Guest essay by Eric Worrall
h / t Breitbart; One would think that a German bank would see teleworking as a positive step towards a more climate-friendly future. However, according to Deutsche Bank, people who give up daily commuting should be taxed.
From the report;
To save capitalism we have to help the young
Democratic capitalism is under threat as more and more young people see the system as directed against them. The pandemic has only exacerbated its economic disadvantage. However, there is a growing risk that once the youth gain an electoral advantage, a populist politician will take advantage of the anger and turn capitalism on its head in a way that undermines inclusive development. To avoid this we now need to redistribute from old to young in ways that we have not yet considered.
Don't waste the crisis: how can you tackle Europe's challenges for the next decade?
After the Covid, Europe will have the unique opportunity to make greater use of fiscal policy to support the EU's strategic goals – green, digital, on the rise – with public investments. For this to work, budget expansion needs to be maintained, budget rules rewritten and common budgetary capacity created. We describe the measures required.
The basic right to connectivity
The pandemic has shown that the "haves" are more resilient than the "have nots". Much of this is based on the gap between the two groups due to their access to technology. The gap in the US is deepest in terms of race and location (city versus country). To fill this gap, we have set ourselves the goal of developing an initiative that will cover more than half of households without proper broadband connections and computers.
Rebuilding Better Economies and Businesses – Lessons from Luxury
This year, ESG principles have increased dramatically among customers and investors. Companies need to produce less, avoid waste and build products that last forever. In short, companies should: set the new trend; produce less, shop less, shop better; rethink the supply chain; pampering their local customers; reset the distribution footprint; build scale or be small and deal with used and rental models.
A work-from-home tax
People who can WFH and disconnect from personal society have received many benefits during the pandemic. Five percent
The tax for each WFH day would not put the average person in a worse position than if they were working in the office. In the USA 49 billion USD could be raised annually, in Germany 20 billion EUR and in Great Britain 7 billion GBP. This can help fund subsidies for the worst paid workers who cannot normally work from home.
Read more: Deutsche Bank What We Need To Do To Rebuild
Deutsche Bank has other helpful suggestions, such as encouraging the Federal Reserve to relax about "inflation excesses," easier access to social benefits, higher taxes for savers, and converting empty office buildings into apartments to prevent urban depopulation.
The final suggestion to encourage the maintenance of high population densities in urban centers, I'm not sure why this is a good idea in the middle of a pandemic.
The following is part of the Germans' explanation of why promoting concentrated urban populations in a post-Covid world makes sense.
… cue an influx of people. Challenge the artists, craftsmen and anyone who wants to live where they work on their passion. In fact, the City of London has already said that unused office space can be used as artist residences or galleries. Old office and retail stores will never be the same. We know people are very good at converting random spaces into apartments, and with these reforms, vacant city centers are quickly becoming magnets for the kind of people who ignite urban culture. To further help, local councils can walk to many streets in the city center to facilitate community. This won't be difficult – pedestrian movement is already well underway in many European cities. …
Read more: same link as above
I leave it to the readers to find out what they are talking about.
Deutsche Bank manages approximately $ 780 billion in assets. As such, there is a good chance that a significant portion of your retirement savings will be managed by the people who commissioned and published this report.