When a former KGB agent seems to understand the basics of economics, incentives and disincentives better than an American president, we know we’ve turned a scary corner:

Prime Minister Vladimir Putin on Monday criticized U.S. President Barack Obama’s plan to raise taxes on U.S. companies’ foreign operations, saying it would amount to double taxation that will hurt the global economy.

“This is a serious decision for the world economy,” Putin said at a meeting of the Presidium, the government said on its web site. “If taxes are imposed on all companies working abroad, then it will mean the total destruction of the system for avoiding double taxation.”

. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.