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

German SPD eyes fiscal pact vote in coming weeks | Reuters
http://www.reuters.com/article/2012/06/12/eurozone-germany-pact-idUSL5E8HC3VN20120612

My thoughts:

SPD's Steinmeier seems to be jockeying with Merkel for the next election, to oppose her for Chancellor. He is holding court with Hollande and FTT is a political wedge. Sarkozy didn't do well supporting FTT trying to hold back socialists, and hopefully Merkel will see that, too.

SPD is holding the fiscal compact hostage over FTT and I hope the fiscal compact just gets punted to August in Germany. The EU may meltdown more by then and hopefully Germany will back off bailouts and needing that fiscal compact. Without Germany as FTT anchor, there won't be enhanced cooperation with 9 for FTT.

EU federalizing with a banking union and bailouts buttresses arguments for FTT - to pay for that federal layer and banking/bailout union. Without federalizing, there is no need for cooperation on FTT.
 
(Reuters) - Europe should implement a financial transaction tax for as many countries as possible, Italian Prime Minister Mario Monti said on Wednesday, but cautioned against setting expectations for it too high.

The tax should be applied "in the European Union in a geographical configuration as wide as possible," Monti said, but added: "I would warn against having too high expectations of such a tax".[...]

http://www.reuters.com/article/2012/06/13/eurozone-monti-ftt-idUSL5E8HDHF020120613
 
those are desperate people who fear a loss of their power when everything will break apart. it is a very desperate move to push this silly tax that would never work.
finland will be the first country to exit the euro. finland does not want to commit financial suicide. i bet they would not introduce such a tax.
switzerland will never have this socialist tax. england is strongly opposing it.

guess where all financial transactions in europe will be done if such a tax will be introduced by germany, france and italy? (france already going under with it)
 
Quote from fred1:

those are desperate people who fear a loss of their power when everything will break apart. it is a very desperate move to push this silly tax that would never work.
finland will be the first country to exit the euro. finland does not want to commit financial suicide. i bet they would not introduce such a tax.
switzerland will never have this socialist tax. england is strongly opposing it.

guess where all financial transactions in europe will be done if such a tax will be introduced by germany, france and italy? (france already going under with it)
More...

Remember, these desperate people are the ones running the guberments who can take anything away from their citizens.

There is a global leftist war that is being waged and these people will not stop at anything to destroy capitalism, free markets, and individual freedoms. Here in the States, that war is being waged by the democrats under very clever, camouflaged ways.

When all the media, many wealthy liberals who donate to non-profits to expand their causes, and the duping of many many American's with the lies of class warfare, racism, union BJ's, illegal immigration votes and massive guberment handouts (welfare, food-stamps, 50% pay no fed tax and 50% receive guberment assistance) get's to be too big of a force to turn around, then that is when all hell will break lose.

This election is the most important in the United States history bar none.
 
i have highest respect for kenneth rogoff: he forecasted the european souvereign debt crisis in 2008 exactly as it is happening now.
there is a reason why harvard is the nr.1 university in the world.

here is what he thinks about this tax:
Harvard economics professor, Kenneth Rogoff: “Worse still, over the long run, the tax burden would shift. Higher transactions taxes increase the cost of capital, ultimately lowering investment. With a lower capital stock, output would trend downward, reducing government revenues and substantially offsetting the direct gain from the tax. In the long run, wages would fall, and ordinary workers would end up bearing a significant share of the cost.”

his colleague feldstein predicted the euro crisis already in 1997:
http://www.washingtonpost.com/opini...-debt-crisis/2011/12/12/gIQAN1geqO_story.html



with regards to FINLAND here is what the top leaders of finnish politics think about this tax:

· Matti Leppälä, Secretary General of the European Federation for Retirement Provision: “A tax that tries to shoot at everything that moves will most likely not hit the intended target, but it will kill or wound many innocent bystanders… this new tax would disproportionately impact pension funds and other institutions which provide retirement income.”

Finland’s Prime Minister, Jyrki Katainen: “From the Finnish point of view, if Sweden is outside, it would have a negative impact for the development of Finland’s financial markets and economy.”


finland is ONLY important for one reason: they will probably be the first one to exit the euro:
http://research.handelsbanken.se/Sp...und1/Finland-the-first-one-to-leave-the-euro/
 
Quote from fred1:

http://financialtransactiontaxes.com/
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Fantastic job with the site changes and updates!

No mention of "enhanced cooperation" of the EU 9 who is not rock solid and if one peels off they don't have enough for enhanced cooperation. They need over half of the 17 eurozone countries.

The smaller the passage group, the more those countries are suseptible to capital and market flight. That will lead to getting clobbered in the next election.

The FTT 9 have mixed signals inside their governments, so consensus is partisan and flighty. Maybe, a PM says no, but a FM says yes, as in Finland.

Also, the G-7, G-8, G-20 and BRIC said no to FTT and Franco/German forces refuse to listen. Obama and Geithner said a firm no at every G-20 and without America and others in the Gs, it will never be worldwide, so anyone who jumps off the FTT fiscal cliff will suffer badly in their home economies.

Great job Tortoise and Tom Davis! This is a real asset.
 
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