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

Cameron rebukes euro leaders over crisis - FT.com
http://www.ft.com/intl/cms/s/0/fbeedd38-481a-11e1-b1b4-00144feabdc0.html

Go Cameron, make a bid to lead the EU and dump Franco/German socialism.

My Comment posted:

Germany, led by East-German-politically-bred Merkel is leading the EU towards socialism, and off a cliff, at the same time that France is plunging towards socialism, too.

Without white-knight and free-market champion Cameron, and his veto of the new financial-bashing penalty-union, or fiscal compact (or collar), the EU and euro zone would be on a German rail car towards break up and severe crisis.

German tight-fisted austerity with teaching moments using onerous penalties is a recipe for doom and gloom, not recovery. Germany and France are bullying naysayers like the UK, Sweden, Denmark the rotating EU presidency, Netherlands, Luxembourg, ireland and some others who know very well that Franco/German financial-transaction taxes and free-market bashing will ruin their chances for growth.

The one thing people want from Germany, money and imports, Germany won't give. We've had enough German lecturing and posturing and it's time to dump them as the EU locomotive. The German train is to export and sit on their own money. Decouple and hitch to the UK and US, instead.
 
Quote from slumdog:

Germany Poised to Woo U.K. With Transaction Tax Alternative

Germany is preparing plans for a form of European stamp duty on shares linked to tougher trading rules as an alternative to a financial-transaction tax, as it seeks to win U.K. support for a European Union-wide levy.

http://www.bloomberg.com/news/2012-...alternative-to-financial-transaction-tax.html
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"Targeted regulation is better suited to prevent “abusive trading strategies” than imposing a tax, Bruederle said. All computer-based trading platforms and their users should be required to seek a license and unregulated platforms such as so- called dark pools must be supervised. "

Licence? What are they smoking?
 
Quote from Lamar95:

"Targeted regulation is better suited to prevent “abusive trading strategies” than imposing a tax, Bruederle said. All computer-based trading platforms and their users should be required to seek a license and unregulated platforms such as so- called dark pools must be supervised. "

Licence? What are they smoking?
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hft 'steals' a few pennies and they want to regulate/licence it, while at the same time they want to introduce a stamp tax that will steal 0.5% from each trade for themselves.

Reminds me of that sticker on ron pauls desk

ron-paul-bumper-sticker-on-desk-300x213.jpg
 
EU Plans Complaint on 'Volcker Rule' - WSJ.com
http://online.wsj.com/article/SB10001424052970204573704577185100193763384.html

EU Barnier doesn't want the Volcker Rule to dampen prop trading by US banks in EU countries sovereign debt. That's an admission that dampening trading increases market spreads, and borrowing costs for issuers.

Is that their hidden agenda for FTT, or stamp duty? Is it to dampen trading in everything but sovereign debt, which is excluded, so banks and traders are channelled into sovereign debt?

Any FTT proposal must not exclude sovereign debt, otherwise it's very unfair. FTT is a way for governments to crowd out private business and take their money at the same time. _

I do hope the US repeals the Volcker Rule, as I was very against it when it was first proposed. I thought banks need profitable trading desks to better understand markets, and mostly to offset their credit and lending losses. There should be other ways to ring fence depositor funds._MF Global bets in PIIGS debt does give me pause, but they stole customer money in my view. Risky Greek debt is not a cash equivalent like US Treasuries, so they abused the segregation rules._

Bottom line. Government should not manipulate, overly regulate and overly tax financial markets. And, that's exactly what FTT does.

PS. I am troubled by the recent developments in Germany for a stamp-duty-plus tax. And, their ideas to rein in automated trading and maybe active trading and HFT, too.

Can traders find excluded areas to trade without interference and taxes?_
 
Quote from TraDaToR:

Pathetic. Traders are evil, speculation must disappear but we need you to buy our ( doomed ) bonds..."Any restriction for US banks to buy our debt is a menace to free market"...LOL
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Absolutely correct. The most self-serving bunch imaginable.
 
“You wouldn’t expect a goose to say he likes Christmas,” Schaueble said. “We have (value-added tax) in most European countries, but no financial transactions tax – why?”

He acknowledged that the tax would work better if countries outside Europe introduced similar measures, but maintained that the proposed tax is a key part of policymakers’ attempts to solve the economic crisis.

“There were two major reasons for the crisis: too high deficits in a lot of states – not only in Europe; and too little regulation for financial markets. A slowdown in high-frequency trading, for example, would make financial markets more responsible for the real economy,” he added.
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http://www.cnbc.com/id/46161977

Schaueble and his mind numbing misunderstandings yet again.
 
Quote from sheda:

http://www.cnbc.com/id/46161977

Schaueble and his mind numbing misunderstandings yet again.
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he's a complete idiot, but also is getting more and more isolated in his views.

i'm much more worried by this stamp tax "compromise" that seems to be coming more consistently from the german ranks now, than on the ftt-hardliners. the stamp tax might actually be politically do-able, especially if brought to the ftt-opponents as a middleway-solution everybody can be satisfied with.

if this would become a viable alternative, we would all need to shout our lungs out with the one argument that destroys all others: a stamp tax to uk model isn't paid by banks at all.
 
Quote from bjw:

if this would become a viable alternative, we would all need to shout our lungs out with the one argument that destroys all others: a stamp tax to uk model isn't paid by banks at all.
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I am already preparing letters to all Sarko opposing media in case I see the same one-tick spread the day the french transaction tax is applied on Paris stocks and derivatives. I tell you this "secret" won't last long...

It seems my livelihood is less threatened than yours as I only trade CME from France and France is leaning toward a stamp duty kind of tax( "Les Echos" yesterday ), but that would be the sickest of all outcomes and I feel for you. Seriously I would prefer everybody to pay it than a 2 tier system.
 
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