration under Mr. Trump would devolve into a severe global recession, if not a possible global depression. The talk of late has been properly of Smooth-Hawley, the 30’s and global economic weakness should Mr. Trump prevail in November, and certainly too that has been our fear. The non-victory “victory” by Ms. Clinton last evening has put aside those fears, at least for the moment, and has given way to stronger equity prices as we write. This may be ephemeral, but for now it seems as if the equity market has breathed a sigh of relief, hoping that freer rather than less trade is the future.

 

Let us be quite clear here; we are not supporters of Ms. Clinton and we shall not be voting for her; but that said, the markets feel less burdened by her economics than they would be burdened by Mr. Trump’s protectionism… the far lesser of two evils in our opinion.

 

We have not done much in the way of changing our retirement portfolio here at TGL. We remain long of aluminium… which gapped higher three trading sessions ago after a period of sustained weakness… while we are materially hedged with derivatives and with gold sufficient in size to bring our net market exposure to something  only very slightly net long.

And now we know. What we don’t know is if Gartman has been stopped out of his recent bond short yet.

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The Debate Results – Who Won? Who Lost? Who Was The Mystery Third Debater?

 

 

 

The Debate Results – Who Won? Who Lost? Who Was The Mystery Third Debater?



 

 

Well! That was a fight for the history books. The first round of battles between the two presidential candidates has come and gone and now it’s time for the pundits, including myself, to throw in their two cents and analyze what in the world just happened.

 

 

First off, it was evident that right from the beginning, Donald Trump was much more confident, much more in control, and much more of a demanding presence than Hillary Clinton, who, at times, looked very uncomfortable and on the verge of seething rage as Mr Trump steamrolled her in the first half of the debate.

 

 

This demeanour changed in the second half, which will be declared a victory by Hillary Clinton. She hit her stride and appeared much more in control – this was visible and obvious. But what enabled her to regain her confidence? Was it her, or was it the fact that Lester Holt, the supposedly “unbiased” moderator, came to her rescue?

 

 

As I’ve written about numerous times in the past on this blog, the mainstream media is completely and utterly for Hillary Clinton. There was intense pressure on Lester Holt to “fact-check” Donald Trump every opportunity that he got, while giving Hillary Clinton a pass on her numerous lies that she uttered.

 

 

This is exactly what happened. This “moderator”, or as many are calling him, “the third debater“, was anything but unbiased. It was clear that he came in with an agenda, whether his own or set forth for him, to attack Donald Trump and rescue Hillary Clinton in her time of need.

 

 

Holt continuously threw “hardball” questions towards Donald Trump, such as ones about his tax returns, the birther issue, and his support of the Iraq War.

 

 

Meanwhile, he asked Hillary Clinton NO, I repeat, NO real questions that the American public wants and deserves to hear, such as her part in the Benghazi debacle, that resulted in the death of innocent lives under her watch.

 

 

He asked no questions, and this one is mind boggling, about her 30,000-plus missing emails that she had deleted while Secretary of Defense.

 

 

He asked her no questions about the lies her campaign has been telling about her failing health and he asked her nothing about the corruption that has surrounded the Clinton Foundation.

 

 

It would be one thing if these topics weren’t major news and were just speculation. The fact is, they are NOT and they HAVE been major news topics, even on the highly corrupt MSM.

 

 

Despite the fact that this was a 2-on-1 debate, Donald Trump still held his ground, did not falter, and appeared very presidential, choosing not to attack Hillary on her husband’s countless rape charges and settlements of sexual harassment, proving he can be tempered and “the bigger person” in the room.

 

 

For this reason, I award the victory to Donald Trump, and I’m not alone in this belief. Countless polls have been posted on all major news websites, including ABC, the Times, CNBC, the Drudge Report, and many others. Almost unanimously ALL of these polls, which have votes totaling in the millions, see Donald Trump as the victor. The only poll that doesn’t have Donald winning is CNN, aka the “Clinton News Network”. No surprise there.

 

 

With that, we are left waiting until the next debates, which are just around the corner, and in which I believe we will see the media forced into being more impartial and fair, unless they truly wish to destroy the little bit of credibility they have remaining.

 

 

This event was a farce. It was a sham, but despite all odds, liberty and freedom will win the day, as it has done so for countless centuries and throughout the ages.

 

 

All that is required is for us, the people, to remain vigilant and strong in our convictions. The truth will set you free.

 

 

 

Please email with any questions about this article or precious metals HERE

 

 

 

 

 

The Debate Results – Who Won? Who Lost? Who Was The Mystery Third Debater?

Written by Nathan McDonald

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US Elections: Neither Free Nor Fair

Submitted by Alex Gorka via Strategic-Culture.org,

Media across the world are literally transfixed by the spectacle of US elections. The Donald Trump-Hillary Clinton, Republicans vs. Democrats battle is captivating enough to distract public attention from other issues.

Democracy promotion has been a centerpiece of US foreign policy for over half a century since the days when President Woodrow Wilson crafted a new foreign policy that involved active democracy promotion. The implementation of the «beacon on the hill» concept presupposes that the United States would act as a model of excellence for others to follow is analogous to contemporary soft-power democracy promotion efforts. Lecturing on democracy is a distinctive feature of American foreign policy. Does the US really provide an influential role model for how elections should run in other countries? Is America really a shining example of real democracy? «Forbear to judge, for we are sinners all».

Domestic and international experts rate the US elections as the worst among all Western democracies. According to Electoral Integrity Project, Denmark, Finland, Norway and Sweden are at the top of the ranking, while the US scores 62.

The report gathers assessments from over 2,000 experts to evaluate the perceived integrity of all 180 national parliamentary and presidential contests held between July 1, 2012, and Dec. 31, 2015, in 139 countries. The 2014 US congressional elections rank even worse, 65th out of 180 worldwide.

In May, the Office for Democratic Institutions and Human Rights issued the OSCE / ODIHR Needs Assessment Mission (NAM) Report to assess the pre-election environment and the preparations for the US election on November 8.

It notes that in America election observation is regulated by state law, which does not explicitly provide for international observers at odds with the 1990 OSCE Copenhagen Document.

The paper says some 4.1 million citizens that are residents of US territories are not eligible and some 600,000 citizens that are residents of the District of Columbia can vote in presidential elections but do not have full representation in Congress. Some 5.8 million prisoners and ex-prisoners continue to be disenfranchised due to prohibitive and disproportionate legal regulations or burdensome procedures for reinstating voting rights in a number of states, particularly affecting minorities.

Women are generally underrepresented in public office, holding some 20 per cent of seats in the outgoing Congress and some 25 per cent of seats in the state legislatures. Some OSCE/ODIHR NAM interlocutors noted concerns about negative stereotyping of women. They are also concerned over an increase in inflammatory speech targeting minorities.

The OSCE report also notes that there are no limits on campaign spending: no aggregate limit on how much an individual may contribute. Spending by independent groups can be exempt from disclosure requirements. Boundaries of the districts to elect representatives are redrawn in line with partisan interests which may result in uncompetitive races.

The paper adds to numerous publications devoted to irregularities of the US voting system. Indeed, there has a been a range of vulnerabilities in the conduct of American elections made public in recent years, recently, especially since the notoriously flawed ballot design in Florida in 2000.

There is a widespread suspicion of the role of money in politics. Regardless of their political affiliation, Americans agree that money has too much influence on the outcome of the vote, the wealthy have more influence on elections, and candidates who win office promote policies that help their donors.

The people think the country’s campaign finance system needs significant changes. Americans do not think donating money to political candidates is a form of free speech.

Electoral laws are unfair to smaller parties like the Green Party, favor the governing party, or restrict voter’s rights.

Gerrymandering of district boundaries to favor incumbents, waiting in line in excess of many hours, inaccurate state and local voter registers, insufficiently trained local poll workers, and the breakdown of voting machines are just a few example in the list of noticeable shortfalls. In 2014 serious problems with electronic voting were reported. The polling machines recorded a vote for the Democratic candidate when the screen was touched to cast a vote for the Republican.

In Texas the statewide voter registration system crashed, forcing many to complete provisional ballots when poll workers were unable to confirm voter eligibility.

The 2016 race is disappointing enough. There was reported confusion about new photo ID requirements and long lines.

The system of superdelegates is evidently undemocratic. For instance, this year Democratic superdelegates, who aren’t beholden to vote for a candidate according to the popular choice, could potentially sway the nomination. It caused discontent among rank and file party members who would prefer another candidate instead of Hillary Clinton. G.O.P. candidate Donald Trump called the delegate system «rigged».

Noam Chomsky, a famous American scholar and the author of Failed States, believes there is an enormous gap between public opinion and policy in the United States.

In the book What We Say Goes: Conversations on US Power in a Changing World he sets an example. In 2005, the Program on International Policy Attitudes did an extensive poll on what people thought the budget ought to be.

It turned out to be the inverse of the actual budget: where federal funding was going up, an overwhelming majority wanted it to go down. The public opposed increases in military spending overall and supplemental spending for Iraq and Afghanistan, which is going up even more now. Where the budget was going down—social expenditures, health, renewable energy, veterans’ benefits, the United Nations-right across the board, the public wanted spending to increase. US media kept this fact out of public eye.

«…when Americans with different income levels differ in their policy preferences, actual policy outcomes strongly reflect the preferences of the most affluent but bear virtually no relationship to the preferences of poor or middle-income Americans. The vast discrepancy I find in government responsiveness to citizens with different incomes stands in stark contrast to the ideal of political equality that Americans hold dear. Although perfect political equality is an unrealistic goal, representational biases of this magnitude call into question the very democratic character of our society», says Martin Gilens, the professor of politics at Princeton University and the author the author of Affluence & Influence: Economic Inequality and Political Power in America.

 

«Now it’s just an oligarchy, with unlimited political bribery being the essence of getting the nominations for president or to elect the president. And the same thing applies to governors, and US senators and congress members», concludes former US president Jimmy Carter.

The US officials often recklessly accuse other countries of election tempering. There is a reason to believe they do it to obfuscate the real story of fraud and irregularities in their own electoral process. No doubt, America would do a better job of promoting democracy in other countries by setting an example to follow but it’s voting system is broken and needs to be fixed. Today the United States is definitely not in the position to lecture and teach others. It has a long way to go if it wants to become a real democracy.

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US Home Price Growth Slowest In A Year

US home prices grew at a disappointing 5.02% YoY in July (missing expectations of 5.10% and the lowest since Aug 2015). All 20 cities in the index showed year-over-year gains, but six cities showed seasonally adjusted price declines in July compared with the prior month, also including New York, Atlanta and Detroit.

Growth is slowing as we saw in sales data this month…

 

Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last six months. In July, Portland led the way with a 12.4% year-over-year price increase, followed by Seattle at 11.2%, and Denver with a 9.4% increase. Nine cities reported greater price increases in the year ending July 2016 versus the year ending June 2016.

David Blitzer, chairman of the S&P index committee, said in a statement:

“Both the housing sector and the economy continue to expand,” 

 

While some cities are seeing rapid price gains, “there is no reason to fear that another massive collapse is around the corner” because mortgage debt is rising at a relatively slow pace.

So that’s nice then – nothing to worry about at all.

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Crude Crashes As Iran Says “No Deal” After Saudi Offer

And sure enough, as we noted yesterday, the Saudi “cut” offer that juiced crude yesterday was nothing but a strawman to enable them to pinpoint blame on Iran for the failure of talks. Unwilling to freeze its output – even based on the ‘offer’ of Saudi cuts – Iran’s Bijan Zanganeh exclaimed “it’s not our agenda to reach agreement in these two days,” blowing a hole in the hope train for crude’s recovery.

As Bloomberg reports, Iran is not willing to freeze its oil output at current levels and doesn’t intend to forge an agreement with other major crude producers at talks in Algiers this week, the nation’s oil minister said.

Iran wants to raise its crude production to 4 million barrels a day, Bijan Namdar Zanganeh told Bloomberg Television in an interview Tuesday. OPEC’s third-largest producer — with daily output of 3.6 million barrels last month — will talk to other members at the International Energy Forum in the Algerian capital and it’s possible the group could reach a formal supply deal at its November meeting in Vienna, he said.

 

“It’s not our agenda to reach agreement in these two days,” Zanganeh said. “We are here for the IEF and to have a consultative informal meeting in OPEC to exchange views. Not more.”

 

OPEC’s decision to hold informal talks this week has fanned speculation that it might be about to deviate from a two-year-old policy of pumping without limits, which succeeded in hurting rival suppliers but also sent prices into free-fall. Ministers from member countries arriving in Algiers have downplayed the prospect of a deal. Iran rejected Saudi Arabia’s offer last week to cut its own production if Iran capped output at current levels.

And the result is clear – yesterday’s gains gone…

And then there is the amazing world of the Saudis…

The oil market is trending in the right direction, with inventories shrinking as supply and demand have converged, Saudi Minister of Energy and Industry Khalid Al-Falih told reporters Tuesday. The Saudi economy is doing very well, he said.

Umm… what?!

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The First Presidential Debate in 3 Minutes: New at Reason

Hillary Clinton and Donald Trump met for the first presidential debate last night at Hofstra University in New York. The major party candidates hoped to make their case to the record number of American voters expected to watch. Meanwhile, third party candidates Gary Johnson and Jill Stein, despite pulling a combined double digits in national polls, were locked out.

Reason TV boiled down 90 minutes of agony to give you the three minutes that count. Watch the video above to see the candidates discuss these issues and more, along with some of the more egregious consultant-crafted zingers they delivered.

Produced by Zach Weissmueller and Justin Monticello. Music by Polyrhythmics.

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Trump, Trade, & Taxes

Submitted by Charles Hugh-Smith via OfTwoMinds blog,

The best way to restart investment (and thus employment opportunities) is to make the U.S. a magnet for productive capital rather than a graveyard of tax-avoidance strategies.

Donald Trump has made trade agreements a central issue in this presidential election, declaring trade treaties such as the North American Free Trade Agreement (NAFTA) as unfair and subject to cancellation or renegotiation.

Setting aside the issue of whether presidents can cancel trade treaties via executive orders, let's look at the underlying issue: the erosion of manufacturing and entry-level job opportunities that lead to middle-class security and pay.

The question then becomes: what are the causes of this erosion of manufacturing and the middle class? Trade is relatively easy to finger because the flood of cheap goods into the U.S. coincided with the wholesale offshoring of manufacturing capacity.

But it isn't quite that simple. "Free" Trade, Jobs and Income Inequality: It's Not As Easy As We Might Think (March 22, 2016)

There are many other issues in play, including:

1. Currency manipulation, i.e. pegging one's currency (such as the Chinese RMB) to the US dollar to maintain a predictable cost advantage.

2. Technology, as automation reduces the inputs of human labor per output even in nations with few trade treaties.

3. Global wage arbitrage, as domestic corporations move production overseas to lower labor costs (exacerbated by insanely high costs of healthcare insurance for employees in the U.S.)

4. High tax rates on domestic corporations (35%) push companies overseas to lower tax nations.

5. Trade is grossly miscalculated by current metrics; if we calculate the value that actually flows to each nation that makes parts and software for the iPhone, we find that "Analysts estimate that as little as $10 of the value of every iPhone or iPad actually ends up in the Chinese economy, in the form of income paid directly to Foxconn or other contractors." Meanwhile, twenty times that sum flows directly to Apple HQ in Cupertino, California for software and profit.

Forget "Free Trade"–Focus on Capital Flows (October 28, 2014)

"In a world dominated by mobile capital, mobile capital is the comparative advantage."

6. Triffin's paradox demands that any nation issuing the global reserve currency must run a trade deficit as a means of exporting the reserve currency into the global economy. I know this is counter-intuitive, but I've explained it many times over the years:

Why the Shrinking Trade Deficit Will Choke U.S. Corporate Profits (August 8, 2013)

Understanding the "Exorbitant Privilege" of the U.S. Dollar (November 19, 2012)

The Dollar and the Deep State (February 24, 2014)

In other words, if you want the Exorbitant Privilege of issuing the global reserve currency, you have to run a permanent trade deficit.

Let's look at what any president can influence/control and what is beyond their reach. Presidents can complain about currency manipulation and even threaten reprisals, but currency manipulation is not only a trade issue; it overlaps with diplomatic issues that extend far beyond trade. For example, the U.S. might tolerate some currency pegs to support key allies.

Any president's ability to limit automation, technology and "software eating the world" is essentially zero. Nations that attempt to limit or stifle technological advances end up stifling productivity and innovation, and as a result they are doomed to stagnation.

The same can be said of global wage arbitrage. There is very little any president can do to stop companies from taking advantage of the divergence of wages between states, nations and regions.

As for destroying the reserve currency (the U.S. dollar) in a quixotic quest for trade surpluses: look at Japan, which has consistently run trade surpluses while wallowing in decades of social and economic stagnation.

That said, there is one issue the president can influence: the tax rates on domestic corporations. Many nations use tax credits and the like to encourage manufacturers to maintain domestic production, but America's 35% corporate tax rate is an absolute job killer.

This high tax rate forces corporations to game the global tax system for zero benefit to the U.S. or its work force.

Trump would serve the nation and its work force best by lowering the corporate tax rate to a flat 5% for companies that maintained substantial facilities and work forces in the U.S. I submit that a flat 5% rate would actually collect more tax revenues than the 35% rate that pushes employers and employees overseas.

The corporate tax rate of 35% has perversely incentivized moving production and employees overseas. I have yet to meet anyone defending the sky-high nominal tax rates who actually employs people and pays the 35% corporate rate or operates a global corporation.

As an abstraction, the 35% rate appeals to "progressives" intent on punishing Corporate America for its many sins. But the reality is the "progressives" aiming at "evil corporations" have shot American workers in the chest.

The best way to restart investment (and thus employment opportunities) is to make the U.S. a magnet for productive capital rather than a graveyard of tax-avoidance strategies. The problem isn't trade per se; it's a perverse tax system that drives domestic employers overseas.

*  *  *

Of related interest:

The Truth About Trade: What Critics Get Wrong About the Global Economy

"The truth is more complicated. Although imports have put some people out of work, trade is far from the most important factor behind the loss of manufacturing jobs. The main culprit is technology. Auto­mation and other technologies have enabled vast productivity and efficiency improvements, but they have also made many blue-collar jobs obsolete. One representative study, by the Center for Business and Economic Research at Ball State University, found that pro­ductivity growth accounted for more than 85 percent of the job loss in manufacturing between 2000 and 2010, a period when employment in that sector fell by 5.6 million. Just 13 percent of the overall job loss resulted from trade."

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A.M. Links: Poll Says Clinton Beat Trump in Presidential Debate, Suicide Bombing in Baghdad, Mosque Bombing in Dresden

  • Hillary Clinton and Donald Trump faced off last night in the first of the three scheduled presidential debates.
  • Presidential debate poll: 62 percent say Clinton won, 27 percent say Trump won.
  • A suicide bombing in Baghdad has killed at least 17.
  • Two bombs exploded outside a mosque and conference center in Dresden. German authorities say the crime was a “xenophobic” attack.
  • A 25-year-old man from California has been sentenced to 30 years in prison for attempting to join ISIS.
  • “A man who injured nine people in a shooting rampage in Houston on Monday was wearing military clothes and Nazi emblems during the attack, and was carrying nearly 2,600 rounds of ammunition inside a Porsche convertible parked at the scene, authorities said.”

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