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

From a few days ago:

"Hello, I would like to ask what is Romania's position on financial transactions tax?

Leonard Orban, Romanian Minister of European Affairs:

Romania's position on financial transactions tax is: to the extent that there is an agreement in the EU, Romania will support the introduction of this tax. I would also like to emphasize that there are certain reservations of some institutions in Romania on the introduction of this tax, because they consider the application only at European level could lead to risk of delocalization of financial institutions in the Member States.
On the other hand, to the extent that there is an agreement to all Member States, logically Romania will have to support the introduction of such taxes at EU level.
I have to mention that, currently, there are Member States who oppose the introduction of this fee only at EU level and that is unlikely in the near future to accept the introduction of tax on financial transactions."
 
Quote from klafle73:

agree & confirm sculptor66,


the press in Germany is very strongly biased against FDP and Liberty in general.

Liberal thoughts had always a hard time in Germany - sadly.

Its either socialists or nazis.
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You mean, "it's either socialists or national SOCIALISTS"
Socalism or extreme socialism...

A little off topic but here is a famous Hitler quote from one of his early speeches:-
"Capitalism as a whole will now be destroyed, the whole people will now be free. We are not fighting Jewish or Christian capitalism, we are fighting every capitalism: we are making the people completely free.' "

Our fight against FTT is a fight for capitalism on an atomic level...once you start restricting capital flows you can begin to pull the whole system apart, and that is why the left wing nutcases are so motivated because they see the bigger prize that awaits. If they win the fight for FTT, global government along the lines of what Hitler was thinking is inevitable in due course.

I don't think it is an exagerration to say that there is more than our own livelihoods at stake here.
 
Quote from benwm:


Our fight against FTT is a fight for capitalism on an atomic level...once you start restricting capital flows you can begin to pull the whole system apart

I don't think it is an exgerration to say that there is more than our own livelihoods at stake here.
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i also don't think it's an exageration in the sense that the ftt will cost many jobs, and will only pull europe down further, this isn't about just us (altough, let's be honest, it's the thing that i'm interested in most). the tax itself isn't rational on any level.

but capital flows have long been restricted by lots of other means and so they should be. nobody apart from the extreme left wants capitalism destroyed; every single one of those moderate leftist politicians became what they are today thanks to capitalism and thanks to how our modern society works. but also capitalism has its faults when unregulated, nobody can deny that. financial markets should be regulated in a proper way, we all saw what happens if regulators are lobby-d out of office or asleep on the job. nevertheless, an ftt doesn't regulate, it destroys. this message is obviously lost to guys like sarkozy and some mediteranean countries who have no clue about anything economic anyway, but i really feel, in part because of all the negative independent reports, an important part of europe is catching on -> just look at denmark yesterday.
 
Quote from bjw:


but capital flows have long been restricted by lots of other means and so they should be
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Should they?
I suppose for an individual nation wanting to weaken its own currency for competitve reasons there might be a case. Alternatively as a means of economic sanction or used to combat terrorism. Or during wartime to weaken your opponent / starve off its people...

But to restrict capital flows simultaneously across multiple nations seems a whole different kettle of fish.
 
Merkel has today an informal meeting with the Primeministers of Sweden, Portugal and Austria to discuss the Europact. Let´s if something comes out about the FTT.
 
dutch fm has said they have asked follow-up questions with regards to the ftt to other governmental financial institutions in response to a first governmental financial instiution being negative on the ftt. they plan to have a response in february.

seems unlikely these other instiutions will be any more postive, as they include the regulator of the financial markets AFM, but sounds like holland are doing everything they can to endlessly delay ever having to take a position on this.
 
Quote from bjw:

dutch fm has said they have asked follow-up questions with regards to the ftt to other governmental financial institutions in response to a first governmental financial instiution being negative on the ftt. they plan to have a response in february.

seems unlikely these other institutions will be any more postive, as they include the regulator of the financial markets AFM, but sounds like holland are doing everything they can to endlessly delay ever having to take a position on this.
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I've also been frustrated by the fact that a year ago the Netherlands was strongly against the FTT and then suddenly shifted into neutral and refused to take a position. But, perhaps, there's a method to their madness that could be to our benefit.

The Dutch government has to contend with the fact that there's strong public support for the FTT. If they wait to make an announcement and build a very strong case against the FTT, it will come across as a well-studied economic decision rather than a political decision.

The Dutch may be following Denmark's lead on this issue. The previous Danish government was against the FTT. The new government expressed philosophical support for the FTT, but withheld strong statements until they controlled the rotating EU presidency. Then, both the PM and FM referred to the studies that showed that the FTT lowered GDP, caused job losses and reduced pensions. The Danish PM/FM came across as calm, logical and in control. This had to give France and Germany pause, especially after comments from the FM who bluntly said that all EU countries had to be heard on this issue, not just France and Germany. All-in-all, a brilliant strategy by the Danes. They took their time and presented the evidence/studies rather making it a political decision.

I'm hoping that the Netherland's delay in taking a position is not indecision on their part, but rather a strategy to gather the evidence and deliver a convincing anti-FTT response.

If the Netherlands takes the same position as Denmark it could cascade and give a few other EU/EZ countries the courage to follow. Studious, well-reasoned rejections of the FTT bolster the case against the FTT which will serve us well in the long run.
 
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