Yellen’s Folly

The newly-proposed Global Minimum Corporate Tax is an impracticable plan that diminishes American economic sovereignty and competitiveness.

As I write this post, American officials are meeting with their counterparts from the UK, France, Japan, Italy, Canada, and Germany at the G7 Summit currently underway in Cornwall, UK. One of the main issues they are discussing is the promulgation of what they are calling a ‘global minimum corporate tax’, which would involve all seven of the world’s wealthiest democracies agreeing to not move corporate taxes below 15% so as to better capture the profits of large multinational corporations. When I first read that the Biden administration – and particularly Treasury Secretary Janet Yellen – was seeking to push this international agreement on taxes, I was flabbergasted at the fact that any American administration would think this is a good idea. There are several reasons for my skepticism, many of which were expertly laid out by the Wall Street Journal, but this post will focus on one major issue that’s dear to my heart: the fact that the agreement necessarily diminishes American sovereignty for no good purpose.

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‘La France Avant Tout’

Napoleon’s Continental System and His Ultimate Downfall


Introduction

Napoleon Bonaparte was inarguably the most influential world historical figure of the late eighteenth and early nineteenth centuries, and much has been made of his rise, reign, and ultimate downfall. Of the debates over the Napoleonic regime, none is more heated, complex, or replete with disparate ideas as the argument about the proximate causes of Napoleon’s fall and the rapid collapse of his European Empire. Myriad opinions on the reasons that Napoleon’s regime collapsed exist and many of these have received popular acclaim or widespread agreement. Some have claimed that the end of the Grand Empire was due to the machinations of Napoleon’s Foreign Secretary, Charles Maurice de Talleyrand, after Napoleon insulted his pride sometime between 1808 and 1809.[1] Under this theory, Talleyrand “passed information to the Russians and Austrians, among others,”[2] allowing Napoleon’s enemies to have an edge on the ‘Little Corporal’ and outmatch him strategically. Many observers focus more heavily on Napoleon’s personality flaws as contributing to his fall from power. Historian Adam Zamoyski states that “The number of complexes he suffered from, including class inferiority, money insecurity, intellectual envy, sexual anxiety, social awkwardness and, not surprisingly, a persistent hypersensitivity to criticism… drove his stark ambition, undermined his grandiose endeavors—and ultimately crippled his historic legacy.”[3]

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