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

Archbishop Rowan Williams argues for the FTT in yesterday's Financial Times

http://www.archbishopofcanterbury.o...for-us-to-challenge-the-idols-of-high-finance

The third suggestion is probably the most far-reaching. The Vatican statement strongly backs the proposal of a Financial Transaction Tax – a "Tobin Tax" or, popularly, a "Robin Hood Tax" in the form in which it has been talked about most recently. This means a comparatively small rate of tax (0.05 per cent) being levied on share, bond, and currency transactions and their derivatives, with the resulting funds being designated for investment in the "real" economy, domestically and internationally. The modest rate of taxation conceals the high levels of return that could be expected (some $410bn globally on one estimate).

This has won the backing of significant experts who cannot be written off as naive anti-capitalists – George Soros, Bill Gates and many others. It is gaining traction among European nations, with a strong statement in support this week from Wolfgang Schaüble, the German finance minister. The objections made by some who claim it would mean a substantial drop in employment and in the economy generally seem to rest on exaggerated and sharply challenged projections – and, more important, ignore the potential of such a tax to stabilise currency markets in a way to boost rather than damage the real economy.

The UK government prefers the model of a direct taxation of bank assets. It looks as though that will be their position at the impending summit of the group of 20 leading economies. But we need robust public discussion enabling us to assess the advantage of a co-ordinated approach across Europe, and to inquire into how far the government's preferred option will guarantee the domestic and international development goals central to the "Robin Hood" proposals.

Read it all (and note the full text is available at the link if you are not an FT subscriber)

[Anyone who wishes to find the direct Ft link may find it here:

http://www.ft.com/intl/cms/s/0/a561a4f6-0485-11e1-ac2a-00144feabdc0.html]
 
There is one important aspect regarding the G20 meeting and the FTT:

Europe is currently begging several nations for investments into the EFSF, also countries which are against a FTT.

This should significantly weaken their negotiating position for a FTT. You simply can not beg for money and make demands at the same time.

(But, of course, they may be so delusional that they try this... )
 
Quote from sculptor66:

"... You simply can not beg for money and make demands at the same time.
More...

Isn't that what the Greeks are doing.... begging for money but adamantly against any "'austerity" to curb overspending?
 
Some more on Osborne and Cameron speaking out against FTT ahead of meeting:

Global finance ministers don’t support a proposed European Union tax on financial transactions, U.K. Chancellor of the Exchequer George Osborne told banks in a letter addressing their concerns over the levy.

Osborne said it was clear after a meeting of Group of 20 finance ministers in France last month “that the necessary international consensus does not exist” to implement such a tax globally. The U.K. government has argued that any tax can only be viable if applied worldwide.

http://www.bloomberg.com/news/2011-...rt-eu-transaction-tax-u-k-s-osborne-says.html

U.K. Prime Minister David Cameron said any transaction tax on financial services has to be adopted on a global basis and shouldn’t be an excuse for countries to evade obligations on development aid.

http://www.bloomberg.com/news/2011-...on-tax-has-to-be-adopted-on-global-basis.html
 
“I have also noted with concern the significant negative impact on growth and jobs that the commission’s analysis sets out,” Osborne said in the letter dated Oct. 31 obtained by Bloomberg News. “For these reasons, the U.K. government does not support” the European Commission’s proposal, Osborne said.

The Commission's report really was a boost for us, and an "own goal" for the FTT supporters.

Not also BOC's Carney's comment yesterday:
"Still see little chance of a global financial transaction tax (Tobin tax)"
 
Quote from ksharmon:

Archbishop Rowan Williams argues for the FTT in yesterday's Financial Times...................
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They removed my post after being displayed more than 12 hours yesterday.
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I wrote something like:

“Robin Hood Tax rate of 0.05 per cent...return expected...$410bn globally" - That is more than the global profits of the entire financial sector. So, it really is the people that will pay this first of many global taxes.

"claim it would mean a substantial drop in employment and in the economy generally seem to rest on exaggerated and sharply challenged projections" - The biggest promoter of the tax, the EU commission, admits to 1.8 percent negative annual GDP and 500,000 jobs lost.
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The Vatican must have paid to have it removed. They've got the billions to do so.
 
Quote from drukes1234:

If you've followed the FTT push by DeFazio since 2008 you would realize that he is very likely retarded. I'm not even saying that as a joke, I'm almost certain he has some sort of serious mental deficiency.

Anyway guys, get your arguments written up and paste the shit out of them for the next little while.
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DeFazio may be a stooge, but Harkin is a fairly serious player.

I doubt that this is going anywhere with a Republican House, but it certainly tells me that the Dems would love to get their hands on a little piece of my 401k money if they could.
 
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