O Fictício do Capital Fictício
“When … tax policy diverges from broad social objectives, one invariably finds a special interest at work subsidizing it. In this case the culprit is high finance as untaxed property revenue is free to be capitalized into larger debts. And as it has regressed to what Marx described as usury capital, it has allied itself with real estate and rent-extracting monopolies. Instead of nationalizing them or taxing their economic rent and “capital” gains, today’s tax system favors rentiers. […] Marx expected industrial capital to use its rising power over governments to nationalize land and use its rent as the basic fiscal revenue. But it has been the banks that have obtained the lion’s share of land rent, capitalizing it into interest-bearing loans to new buyers. Landed aristocracies no longer dominate the political system, yet fiscal favoritism for real estate has never been stronger, precisely because property ownership has been democratized – on credit. Real estate accounts for some 70 percent of bank lending in Britain and the United States, making it by far the major market for bank loans, not industry and commerce as anticipated a century ago. This explains why the financial sector now stands behind real estate interests as their major lobbyist for property tax cuts. Mortgage interest now absorbs most of the land’s “free” rental value, which is capitalized into debt overhead rather than serving as the tax base. Voters have come to believe that their interest lies in lowering property taxes, not raising them. Homes are the major asset for most households, and real estate remains the economy’s largest asset. Land is still its largest component – and some 80 percent of “capital” gains in the U.S. economy are land-price gains. […] The “bubble” or Ponzi phase of the financial cycle aims to create the financial equivalent of a perpetual motion machine, sustaining an exponential debt growth by creating enough new credit to inflate real estate, stock and bond prices at a rate that (at least for a while) enables debtors to cover the interest falling due.”
– Michael Hudson, From Marx to Goldman Sachs
Confira aqui na íntegra o excelente texto de Michael Hudson sobre as interrelações entre o setor financeiro, o setor imobiliário e o sistema tributário. O texto é excelente pois, além de original, o autor ainda coloca toda a discussão em uma perspectiva histórica e em uma perspectiva da história do pensamento econômico. Realmente uma leitura obrigatória para quem se interessa por temas relacionados ao sistema financeiro.
Clique aqui para ler o texto completo “From Marx to Goldman Sachs: The Fictions of Fictitious Capital“
(*) Agradeço ao Luiz Mariano, leitor do Marx21, por ter enviado o link.