I'm not in the U.K., but every poll I've seen from there has Brown trailing the conservative candidate David Cameron anywhere from 8-12% points, depending on what poll you look at. Brown has gained a few percentage points over the last couple of weeks, but Cameron's overall lead remains steady, and he is favored to win. But in politics, anything can happen of course, as the election might not occur until the end of May 2010, which I think is the latest it could happen. There had been some talk of a possible election in March 2010, but with Brown still trailing, it would probably benefit him more to wait until the last possible minute, which would be May. The elections in the U.K are obviously different than in the U.S. In any case, I'm pulling for Cameron, even though it may/may not help our cause on this transaction tax issue. But at least we know where Brown stands, and that's why he needs to go.
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
I'm not in the U.K., but every poll I've seen from there has Brown trailing the conservative candidate David Cameron anywhere from 8-12% points, depending on what poll you look at. Brown has gained a few percentage points over the last couple of weeks, but Cameron's overall lead remains steady, and he is favored to win. But in politics, anything can happen of course, as the election might not occur until the end of May 2010, which I think is the latest it could happen. There had been some talk of a possible election in March 2010, but with Brown still trailing, it would probably benefit him more to wait until the last possible minute, which would be May. The elections in the U.K are obviously different than in the U.S. In any case, I'm pulling for Cameron, even though it may/may not help our cause on this transaction tax issue. But at least we know where Brown stands, and that's why he needs to go.
Quote from leela:
What is Brown's of winning in 2010? Anyone from UK care to chime in?
Intrade has the odds of Gordon Browns Labour party winning at 11.9% while the conservatives have an 87% chance of winning... seems like a lock, intrade isn't in the business of giving away money with ridiculous odds.
COPENHAGEN & TAX
...The French foreign minister said the most important problem of the Copenhagen conference, apart from that of climate change, is to find ways to lessen the huge gap between the rich and the poor countries.
"We know very seriously that the developing countries are facing a difficult daily life, and you cannot ask the developing countries, those who are suffering from starvation, to control their emissions because they want wood to cook what they have not to cook," Kouchner said.
Kouchner also dismissed the idea of the proposed idea of 0.005 per cent tax being the Tobin tax, a suggested tax on all trade of currency across borders.
"Some people are talking about the former Tobin tax. This is completely different. The Tobin tax was offered as a sort of "rebalancement" of the currencies 1 per cent,"Kouchner said.
France [ Images ] has proposed the idea of 0.005 per cent tax on financial transactions, which would provide between 30 to 40 billion euros, Kouchner said.
"We are talking about a general contribution on all financial movements, a contribution of 0.005 per cent that is to say, impossible to feel. A thousand dollars or euros will produce 5 five cents if it is accepted. It will provide funds for the third world for the millennium goals, because we are talking in his house, in the UN system, we are talking about the Millenium goals offered in 2000, which are not fulfilled because we have no money, not enough money," Kouchner said.
Kouchner said that France has been working on this concept with a group for an year, mainly since the last general assembly, involving 59 countries, and a group of nine international experts in banking, economists and politically involved people.
He said that the group delivered a report at the beginning of every year "They are exploring a lot of avenues and they will offer us the result of their experiences and concerns. Our idea for the time being, it has not been accepted," he said.
http://business.rediff.com/report/2009/dec/08/seal-the-deal-at-copenhagen-ban-ki-moon.htm
Hopefully the last paragraph will hold.
...The French foreign minister said the most important problem of the Copenhagen conference, apart from that of climate change, is to find ways to lessen the huge gap between the rich and the poor countries.
"We know very seriously that the developing countries are facing a difficult daily life, and you cannot ask the developing countries, those who are suffering from starvation, to control their emissions because they want wood to cook what they have not to cook," Kouchner said.
Kouchner also dismissed the idea of the proposed idea of 0.005 per cent tax being the Tobin tax, a suggested tax on all trade of currency across borders.
"Some people are talking about the former Tobin tax. This is completely different. The Tobin tax was offered as a sort of "rebalancement" of the currencies 1 per cent,"Kouchner said.
France [ Images ] has proposed the idea of 0.005 per cent tax on financial transactions, which would provide between 30 to 40 billion euros, Kouchner said.
"We are talking about a general contribution on all financial movements, a contribution of 0.005 per cent that is to say, impossible to feel. A thousand dollars or euros will produce 5 five cents if it is accepted. It will provide funds for the third world for the millennium goals, because we are talking in his house, in the UN system, we are talking about the Millenium goals offered in 2000, which are not fulfilled because we have no money, not enough money," Kouchner said.
Kouchner said that France has been working on this concept with a group for an year, mainly since the last general assembly, involving 59 countries, and a group of nine international experts in banking, economists and politically involved people.
He said that the group delivered a report at the beginning of every year "They are exploring a lot of avenues and they will offer us the result of their experiences and concerns. Our idea for the time being, it has not been accepted," he said.
http://business.rediff.com/report/2009/dec/08/seal-the-deal-at-copenhagen-ban-ki-moon.htm
Hopefully the last paragraph will hold.
Micro-tax call to support poor nations
By Harvey Morris at the United Nations
Published: December 8 2009 19:46 | Last updated: December 8 2009 19:46
France is pressing for a modified Tobin tax â a micro-payment on financial transactions â to be included in any agreement at the Copenhagen conference as a means to help the developing world tackle climate change.
Bernard Kouchner, French foreign minister, made a brief round-trip visit to New York on Monday to enlist Ban Ki-moon, UN secretary-general, in support of the French initiative at Copenhagen and of President Nicolas Sarkozyâs separate proposal for a new World Environment Organisation.
Mr Kouchner said a âcontributionâ of 0.005 per cent on all financial transactions could amount to billions of dollars a year for the developing world. This would fill the gap caused by lack of donor funds to meet agreed goals to eradicate poverty in the developing world...
He also urged Mr Ban to put the proposal to the UN General Assembly as a means of broadening innovative sources of finance for development. Mr Kouchner said his concept was quite distinct from a Tobin tax, although French officials acknowledged the main differences were the much lower proposed scale of contributions and the uses to which the funds raised would be put.
http://www.ft.com/cms/s/0/4c205dc6-e428-11de-bed0-00144feab49a.html
I think Ban Ki-moon, UN secretary-general will run with this and up the anti at Copenhagen. At least 0.005 is workable but we need to keep ringing the alarm bells.
By Harvey Morris at the United Nations
Published: December 8 2009 19:46 | Last updated: December 8 2009 19:46
France is pressing for a modified Tobin tax â a micro-payment on financial transactions â to be included in any agreement at the Copenhagen conference as a means to help the developing world tackle climate change.
Bernard Kouchner, French foreign minister, made a brief round-trip visit to New York on Monday to enlist Ban Ki-moon, UN secretary-general, in support of the French initiative at Copenhagen and of President Nicolas Sarkozyâs separate proposal for a new World Environment Organisation.
Mr Kouchner said a âcontributionâ of 0.005 per cent on all financial transactions could amount to billions of dollars a year for the developing world. This would fill the gap caused by lack of donor funds to meet agreed goals to eradicate poverty in the developing world...
He also urged Mr Ban to put the proposal to the UN General Assembly as a means of broadening innovative sources of finance for development. Mr Kouchner said his concept was quite distinct from a Tobin tax, although French officials acknowledged the main differences were the much lower proposed scale of contributions and the uses to which the funds raised would be put.
http://www.ft.com/cms/s/0/4c205dc6-e428-11de-bed0-00144feab49a.html
I think Ban Ki-moon, UN secretary-general will run with this and up the anti at Copenhagen. At least 0.005 is workable but we need to keep ringing the alarm bells.
Seems like this has been a pretty good day for traders... let's keep fighting
When I see this described as 'small' or "impossible to feel" here is my stock reply/comment which you are free to use and copy and paste wherever appropriate in comments sections:-
A transaction tax on derivatives is such a bad idea. Consider a liquid interest rate futures derivative contract such as March 2010 Eurodollars. Eurodollars are used by many companies, government bodies and investors as a hedging instrument against changes in three month US dollar deposit rates. Typically, companies or government entities do not want exposure to interest rate fluctuations that are not central to their core business activity, but such risk naturally arises from the business cycle and funding requirements. The use of such a derivative enables companies to reduce their interest rate exposure to a negligible level and manage a component of their non-core business risk.
The current (16-Dec-09) two way price traded on Chicago Mercantile Exchange is 99.595 offer, 99.59 bid, implying an interest rate of 0.405% to the borrower and 0.41% to the lender of 3 month USD Libor funds at the future date of March 2010. If a transaction tax on derivatives was imposed at 0.005% on both legs of a derivatives transaction, any market maker in Mar-10 Eurodollars would have to reduce their bid price by 0.005 and increase their offer price by 0.005 to cover the costs of the tax. To incorporate the tax into their spread even the most aggressive liquidity provider (market maker) would have to adjust their price to AT LEAST as wide as 99.600 offer, 99.585 bid. Hence the spread for this product would increase by THREEFOLD! Stating that this is "impossible to feel" is false.
(Note. If a 0.02% tax is imposed it would lead to a NINEFOLD increase in spreads)
A transaction tax on derivatives is such a bad idea. Consider a liquid interest rate futures derivative contract such as March 2010 Eurodollars. Eurodollars are used by many companies, government bodies and investors as a hedging instrument against changes in three month US dollar deposit rates. Typically, companies or government entities do not want exposure to interest rate fluctuations that are not central to their core business activity, but such risk naturally arises from the business cycle and funding requirements. The use of such a derivative enables companies to reduce their interest rate exposure to a negligible level and manage a component of their non-core business risk.
The current (16-Dec-09) two way price traded on Chicago Mercantile Exchange is 99.595 offer, 99.59 bid, implying an interest rate of 0.405% to the borrower and 0.41% to the lender of 3 month USD Libor funds at the future date of March 2010. If a transaction tax on derivatives was imposed at 0.005% on both legs of a derivatives transaction, any market maker in Mar-10 Eurodollars would have to reduce their bid price by 0.005 and increase their offer price by 0.005 to cover the costs of the tax. To incorporate the tax into their spread even the most aggressive liquidity provider (market maker) would have to adjust their price to AT LEAST as wide as 99.600 offer, 99.585 bid. Hence the spread for this product would increase by THREEFOLD! Stating that this is "impossible to feel" is false.
(Note. If a 0.02% tax is imposed it would lead to a NINEFOLD increase in spreads)
Quote from Xspurt:
Micro-tax call to support poor nations
By Harvey Morris at the United Nations
Published: December 8 2009 19:46 | Last updated: December 8 2009 19:46
France is pressing for a modified Tobin tax â a micro-payment on financial transactions â to be included in any agreement at the Copenhagen conference as a means to help the developing world tackle climate change.
...
Mr Kouchner said a âcontributionâ of 0.005 per cent on all financial transactions could amount to billions of dollars a year for the developing world. This would fill the gap caused by lack of donor funds to meet agreed goals to eradicate poverty in the developing world...
http://www.ft.com/cms/s/0/4c205dc6-e428-11de-bed0-00144feab49a.html
I think Ban Ki-moon, UN secretary-general will run with this and up the anti at Copenhagen. At least 0.005 is workable but we need to keep ringing the alarm bells.
Just came across the wire:
Clinton: US ready to join $100B climate aid fund
(AP) â 28 minutes ago
COPENHAGEN â U.S. Secretary of State Hillary Clinton has announced that the United States is prepared to join other rich countries in raising $100 billion in yearly climate financing for poor countries by 2020.
The announcement could give a boost to deadlocked climate talks which have faltered over disputes between rich and poor countries over emissions cuts and climate financing.
Clinton says that the financing is contingent on world leaders reaching a broader climate pact at the U.N. talks in Copenhagen.
She says the deal must include all major economies, meaningful actions to cut greenhouse gas emissions and a system to ensure all parties' actions are transparent.
Clinton says "$100 billion is a lot. It can have tangible effects."
Now we have to pay attention to how they are going to pay for it.
Clinton: US ready to join $100B climate aid fund
(AP) â 28 minutes ago
COPENHAGEN â U.S. Secretary of State Hillary Clinton has announced that the United States is prepared to join other rich countries in raising $100 billion in yearly climate financing for poor countries by 2020.
The announcement could give a boost to deadlocked climate talks which have faltered over disputes between rich and poor countries over emissions cuts and climate financing.
Clinton says that the financing is contingent on world leaders reaching a broader climate pact at the U.N. talks in Copenhagen.
She says the deal must include all major economies, meaningful actions to cut greenhouse gas emissions and a system to ensure all parties' actions are transparent.
Clinton says "$100 billion is a lot. It can have tangible effects."
Now we have to pay attention to how they are going to pay for it.
Quote from cstfx:
Just came across the wire:
Clinton: US ready to join $100B climate aid fund
(AP) â 28 minutes ago
COPENHAGEN â U.S. Secretary of State Hillary Clinton has announced that the United States is prepared to join other rich countries in raising $100 billion in yearly climate financing for poor countries by 2020.
The announcement could give a boost to deadlocked climate talks which have faltered over disputes between rich and poor countries over emissions cuts and climate financing.
Clinton says that the financing is contingent on world leaders reaching a broader climate pact at the U.N. talks in Copenhagen.
She says the deal must include all major economies, meaningful actions to cut greenhouse gas emissions and a system to ensure all parties' actions are transparent.
Clinton says "$100 billion is a lot. It can have tangible effects."
Now we have to pay attention to how they are going to pay for it.
This is not good. I think we all know how this shit is going to be paid for.