We see this taxes went from 20 billion to 100 billion, and it will continue to rise, farther and faster if the slump ends.
The slump might no end. If the taxes go up much beyond 1250 billion, then we can kiss the Fed good bye.
The name for this is'Tax collection by regulated banks'. It is a direct tax on the middle class, it is causing the rebellion, a rebellion best classified as 'No taxation without representation'.
It is actually a legal tax, and very regressive, yet Krugman, Yglesias and that whole crew still want more of it. Go figure? Why do we call them progressive? At some point folks are going to figure this out. Then what will Krugman, Delong and Yglesias do for an excuse? Will they plead ignorance? I am think they should be sued for fraud.
Nor is the effect of this tax a wild conspiracy theory. Respectable economists are now doing studies on this, examining the deflationary impact, as in Japan. The Keynesians cannot hide for long. I think Krugman got booted from Princeton for perpetuating the fraud.
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