Western governments have lost control of their economies. Today they are short of money and deep in debt. Is this really the time to cut taxes? Some taxes, the so-called sin taxes, serve good social and environmental purposes. But most taxes damage the health and the welfare of every nation. They should be scrapped. Take the case of Britain. I calculated that during Tony Blair's 10 years here in Downing Street as Prime Minister, Britain lost wealth and welfare that was equal to one year's whole national income. That calculation was based on the Treasury's cautious estimate of the damage caused by its taxes. But if we scrapped taxes, how would we pay for public services like the parks we use for recreation? Out of the rent of the locations where we live and work. This rent is not the commercial rent we pay when we hire a car or take out the lease on a shop. It is that part of the nation's income that we all help to create when we go about our business. What makes land and the rent we pay to use it so important? A nation's income falls into three categories. First, wages and salaries. Levels may vary across the country but over time they are equalised as people migrate. The same happens with interest paid for the use of our savings and for the profits earned from man-made capital. Capital also migrates to places or new uses that yield the highest profits but competition equalises the rate of return. After deducting wages and profits, the rest of a nation's income is rent. Rent is unique. It is created by the dynamic interaction of three factors. Nature contributes fertile land and minerals and resources like the radio spectrum that we use for our cell phones. Society through our communities builds highways and schools and hires policemen. These add to the attractions of each locality. And every one of us adds to rent by working as teachers or farm and artists or scientists or by working in businesses that produce the goods and services we all need. These three merge to create the economic rent of land. Rent is the natural revenue for funding public services like the police and hospitals. Bad things happen when that rent is channeled into private pockets. This is what happened in England. A thousand years ago rent covered all public expenses. 500 years later kings and the aristocracy started to convert those rents into their private income. They invented bad taxes levied on people. In the 19th century just 4% of government revenue came from the land rent. Economists agree that rent is the best way to fund the capital that society invests in services like public transport. Governments can collect taxes best on things that don't move. Land is an ideal basis of taxation because you can't take it away. But economists rubbish this policy. Submerving king before he became governor of the Bank of England claimed that there was not enough rent to pay for public services. That claim is false and I will be investigating how every nation on this planet can pay for its public services are of the rents produced by its citizens. Economists use the black arts of smoke and mirrors to mystify the market economy. That's why the world is in deep crisis. The only way to build out of the mess is to reform the financial system. How this can be done is explained in 10 feces which you will find on my website. 100 years ago Britain's Chancellor of the Exchequer David Lloyd George worked with Winston Churchill to explain the logic of raising revenue from the land. Their people's budget was passed into law in 1909. It let us compel the great land laws and it contributes to the community a fair share of that increased failure of their land with the community and not the only version of creative. I am glad to have an opportunity at this time of crisis of addressing so many thousands of people whom I cannot be safe to face. On many ground we may commend the budget to the country. The main increase in the present year is placed upon the main body of the wealthy class of this country. A class which you numbers and in wealth is much greater than in any equal community. If not indeed in any other modern state in the whole world and that class which enjoys more than any other opportunities of pleasure has more to gain than anyone else from dwelling amid a healthy and competitive people and in the faithfully guarded land. The taxation will make food better. Our taxation will make land cheaper. That is our policy. That is YouTube. Truth for your title. Winston Churchill. That policy was given a democratic political mandate but the will of the people was shrugged aside by the aristocratic land lords who sit in the House of Lords. The people of Britain were cheated by a state craft of greed. That state craft was incubated in the Palace of Westminster and spread throughout the rest of the world. To reverse the historic injustice taxes need to be scrapped. Every nation would be richer. Materially, psychologically, socially and environmentally.