1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
LOL. OK, the earlier "website" said it was introduced to Congress. Now this letter is to the G20 and Europe...which we all know is happening.
ourfinancialsecurity.org
and
ipsnews.net
are both liberal shill websites.
Anwyays, we have to keep fighting the fight because this will never go away and the story is easy to sell to the masses, because the masses are dumb.
Dutch Finance Minister: Financial Transactions Tax Very Damaging for Us
http://online.wsj.com/article/BT-CO-20120621-714451.html
http://online.wsj.com/article/BT-CO-20120621-714451.html
Netherlands' De Jager, "I can tell you we will not be among the countries that will sign up to the enhanced cooperation"
http://online.wsj.com/article/BT-CO-20120621-714451.html
This may be insignificant (or perhaps not). UN's Moon has appointed G20 ftt refuser, Oz PM Gillard, co-chair with Rwanda of a panel of "global experts" encouraging increasing government aid to fight poverty and climate change. Her panel includes Geldof, T. Turner, J. Sachs and Mandela's wife. They target the smallest voices to make the loudest noise then apply the psychological blowtorch, just as occurring with those little EU countries.
The woman can't run her own country despite it being a paid full-time job.
http://online.wsj.com/article/BT-CO-20120621-714451.html
This may be insignificant (or perhaps not). UN's Moon has appointed G20 ftt refuser, Oz PM Gillard, co-chair with Rwanda of a panel of "global experts" encouraging increasing government aid to fight poverty and climate change. Her panel includes Geldof, T. Turner, J. Sachs and Mandela's wife. They target the smallest voices to make the loudest noise then apply the psychological blowtorch, just as occurring with those little EU countries.
The woman can't run her own country despite it being a paid full-time job.
The more things change, the more they stay the same....
I've gone back and reviewed EU positions from a year ago. Nothing of substance has changed.
EU-27 opposed: the UK, Sweden, the Czech Republic, and probably Denmark.
EU-17 opposed: Malta, Ireland, Luxembourg, the Netherlands.
There's still no way to get either an EU-27 agreement or an EZ-17 agreement. So that leaves enhanced cooperation as the only option.
The bigger question is: Will the FTT come to a vote, or will they kick the can down the road? As long as it doesn't get voted on Barroso and Semeta don't have to admit defeat.
I've gone back and reviewed EU positions from a year ago. Nothing of substance has changed.
EU-27 opposed: the UK, Sweden, the Czech Republic, and probably Denmark.
EU-17 opposed: Malta, Ireland, Luxembourg, the Netherlands.
There's still no way to get either an EU-27 agreement or an EZ-17 agreement. So that leaves enhanced cooperation as the only option.
The bigger question is: Will the FTT come to a vote, or will they kick the can down the road? As long as it doesn't get voted on Barroso and Semeta don't have to admit defeat.
Wow. This is hard to believe. I just can't fathom why these so called 'experts' would sign a letter saying the ftt is a good idea. Being in the industry surely they can't be that stupid can they? This really boggles my mind.
http://europa.eu/legislation_summaries/glossary/enhanced_cooperation_en.htm
"[Enhanced cooperation] may be undertaken only as a last resort, when it has been established within the Council that the objectives of such cooperation cannot be attained within a reasonable period by the Union as a whole."
If there is to be an application for enhanced cooperation,there presumably would need to be a vote first of the whole 27 so Barroso and his cronies can't kick the can down the road for ever. A Dutch paper yesterday reported that the proposal would be scrapped tomorrow.
What puzzles me is how today's announcement by Germany fits in. They seem to want to push for a somewhat different FTT than that proposed by the EC which would include currencies (which doesn't even seem to be legal incidently), and I guess they wouldn't want to give the proceeds going to the EC either.
Would their proposal have to go through the same lengthy procedure that the original proposal has gone through - including being accepted by the european parliament and european commission in the first place - or, given that any new proposal would almost certainly end up with the same supporters and opponents as now, could Germany apply for enhanced cooperation on the current proposal and then be allowed to modify it (assuming they could find 8 or more others anyway which seems doubtful)?
It would require a treaty change, altering the free movement of capital, a foundation of the European Union. I believe such a treaty change would be a lengthy process and Britain has to give its population a referendum on membership in such an event.
How ever unlikely, applying an FTT to FX would f%%%! the last products on offer to the European population in a world of transaction taxes, there would simply be no escaping it.
Things are more incoherent than ever, Germany coming out with that today, the mess concerning the bail out fund being held back, its one big incoherent mess, but if you the banking system as a tool, and the PIGS as nothing more than pawns in a game, there is a clear trend forming and it has been for some time...
Why are banks so silent, why don't we hear them. Don't tell me they are affraid to speak out in public and run a silent lobby. When they don't really oppose, it means they will be better of with the FTT.
Think of it, FTT is not paid by them in the first place ( they are the middleman)... they don't earn as much on client transactions as they used to... they don't mind lower volume... they have seen the spreads decreasing dramatically in the last 15 years or so... they really laugh out loud when market makers disappear.... they can set up offshore units to handle their own account trading activities
They will be chief master king. Why? Because, once again, they will run the book. Who do you think will set and earn the spread. What would make them money... I think it's the spread. EU said that there will be an exemption for pensionfunds etc. Well that can be, they still have to pay the wider spread to the banks though.
Corporations, governments, institutions and whatever, they all still have to hedge risks with derivatives ( which they still and will not understand). They will keep coming, FTT or not.
What about inhouse order matching. The client pays for the larger spread and the FTT while the larger banks offset orders inhouse. They will come up with a legal structure to cheat on the FTT for inhouse matching.
So, instead of punishment by the populist, they are throwing presents at them. Banks in the end will make more money, managers and board will get their bonus, stockholders will see green quotes. The FTT is not a banking tax, this tax will offer good opportunities to the banks and they silently know it.
Just a thought.....
Think of it, FTT is not paid by them in the first place ( they are the middleman)... they don't earn as much on client transactions as they used to... they don't mind lower volume... they have seen the spreads decreasing dramatically in the last 15 years or so... they really laugh out loud when market makers disappear.... they can set up offshore units to handle their own account trading activities
They will be chief master king. Why? Because, once again, they will run the book. Who do you think will set and earn the spread. What would make them money... I think it's the spread. EU said that there will be an exemption for pensionfunds etc. Well that can be, they still have to pay the wider spread to the banks though.
Corporations, governments, institutions and whatever, they all still have to hedge risks with derivatives ( which they still and will not understand). They will keep coming, FTT or not.
What about inhouse order matching. The client pays for the larger spread and the FTT while the larger banks offset orders inhouse. They will come up with a legal structure to cheat on the FTT for inhouse matching.
So, instead of punishment by the populist, they are throwing presents at them. Banks in the end will make more money, managers and board will get their bonus, stockholders will see green quotes. The FTT is not a banking tax, this tax will offer good opportunities to the banks and they silently know it.
Just a thought.....