Ep. 5332 – Grant Smith on the Shady Virginia Israel Advisory Board – 8/14/2020

Grant Smith joins the show for another look at the Virginia Israel Advisory Board, a government entity associated with the state of Virginia that allocates taxpayer money to Israeli companies starting operations in the U.S. The projects, Smith explains, aren’t viable on their own, or else they wouldn’t need the massive subsidies from the public sector—but after getting the money, they can often put local competitors out of business because of their unnatural advantage. When these projects do fail, as illustrated by a recent biodiesel project, standard practice has been to forgive repayment of the grants. Smith describes the whole endeavor as privatized gains and socialized losses writ large.

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