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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from sheda:
What about the treaty changes merkel is pushing for? Does any one know if this will have implications on taxation,the choices and freedoms of those in the EU to form there own and veto the unwanted?
Merkel wants to push a Fiscal Union. All I know for now (from what I've read so far) is that members of this Fiscal Union will indeed loose their veto. I have not heard about taxation so far (only about budget control) but if taxation is part of the deal, or will proposed in the future, that would be terrible, as a FTT then almost certainly will pass.
As a Dutch citizen I'm very unhappy with this, and I would not be surprised if they see their chance now and would try to push it with misleading arguments, misusing the current critical situation of the Euro, and the weak situation of many EZ-members.
But maybe there is some encouraging news too: It seems that German Minister of Finance Wolfgang Schäuble (CDU), who was first in favor of an Eurozone FTT, changed his view after sharp criticism of coalition partner FDP. If he really changed his mind about an FTT for EZ-17, that would be a pleasant surprise.
Turkey opposes FTT
http://www.sundayszaman.com/sunday/columnistDetail_getNewsById.action?newsId=264581
"Turkey joins in the opposition group led by the US and Canada lobbying against the tax. "
http://www.sundayszaman.com/sunday/columnistDetail_getNewsById.action?newsId=264581
"Turkey joins in the opposition group led by the US and Canada lobbying against the tax. "
Euro member Luxembourg opposed to EU FTT.
http://www.lequotidien.lu/l-economie/29709.html (in French)
http://www.lequotidien.lu/l-economie/29709.html (in French)
Should I work on this storyline for a Forbes blog? About over the top German penalties, including FTT. Trying to weaken the German game plan and attack their credibility on FTT. Any suggestions, changes etc?
In times of crisis, why do German leaders want to penalize everyone? To use a stick to beat people into submission to their desired behavior. Yes, some PIIGS lied about their budget deficits to enter the euro, and without keeping the pressure on, they may not rein in their corrupt government practices. But, German demands for penalties, and holding ECB bailouts hostage is a US-type-game of playing chicken but with worldwide implications. Can the world risk turning Tuetonic at this juncture? No.
Germans want to quickly simulate an emergency EU fiscal-union by enacting new EU-assessed penalties, oversight and controls over budgets of EZ countries using "it's" euro. They are also sending mixed signals about ECB bailouts after winning a fiscal-penalties union. Germans insist that PIIGS and other weak EZ countries pass crippling austerity measures, or the German-led EU will penalize them making them even weaker. Is the euro currency a monetary union or monetary prison?
Germans also want to penalties bankers and traders too. They are pushing a FTT in the EU or EZ against the will of the UK, Sweden and several EZ countries. Germans want to intimidate banks, traders and speculators from short-selling PIIGS debt and EU stocks, including banks. But, that would stop speculators from buying the debt too. German leaders want to penalize the UK with the FTT - where 80% of transactions occur - for not being in the Euro and helping out more, in their muddied view. FTT penalties fall mostly on investors and pension funds, so it misfires._
How about some good productive ideas from German leadership, instead of mostly punishment and penalties? Lead by example, and take some pain yourself. Why make everyone else endure pain, just to keep your own cherished German bund interest rates at rock bottom levels?_
German exports flourished with a EZ euro currency and EU trade union. Plus, it buttessed German exports to China and emerging markets. Germans are like the 1% who got most of the benefits and now they want to penalize the 99%, rather than help out more themselves. Why demand the IMF, with the U.S. having a 17% U.S. share, plus require the U.S. Federal Reserve and other non-EU central banks help bailout the Euro and EZ? The major countries of the EU in total are just 18% of the IMF. This all seems like greed to me. Vote no to the German agenda for the EU and world.
In times of crisis, why do German leaders want to penalize everyone? To use a stick to beat people into submission to their desired behavior. Yes, some PIIGS lied about their budget deficits to enter the euro, and without keeping the pressure on, they may not rein in their corrupt government practices. But, German demands for penalties, and holding ECB bailouts hostage is a US-type-game of playing chicken but with worldwide implications. Can the world risk turning Tuetonic at this juncture? No.
Germans want to quickly simulate an emergency EU fiscal-union by enacting new EU-assessed penalties, oversight and controls over budgets of EZ countries using "it's" euro. They are also sending mixed signals about ECB bailouts after winning a fiscal-penalties union. Germans insist that PIIGS and other weak EZ countries pass crippling austerity measures, or the German-led EU will penalize them making them even weaker. Is the euro currency a monetary union or monetary prison?
Germans also want to penalties bankers and traders too. They are pushing a FTT in the EU or EZ against the will of the UK, Sweden and several EZ countries. Germans want to intimidate banks, traders and speculators from short-selling PIIGS debt and EU stocks, including banks. But, that would stop speculators from buying the debt too. German leaders want to penalize the UK with the FTT - where 80% of transactions occur - for not being in the Euro and helping out more, in their muddied view. FTT penalties fall mostly on investors and pension funds, so it misfires._
How about some good productive ideas from German leadership, instead of mostly punishment and penalties? Lead by example, and take some pain yourself. Why make everyone else endure pain, just to keep your own cherished German bund interest rates at rock bottom levels?_
German exports flourished with a EZ euro currency and EU trade union. Plus, it buttessed German exports to China and emerging markets. Germans are like the 1% who got most of the benefits and now they want to penalize the 99%, rather than help out more themselves. Why demand the IMF, with the U.S. having a 17% U.S. share, plus require the U.S. Federal Reserve and other non-EU central banks help bailout the Euro and EZ? The major countries of the EU in total are just 18% of the IMF. This all seems like greed to me. Vote no to the German agenda for the EU and world.
Quote from Explorer:
Euro member Luxembourg opposed to EU FTT.
http://www.lequotidien.lu/l-economie/29709.html (in French)
Great news.
EU-27 countries against the FTT:
(1) UK
(2) Sweden
(3) Czech Republic
(4) Romania
(5) Bulgaria
EZ-17 countries against the FTT:
(1) Luxembourg
(2) Malta
(3) Cypress
(4) Ireland
(5) Netherlands [wavers, but last position looked like against due to high cost to pensions]
(6) Italy [wavers, but probably against]
(7) Spain [position of newly-elected government]
-------------------------------------------------
Updated -- 12 of the G20 nations are against:
(1) United States
(2) Canada
(3) Mexico
(4) UK
(5) Australia
(6) China
(7) India
(8) Russia
(9) Saudi Arabia
(10) Indonesia
(11) South Korea
(12) Turkey
Argentina and Brazil said they will only support the FTT if itâs world-wide, including Switzerland, Hong Kong and Singapore, all of whom have said they will not introduce any new transaction fees or taxes into their financial system. Japan and Italy have expressed reservations and are unwilling to support the FTT at this time. Among the G20 members only Germany, France, and South Africa unconditionally support of the FTT.
Quote from Robert A. Green:
Should I work on this storyline for a Forbes blog? About over the top German penalties, including FTT. Trying to weaken the German game plan and attack their credibility on FTT. Any suggestions, changes etc?
List each of the economic issues that Germany complains about, then show one-by-one that the FTT does nothing to solve any of them.
Merkel complains that her car's engine doesn't work, and then insists that putting on new brakes will solve the problem. It's a ridiculous argument and it's time somebody called her on it.
Quote from Robert A. Green:
Should I work on this storyline for a Forbes blog?
Mention the 5% reduction in each person's pension due to the FTT as mentioned in the financial times link about 10-20 message back in this thread.
That's a point that hits home with people. It makes them understand that the FTT directly effects them.
Quote from tomdavis:
List each of the economic issues that Germany complains about, then show one-by-one that the FTT does nothing to solve any of them.
Merkel complains that her car's engine doesn't work, and then insists that putting on new brakes will solve the problem. It's a ridiculous argument and it's time somebody called her on it.
Thanks Tom. Please remind me again of your - List each of the economic issues that Germany complains about, then show one-by-one that the FTT does nothing to solve any of them. "
Quote from jackpearson:
Mention the 5% reduction in each person's pension due to the FTT as mentioned in the financial times link about 10-20 message back in this thread.
That's a point that hits home with people. It makes them understand that the FTT directly effects them.
Thanks Jack. I do mention hitting investors and pensions and can add some numbers you suggest too, it is the strongest point.
I don't think I should overwhelm the Forbes blog with FTT, and want to focus on German penalties being counterproductive, including FTT.
I notice the FTT-only blogs on Forbes get tiny readership - a few hundred max. But this wider approach may get more attention.