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

UK minister signals opposition to FTT:

http://www.forexyard.com/en/news/UK...-Bank-of-England-2010-06-03T144320Z-INTERVIEW

[...][Financial Services Minister] Mark Hoban signalled opposition to the idea of a tax on bank transactions, put forward earlier in the week by Jose Manuel Barroso, the head of the European executive or Commission.

"I think the bank levy is an area where we should be aiming for global agreement. There is a momentum behind this," he said.

"There has been some work that the IMF (International Monetary Fund) have produced ... which will point to some serious flaws in a transaction tax."
 
Geithner held this crap off, it looks dead. I dislike most of this administration and I'm conservative at heart. I did not vote in last election, because McCain was too much big government corrupt. I am really thinking of getting out and voting for Obama. Geithner held off on what the Euro trash was crying for. Let them tax themselves to death. They have an aging population and no hope for revenue to keep up... NOT OUR Problem. We have the best capital markets in the world and they are not going to Asia yet. Good one Geithner, I owe back.
 
Quote from Banjo:

Schaeuble Says U.K., ‘Many Others’ Back European Financial Tax

une 4 (Bloomberg) -- German Finance Minister Wolfgang Schaeuble said he’s confident the U.K. and “many others” will join Germany in pushing for a European levy on all financial transactions if the Group of 20 fails to adopt the measure.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVqPQdsDv1h8&pos=7
More...



lol. Of course this douche bag won't say who those "many others are" because he doesn't have the support. This is all pre-G20 summit posturing. You can expect to hear lots of stories being floated between now and the G-20 meeting, especially from these European dipshits. Let the propaganda begin.
 
Quote from Banjo:

Schaeuble Says U.K., ‘Many Others’ Back European Financial Tax

une 4 (Bloomberg) -- German Finance Minister Wolfgang Schaeuble said he’s confident the U.K. and “many others” will join Germany in pushing for a European levy on all financial transactions if the Group of 20 fails to adopt the measure.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVqPQdsDv1h8&pos=7
More...

From the article Cameron is clearing pushing for a direct levy on the banks while this Schaeuble character is throwing a hail mary trying to get global agreement on a FTT. My prediction is that no global agreement is going to come out of the G20 (not even a direct levy on the banks) and especially not a FTT. This Schaeuble guy is dreaming:)


-Guru
 
South Korea (Reuters) - The world's top economies scrapped plans for a universal global bank tax on Saturday, giving countries plenty of wiggle room over how to make banks pay for their bailouts in future.

Finance ministers from the Group of 20 countries ended a two-day meeting to review progress on a string of initiatives agreed last year to make the financial system safer and protect taxpayers from having to pay for bank rescues again.

http://www.reuters.com/article/idUSTRE6540B120100605

Attempts to introduce a global bank levy were finally ditched in the face of opposition from Japan, Canada and Brazil whose banks needed no public aid during the worst financial crisis since the 1930s.
......

British Finance Minister George Osborne reiterated his pledge to introduce a UK bank tax regardless of what other countries do and will spell out his plans in a budget report on June 22.
 
Quote from Fox-Mulder:top economies scrapped plans for a universal global bank tax [/B]
More...
Great news from the G20 side then! And unilateral adoption by Germany is unlikely given that this tax is particularly susceptible to circumvention (see the Swedish example for instance). As for the UK 'conservative' coalition, they are surely not talking about a FFT, because they already have it... And this UK SDRT Tax is toothless, replete with exemptions for derivatives, institutions, and OTC stock subsitutes (but they do manage to tax foreign residents;)

On a lighter note, you've probably noticed that Robbin' Hoodies output now includes a video where they employ some very unusual tax collection officers - a bunch of actual robbing hoodies operating in an underground car park... and if you think that this black and white arthouse movie was the absolute nadir of the debate, well... I once spared you a 'comedy' programme pushed onto the unsuspecting public (probably using the muscle of the robinhoodtax.org domain owner - UK charity Comic Relief) where an activist 'comedian' Mark Thomas made the BBC Radio 4 audience... vote for the transaction tax (yes, really!), a motion which passed with a majority support (just like it did in the European Parliament and with similar consequences;). But the story doesn't end there - that innocent middle class Radio 4 audience, whipped up by Mr Thomas, reached Kristallnacht hatred levels, when in the next episode of People Manifesto they jointly proposed the world-changing idea of... applying electric shocks to traders' genitals in order to reduce our 'excessive' testosterone levels (which quickly evolved into outright castration, enuch bankers, and then eventually to total electrocution...) This 'final solution' came complete with proper scientific backing, with a Cambridge neuroscientist John Coates, PhD (a 'former=failed' trader) making an unlikely comparison between the 'cocky', 'horny', 'aggressive', 'overconfident', 'manic', testosterone-propelled city traders on a winning streak to actual charging bulls (and other animals...) Just imagine the impact of this hmm... electrifying news on the most 'manic' of them all - the high-frequency traders...;) Seeing that the Greek riots are now subsiding and the death toll among their bankers is unlikely to rise any further as a result of this one, I'm now preserving for posterity this great... manifestation of the human mind... where science meets politics:

http://w258.wrzuta.pl/audio/32YTUv5...of_4_excerpt_with_electric_shocks_for_traders
[ source: Mark Thomas' People Manifesto, BBC Radio 4, URL:
http://www.bbc.co.uk/programmes/b00qckmd/episodes/2010 ]

And in case you wondered what, apart from the testosterone level, determines your profitability and survival chances, feel free to peruse the (publicly funded) research by the aforementioned John Coates, PhD on the predictors of success among high-frequency financial traders... wait, he's not interested in length of that particular digit;)
http://www.neuroscience.cam.ac.uk/directory/profile.php?jmc98
 
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