“The big question is whether the gang will leave this system. Capital and investments and capitalists are voting with their feet,” economist Björn Wahlroos warns of the collapse of the Finnish economy.
Economist Björn Wahlroos is visiting Finland for a long time. He lives in Stockholm and spends a lot of his time in the south of France.
On Monday, Wahlroos gave a presentation in Hakaniemi about the financial problems of the Finnish economy.
Wahlroos took the MP Susanne Päivärinnen In the seminar organized by (kok), there is a strong position on Finland’s tax rate and intentions to tighten taxation even more.
To enhance his message, Wahlroos told about his morning.
– I ate breakfast and turned on the TV. It was reported on Aamu TV that the world-famous economist by Thomas Piketty the book has now been translated into Finnish. There sat my favorite economists Markus Jänttiwho is a professor at the University of Stockholm and studies income distribution, and then ETLA Aki KangasharjuWahlroos said.
Jäntti has translated Päöoma ja ideologia by Piketty.
Piketty characterizes the prevailing economic system as hypercapitalist and predicts a collapse unless the economic structures are changed to make them more equal.
– I felt warm right from the morning. Markus Jäntti is always miserable. Piketty and Jäntti are of the opinion that it would be a good idea to raise the highest marginal tax rates on labor income and the marginal tax rates on capital income to 90 percent, together with inheritance taxes to some terribly high level, Wahlroos interpreted.
“Commotion about tax increases”
On Monday, Björn Wahlroos gave a presentation in Hakaniemi, in which he warned of the impending collapse of the Finnish economy, unless the tax policy is changed. Lauri Nurmi
Wahlroos reminded that he himself is a professor of economics and gave a shout out to the chief economist of the salaried organization STTK Patrick Lainállewho presented in Helsingin Sanomat a list of possible tax increases of more than eight billion euros.
– You have heard this STTK chief economist’s rant about raising taxes, Wahlroos told his audience.
In Wahlroos’s opinion, the Finnish economists’ debate about taxation is a do-or-die discussion that is completely missing a certain dimension.
– I am fascinated by this debate, which never seems to move forward in the matter at all.
Economist Wahlroos estimates that basic economics textbooks do not take into account the existence of foreign countries.
– There is only that one market place. Even when studying international economics, the books usually have a model based on the fact that there is trade between countries, but capital never moves, and even more so, people never move anywhere, Wahlroos said.
He has nothing against economic models being simplified versions of reality.
In Wahlroos’ opinion, the problem arises from the fact that the prevailing reality in taxation does not correspond to the models of economics.
“Idiot from that left”
The borders of the world do not end at the borders of Finland or any other country.
– That’s why economists never come up with an obvious answer or comment on such idiotic ideas about raising taxes. The obvious answer is what you think people will do. We no longer live in a world where money is closed, Wahlroos emphasized.
Wahlroos illustrated his message by emphasizing that he did not have to show his passport when he flew from France to Finland or when he drove from France to Italy last week to see his grandchildren.
– The process that led to this is called globalization. Within Europe, it is called European integration.
– I can move freely. On top of that, I can move my money quite freely. In such a world, the most important economic question when some idiot from the left proposes tax increases is to ask what those people will do, Wahlroos thought, but did not directly refer to Patrizio Lainá.
Migration flow to Switzerland
Wahlroos named HS editor Tuomo Pietiläinen as a person who fascinates him.
– Pietiläinen has probably written half a dozen stories about Finns who moved to Switzerland, Wahlroos reasoned.
According to the Trade Register, there are 494 people living in Switzerland who have executive management, board membership or other positions of responsibility in a Finnish company.
– It’s just Switzerland. There are quite a few other places in Europe where it is tax-wise easier to live than in Finland. And I’m not talking about super capitalists, but ordinary people in the management of companies or on boards. They have moved out by the thousands, Wahlroos said.
Finland’s economy has not grown much in 16 years. In the words of Wahlroos, “it’s unfathomable”. The first five lean years were explained by the collapse of Nokia, but in Wahlroos’ opinion, the last eleven years have been blocked by the politics that have chased away capitalists and capital from Finland.
– The big question is whether the gang will leave this system. It’s not just about corporate board members voting with their feet. The much more worrying thing is that capital and investments and capitalists are voting with their feet, Wahlroos summed up his message.
Risk of collapse
According to Wahlroos’ assessment, Finland’s economic and social system will collapse unless the tax policy is changed in a direction that favors ownership and investments.
In Wahlroos’s opinion, this must be done, even if it does not seem fair to everyone and leads to a relative increase in the wealth of the wealthy part of the population.
– It’s nice to talk about justice.
– And what’s the matter, I would also like to talk about justice, but when justice cannot be the only criterion, because in a place where there are no more jobs, economy, economic growth and even social security, there is no justice and no justice. That’s where the order collapses, as we’ve seen in every single failed country around the world, Wahlroos warned.
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