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

If the Bank of England really suggested that Barclays and other banks manipulate Libor, per media reports, that raises the UK bank scandal several notches.

It weakens the UK in their negotiations with the EU on seeking exemption or special treatment in the EU fiscal compact with FTT, and banking union and regulation.

Germans, French and Barroso will be calling on the UK to submit to the ECB and EU banking regulation.

This scandal could give the opponents more leverage in the media and with politics, too. Good thing the Bank of England official in question is Labour.
 
UN calls for 'billionaires tax' to help world's poor

http://ca.news.yahoo.com/un-calls-billionaires-tax-help-worlds-poor-211640656.html

Now to get the billionaires, the UN wants to tax currency and financial transactions! That'll get those pesky billionaires!

-- a tax of 0.005 percent on all currency transactions in the dollar, yen, euro and pound sterling could raise $40 billion a year.

-- taking a portion of a proposed European Union tax on financial transactions for international cooperation. The tax is expected to raise more than $70 billion a year.
 
Quote from andohmeeta:

"French socialist government proposes massive tax hike'.

http://www.egovmonitor.com/node/52096

"According to the amended budget....(financial transaction tax) will be raised to 0.2%"
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Increase taxes, decrease GDP. Things will get worse before they get better.

However, during the election campaign, the Socialist candidate was hoping and making his plans around a projected 0.5% economic growth. But since taking office, the government has cut its growth projections to 0.3% which makes meeting the budget deficit target even more difficult.
 
French socialists introduced retroactive tax and 0.3% growth will be achieved with help from government sponsored statistician. Obama team is studying this now because it looks very interesting.
 
Quote from vicirek:

Obama team is studying this now because it looks very interesting.
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Which is why Republicans must maintain control of the House of Representatives in November. As long they control the House Ways and Means Committee the FTT will never see the light of day.

Treasury Secretary Tim Geithner has announced that he's leaving after the elections. I've heard that Lael Brainard (Treasury Undersecretary for Foreign Affairs) is also leaving. They're the two main Treasury Department opponents to the FTT. With them out of the picture, anything can happen.

If Democrats take control of the House, and with no real opposition in the Treasury Department, the FTT will gain huge momentum.
 
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