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

Quote from FightTheFuture:

"Merkel attributed the debt crisis in a band of eurozone nations to too much borrowing and a lack of economic competitiveness, both of which had built up over decades, she said, adding that the solutions could not be found overnight."

http://www.monstersandcritics.com/n...erkel-hits-back-at-Obama-over-transaction-tax
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Merkel attributed the debt crisis to the lack of economic competitiveness.

So she demands an FTT in the Euro-zone-area.
More...

She is right in attributing the debt crisis to a lack of economic competitiveness, but fails to aknowledge that this "lack of economic competitiveness built up over decades" is a direct result of the creation of the Eurozone based on such diverging economies like those of Germany, France and Benelux states on one side, and Southern European states on the other.

So the logical solution would be to disbandle the Eurozone and let the weaker economies to become more competitive by devaluing their own currencies, instead of trying to force an FTT on the rest of the world, then blaming the failure on the lack of cooperation by countries outside the Eurozone.
Why should countries outside the Eurozone pay for their mess created by them?
Why should they pay for maintaining a Eurozone that is not capable to survive as it is on its own?
 
I wonder if we can come up with a working list for members of the G20 and whether they are for or against the ftt?

Argentina
Australia - against
Brazil
Canada - against
China - against
European Union
France - for
Germany - for
India - against
Indonesia
Italy - for
Japan - for?
Mexico
Russia - against
Saudi Arabia
South Africa - for
Republic of Korea
Turkey
United Kingdom - against
United States of America - against

These other one's I'm not certain of. Anyone care to chime in?

-Guru
 
Korea, Mexico and Saudi Arabia are probably against the FTT.

South Korea has robust and growing financial markets and would not want to see them migrate to China. They're probably against the FTT, though I've never seen any official statement from them.

Mexico sided with Canada and the US against an "international bank levy." I don't know how that translates to their position on the FTT, but at least there's a possibility they could be against it.

Countries will most likely line up according to their economic interests: (a) Countries with large and/or fast growing financial markets will be against the FTT because they have the most to lose; (b) Countries that have relatively small financial markets will be in favor because it doesn't cost them anything; (c) a few countries may make their decisions based on the effect it will have on their key economic partners (e.g., Saudi Arabia would not want to damage financial markets in the US or the UK because they have huge investments there and will probably vote against the FTT).


Quote from listedguru:

I wonder if we can come up with a working list for members of the G20 and whether they are for or against the ftt?

Argentina
Australia - against
Brazil
Canada - against
China - against
European Union
France - for
Germany - for
India - against
Indonesia
Italy - for
Japan - for?
Mexico
Russia - against
Saudi Arabia
South Africa - for
Republic of Korea
Turkey
United Kingdom - against
United States of America - against

These other one's I'm not certain of. Anyone care to chime in?

-Guru
More...
 
Quote from listedguru:

I wonder if we can come up with a working list for members of the G20 and whether they are for or against the ftt?

Argentina
Australia - against
Brazil
Canada - against
China - against
European Union
France - for
Germany - for
India - against
Indonesia
Italy - for
Japan - for?
Mexico
Russia - against
Saudi Arabia
South Africa - for
Republic of Korea
Turkey
United Kingdom - against
United States of America - against

These other one's I'm not certain of. Anyone care to chime in?

-Guru
More...

Mexico - against

Turning to France's proposal to the Group of 20 rich and emerging nations for a financial transactions tax, Cordero said Mexico -- which takes over the presidency of the group in November -- was in general not in favor of it.

"We do not consider it prudent or adequate for the reality of Mexico, a country where we are trying to increase financial penetration," he said.

http://www.reuters.com/article/2011/01/25/economy-mexico-cordero-idUSLDE70O1KC20110125
 
Quote from Explorer:

Mexico - against

Turning to France's proposal to the Group of 20 rich and emerging nations for a financial transactions tax, Cordero said Mexico -- which takes over the presidency of the group in November -- was in general not in favor of it.

"We do not consider it prudent or adequate for the reality of Mexico, a country where we are trying to increase financial penetration," he said.

http://www.reuters.com/article/2011/01/25/economy-mexico-cordero-idUSLDE70O1KC20110125
More...

Thanks for the input. I'm just glad that France is done with it's failed G20 Presidency in November. It's also nice to see that Mexico is taking over and seems to be against the ftt. I continue to believe that by the end of this year the ftt debate will die down considerably.

-Guru
 
Italy

(from last month)

Italy is not enthusiastic about the plan. They also fear that the trade would migrate to other locations outside Europe, while the tax is not introduced worldwide.

http://de.reuters.com/article/economicsNews/idDEBEE78G02O20110917 (in German)

(from February):-

ITALIAN ECONOMY MINISTER GIULIO TREMONTI:
ON FINANCIAL TRANSACTION TAX:

"We have a wait-and-see attitude on it. Italy's decision on this French proposal will depend on who will apply it and how."

http://www.elitetrader.com/vb/showthread.php?s=&postid=3097290&highlight=Italian+tax#post3097290
 
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