1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
that IS really pathetic
France, Germany to present their own FTT proposal 23 January next year.
http://www.cbanque.com/actu/27700/t...s-contribution-franco-allemande-le-23-janvier (in French)
http://www.cbanque.com/actu/27700/t...s-contribution-franco-allemande-le-23-janvier (in French)
The Minister of Economy Baroin said Wednesday that a "contribution" Franco-German tax on financial transactions in Europe would be presented on January 23 for a fee "operational" in 2013.
"I work with my colleague Wolfgang Schäuble, German finance minister, a proposal that further adds to that of the (European) Commission," said Baroin during the session of questions to the government in the National Assembly.
"On January 23 we will present the Franco-German contribution to this initiative," he said, adding that "France proposed to the Commission a short timeframe."
According to the French Minister of Economy, Paris and Berlin want to "progress" in the first half of 2012. Would then set the tax base that wants the "broadest possible" with a product "as large as possible."
"We do not make the final allocation (the tax) a pre-discussion," he continued, however. The debate is about the destination of revenue that could go to the debt of European countries or the policy of aid to poor countries, or both, as a balance to be determined.
The discussion "will probably come at the end of the second half of 2012 so that all that is operational in 2013," said Baroin.
It should be interesting to see what they come up with. It does sound like they want the tax in 2013 instead of the 2014 date the EC calls for.
-Guru
The Franco-German war or vendetta against bankers will hurt the euro more and lead to a break up of the euro zone and EU.
A bank run is already underway in the EU periphery countries, and since the Franco-German beat down on the UK (banking interests) last week, the euro has collapsed.
As individual countries like France and Germany pass their own FTT plans, that will enhance bank runs and capital flight out of these countries even faster.
I always said that FTT was the microcosm for everything that was wrong with the Franco-German attitude and policy against financial services.
FTT is like baking and eating a pie filled with nails. It's time for France and Germany to wise up, take FTT off the table, stop attacking banking, and make peace with the UK. After peace, they should discuss restructuring and ECB bailouts after restructuring, not before.
A bank run is already underway in the EU periphery countries, and since the Franco-German beat down on the UK (banking interests) last week, the euro has collapsed.
As individual countries like France and Germany pass their own FTT plans, that will enhance bank runs and capital flight out of these countries even faster.
I always said that FTT was the microcosm for everything that was wrong with the Franco-German attitude and policy against financial services.
FTT is like baking and eating a pie filled with nails. It's time for France and Germany to wise up, take FTT off the table, stop attacking banking, and make peace with the UK. After peace, they should discuss restructuring and ECB bailouts after restructuring, not before.
Merkel/Sarkozy/Barroso/VonRumpuy etc. are obsessed with the FTT. They will not stop under any circumstances.
They will enact the FTT among a "coalition of the willing," perhaps 12-15 EU/EZ countries. The EU FTT will be designed to cause as much economic damage to London's financial markets as possible. By itself, this is not a long-term winning strategy, so it's really just the the first step of a much bigger play -- a public relations blitz that they will take around the world with the backing of the unions, the UN, etc.
The timing of their double-down FTT strategy is not an accident. Their purpose is to make it an issue in the 2012 US elections. Sarkozy and Barroso have both publicly said that if the US adopts the FTT, the rest of the world will follow. That's really what this is all about -- putting pressure on the US.
Expect adoption of the Franco-German FTT by next summer, just in time to push it in the US during our elections.
About a month ago I read on a blog that Kirsten Gillibrand (Sen. D-NY) came out against the FTT and now the unions and other organizations are going to put as much pressure on her as possible to change her position before her 2012 re-election campaign.
The 2012 US elections are going to be critically important to all traders.