1/4% Tax on all stock trades pushed in NY Times today

[sheda]

Jan 6 (Reuters) - France aims to take a decision on financial transaction taxes by the end of January to set an example for the rest of Europe, even if Germany does not follow immediately, presidential adviser Henri Guaino said on Friday.

The idea, which is unpopular with Britain, will be discussed when President Nicolas Sarkozy and German Chancellor Angela Merkel meet next Monday in Berlin and at a meeting of the European Council in Brussels on Jan. 30.

"Decisions will be taken by the end of January as far as France is concerned," Guaino said. "France will take the lead on this issue. We will see how it can be applied."

http://www.reuters.com/article/2012/01/06/france-tax-idUSL6E8C60TQ20120106

 

[bjw]

"even if Germany does not follow immediately"

this is very interesting. hopefully the first signs of a marriage in trouble.

 

[tortoise]

Quote from Robert A. Green:

I just added this comment to the last FT article.

I've been wondering for sometime about why NYSE/Euronex would merge with Deutsche Bourse, with Germany pushing FTT, and other punitive measures against banks, investment management, and traders.

Post merger, would the NYSE be an escape hatch for refuge trades from Germany's euro-center, or would the reverse apply, with Frankfurt being a global-reach-penalty zone? This article hints at the later penalty zone scenario.

In this case, shouldn't the NYSE terminate the deal? Going forward with the merger seems very reckless for the NYSE board, to merge with an exchange in a hostile country to financial services. Germany will interfere and severely restrict the NYSE activities and profit margins._

Wouldn't it have been crazy for Ford to merge with Mercedes before WWII, even if Ford would have liked the idea? If you don't recognize Germany's war on banking and trading, you've swallowed the liberal-socialist propaganda, scapegoating banks and traders for all ills. Did banks force these same government officials to borrow and waste trillions? Don't destroy financial markets, cut spending and fire these government crooks.

NYSE and other exchanges, speak up now before it's too late and don't be subservient to Franco-German socialism and financial suicide. End that merger.

The Germans are designing their eurozone FTT to explode in London, NYC, Chicago, Hong Kong and other money centers. The G20 said no, but Germans won't take no for any answer. Their efforts will wind up being unconstitutional in Germany and in contravention of EU-formation and tax treaties. This FTT fight is headed for several different courts of law and it will be a mess to sought out. Which court will decide it?

Yes, I've been wondering the very same thing.

 

[Stok]

Quote from bjw:

"even if Germany does not follow immediately"

this is very interesting. hopefully the first signs of a marriage in trouble.

This is a political move by Sarkozy to get a leg up for elections. Germany is all on board.

You see how Sarkozy moved up the timeline for FTT? It's to appeal to the socialists....his election is not set in stone. Anyways, this shows once again that politics rules over common sense. Liberalism is a mental disorder.

 

[bjw]

Quote from Stok:

Liberalism is a mental disorder.

i consider myself to be a liberal, but i think the term "liberalism" has been lost in translation somewhat, either on my side or on your side. imposing a crazy tax can hardly be seen as classic liberal behaviour, at least not in the meaning i learned it to be which is all about minimizing government influence. nobody can deny in some eu-countries so-called liberals are trying to make this happen, in other eu-countries liberals are very much against.

anyway, i promised myself after last month's outburst i was going to post strictly on topic, and i'm going to stick to that again as of now.

 

[tortoise]

Quote from bjw:

i consider myself to be a liberal, but i think the term "liberalism" has been lost in translation somewhat, either on my side or on your side. imposing a crazy tax can hardly be seen as classic liberal behaviour, at least not in the meaning i learned it to be which is all about minimizing government influence. nobody can deny in some eu-countries so-called liberals are trying to make this happen, in other eu-countries liberals are very much against.

anyway, i promised myself after last month's outburst i was going to post strictly on topic, and i'm going to stick to that again as of now.

+1.

And, yes, you're right, the word's usage has morphed its meaning.

 

[TraDaToR]

Quote from bjw:

imposing a crazy tax can hardly be seen as classic liberal behaviour, at least not in the meaning i learned it to be which is all about minimizing government influence.

This word have opposite meaning in Europe and in the US...LOL.I didn't understand it neither at first. To be a liberal in the US is to be FOR government intervention in the economy.

Some speaker for Merkel just said that France has to calm down and they are still trying to promote it at the Eurozone Level at first. I didn't found an article in english.

 

[TraDaToR]

You know what is funny. Sarkozy repealed in 2008 "l'impot de bourse" on french stocks. What was the justification at the time? "It puts France at a competitive disavantage against other countries". All pre elections political gesture...

 

[listedguru]

What is Sarkozy's opponent's stance on the ftt issue? I know Sarkozy is up for reelection but I haven't followed it closely.

Thanks,

-Guru

 

[Stok]

Quote from bjw:

i consider myself to be a liberal, but i think the term "liberalism" has been lost in translation somewhat, either on my side or on your side. imposing a crazy tax can hardly be seen as classic liberal behaviour, at least not in the meaning i learned it to be which is all about minimizing government influence. nobody can deny in some eu-countries so-called liberals are trying to make this happen, in other eu-countries liberals are very much against.

anyway, i promised myself after last month's outburst i was going to post strictly on topic, and i'm going to stick to that again as of now.

I agree. I guess it is more of a socialist demeanor that I am trying to go after. I mean, after all they are going after our livelihoods and 100,000's of others. There are socialist or what term you want to use that DO want to destroy capitalism and the first step is free markets. My point is that the FTT is so damaging, the only explanation is a political one...which is what this is. Also, the way they lie about this tax to the masses is our real problem. You need to read the new nurses website. It is all lies and it fires me up. They can get the public to believe it and next thing we know FTT is here and the next thing the public knows is that they are the ones paying the tax, not the banks.