Serious warnings begin to emerge from big financial sector businesses planning relocation:-
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Icap's threat to quit UK over EU tax
Icap's threat to quit UK over EU tax
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
NY Times blog
A Sales Tax on Wall Street Transactions
htt*://economix.blogs.nytimes.com/2011/08/22/a-sales-tax-on-wall-street-transactions/
A Sales Tax on Wall Street Transactions
htt*://economix.blogs.nytimes.com/2011/08/22/a-sales-tax-on-wall-street-transactions/
That's what I thought they did to mine, it just took them 3.5 hours to comprehend.
http://m.spiegel.de/international/business/a-781590.html
Negative opinion from Germany on financial markets and traders. This type of heavy bombardment softens up the field for a FTT. With PIIGS meltdown, the call for FTT becomes louder.
Negative opinion from Germany on financial markets and traders. This type of heavy bombardment softens up the field for a FTT. With PIIGS meltdown, the call for FTT becomes louder.
I may work on the below content for a new blog article. Thumbed iPhone.
The NYSE should cancel their merger with the Deutsche Borse. Why subject your company to unfriendly regulators and legislators who may want to severely restrict your business and threaten your profits?
German politicians, their media and public are attacking financial markets, banks, hedge funds, and traders. Anglo-American trading culture may be safe in America and England but its not safe in Germany and France.
For an example of German rhetoric against high-frequency traders, speculators, short-sellers, banks and hedge funds, see this article in Der Speigel. It's one - good one - of many.
The EU PIIGS are in meltdown and the EU's solution is to tax banks and traders with a dangerous FTT. Many in the EU, including Labor in the UK blame traders - who are just the messenger - rather than the out of control government spending on entitlements and corruption. The EU and America are no longer widely-competitive with emerging markets, and that's not the fault of traders who recognize this fact.
The US and UK financial exchanges, banks and regulators should de-couple from the EU continent and emerging markets and protect their own interests. The G20 is too divergent to act in coordination as President Obama had hoped. America and England are overweight financial services versus the EU continent and emerging markets and they can't afford to trash financial services while buttressing manufacturing and transfer payments.
Let the EU continent put their market makers out of business and suffer their own consequences. They were wrong and treacherous to money lenders hundreds of years ago and they are equally wrong today.
The NYSE should cancel their merger with the Deutsche Borse. Why subject your company to unfriendly regulators and legislators who may want to severely restrict your business and threaten your profits?
German politicians, their media and public are attacking financial markets, banks, hedge funds, and traders. Anglo-American trading culture may be safe in America and England but its not safe in Germany and France.
For an example of German rhetoric against high-frequency traders, speculators, short-sellers, banks and hedge funds, see this article in Der Speigel. It's one - good one - of many.
The EU PIIGS are in meltdown and the EU's solution is to tax banks and traders with a dangerous FTT. Many in the EU, including Labor in the UK blame traders - who are just the messenger - rather than the out of control government spending on entitlements and corruption. The EU and America are no longer widely-competitive with emerging markets, and that's not the fault of traders who recognize this fact.
The US and UK financial exchanges, banks and regulators should de-couple from the EU continent and emerging markets and protect their own interests. The G20 is too divergent to act in coordination as President Obama had hoped. America and England are overweight financial services versus the EU continent and emerging markets and they can't afford to trash financial services while buttressing manufacturing and transfer payments.
Let the EU continent put their market makers out of business and suffer their own consequences. They were wrong and treacherous to money lenders hundreds of years ago and they are equally wrong today.
Do germany and france currently have a share buying stamp tax like the UK?
They could start by introducting one on their own stock markets to show they are serious. Before trying to impose a FTT on all types of transactions across the EU.
Seems to be a political show at the moment, a snipe at london.
They could start by introducting one on their own stock markets to show they are serious. Before trying to impose a FTT on all types of transactions across the EU.
Seems to be a political show at the moment, a snipe at london.
All this chart shows is there's a combination of falling profits in our manufacturing base and great success in our financial industry.
http://www.spiegel.de/international/business/bild-781590-251303.html
Our financial Industry serves the world. Of course our competitors (other countries) don't like our success.
I sent this note to NYT's editors regarding http://economix.blogs.nytimes.com/2011/08/22/a-sales-tax-on-wall-street-transactions/ :
<i><b>
Do not allow op ed pieces that are factually inaccurate to ever appear in your newspapers. This article is completely wrong about the benefit of tobin taxes, and the idea specifically that bothers me is that volatility will decrease if such a tax is introduced. Not only is this WRONG but every study on the subject and in every country that's ever had the tax has not only seen volatility increase, but liquidity dries up instantly. You should not subject your readers to opinions based on fallacy, and you should know better or have journalists and editors who recognize when someone is completely wrong, despite their seemingly knowledgable credentials.
There is no credibility in this article, and you should not continue to push for any kind of Financial Transaction Tax because of all the studies that have been done on it this would be an enormous deadweight loss.
Don't ever have this person write for you again, as she does not know economics and is making a political opinion into faux economic facts. You need to recognize when such opinions fly in the face of finance, and not allow yourself to lose credibility on this issue specifically.
All of your op eds are usually more opinion than fact, and this is certainly one of them.