Re: On the radio this AM
He is playing it like a politician. The empty promise to repatriate income so he can trying playing USA against Eu is just priceless.
The Eu has built up decades of experience in fighting taxation derived state aid cases against member governments and local governments in member states. So far, on the current competition commissioner's watch, 40+ multinationals including Fiat, Starbucks, BP, etc have failed to challenge similar decisions so he can continue the bravado as much as he wants. It will not help against the knitting lady - she gives no quarter.
I have zero sympathy for him in any case. As I have said before, money is like manure, you need to spread it around to make new things grow. In that respect, the state "inefficiency" is actually beneficial directly and indirectly when redistributing money obtained via taxation. The direct benefits are obvious: when money was mostly circulated in-country and taxed in the 60-es and 70-es we had significantly higher proportion of GDP dedicated to R&D in the developed world. We also achieved more as the state was subsidizing fundamental science instead of the current VC/Multinational driven money spend on yet another social bollocks sharing economy startup.
The direct and obvious effect on R&D spend, however, pales by comparison to the indirect effect. When money is taken out of circulation in quantities comparable to countries' GDP (as it is now) and Leprechauned (as by Mr Jobs and Mr Cook), inflation drops forcing multiple levels of perversion of the market by regulators: quantitative easing, forced stimuli, etc. That in turn hurts all (but the super-rich) across the board. So, frankly, from a long term socio-economic perspective we should all keep our fingers crossed for the knitting lady to succeed here. Unless we want to live in a Elysium like dystopia of course.