Skip to comments.Gordon Brown says support is growing for a global tax on finance
Posted on 12/11/2009 10:56:29 AM PST by FromLori
Gordon Brown said today that there's growing support for a tax on financial transactions to ensure banks shoulder the cost of any future crisis.
The British prime minister, who on Wednesday introduced a one-time 50pc tax on bankers' bonuses, said that "global taxes will not be introduced unless all global financial centres are able to come behind them, but I believe there's global support for that."
Governments around the world are shouldering ever greater debt as the cost of rescuing the financial system and the downturn combine to drive up their borrowing. Mr Brown first mooted the idea of a global tax on financial transactions earlier this year but the idea was immediately dismissed by the US government.
Bailing out the banks has cost $5.3 trillion globally and plans for a global tax, known as a Tobin tax after an the US economist who first devised such an idea, would be aimed at paying for the cost of any future rescue. With an election less than six months away, Mr Brown is also trying to tap into public anger over the return of the era of large bonuses. In the pre-Budget report, Alistair Darling said that all bonuses over £25,000 will be hit with a 50pc tax.
Mr Sarkozy, who has said that London is one of the big losers of the financial crisis, said today that France will follow the UK in imposing a tax, though he gave no details.
We can only tax them if we tax them both sides of the Channel, Mr Sarkozy said. In the decision that Gordon and I are taking together, we want and we wait for others to do the same, because we are in a globalized world.
(Excerpt) Read more at telegraph.co.uk ...
Hey, Gordo! I got your tax right here!
It’s a New World Order....
ping I don’t think they will have to worry about it here lol they have obama and frank and the democrats too paid off
Thats what Cavuto just said
Gordon Brown says support among non-taxpayers is growing for a global tax on finance
It’s just to cover the risks of today’s global thingy.
What dimension is the Brown crook from?................What can Brown do TO YOU?.......................
One World Government with the Peace President 0 as the King.
If I were Gordon, I would keep my mouth shut about taxes. We all know what happened to England the last time they tried to impose a tax on people outside their country.
Looks that way Mises warned of the Fabian Socialists plans for a global government decades ago and Barry Goldwater warned too now it seems it is coming to pass.
>We all know what happened to England the last time they tried to impose a tax on people outside their country.
Now if only we’d get as mad about Congressmen trying to impose foolish laws and absurd taxation on the rest of the country...
There have been many warning about a One World Government only to be ridiculed as conspiracy theories and tinfoil hat talk.
Bow down to the NWO or die.
I wish this guy, among a few others, would simply disappear of the face of the Earth.....
nwo = OWN
Maybe we shouldn’t have helped them against Germany lol
Pelosi Endorses Global Tax on Stocks, Bonds, and other Financial Transactions
Thanks I don’t see it happening though in reality obama and the democrats were paid off by the banks so not to worry.
And anyway who would really pick up the tab?
The Rest of the Jamie Dimon Regulation Story
MSM has been running a story over the last few days that Obama’s Favorite Banker, JPMorgan CEO Jamie Dimon, had said that we should get rid of the concept of too big to fail, and that he suggested that a new resolution authority giving government more power to shut down or take over big banks would make this possible.
I basically ignored the story figuring there had to be more to it, since Jamie Dimon isn’t going to be regulated by some new superpower resolution authority.
Well, in a report about a Jamie Dimon speech at the Goldman Sachs U.S. Financial Services Conference , Simon Johnson fills us in on the “rest of the story” (My emphasis):
Mr. Dimon insists, at minute 23, that we should get rid of the concept of too big to fail, and he suggests that a new resolution authority giving government more power to shut down or take over big banks would make this possible. Unfortunately, he glosses over the international coordination issues that make this impossible to achieve in the foreseeable future.
In fact, Jamie doesn’t seem to be sweating about any new regulations. Here’s Simon, again:
His views on the pending legislative and regulatory reforms are not in the slides, but from about the 21st minute mark in the Webcast, he is quite candid. He doesnt see major impact on his business from what is in the pipeline e.g., any kind of progressive capital requirement that would force bigger banks to hold substantially more capital.
To the extent there is tougher consumer protection in new legislation, he says rather bluntly that the consumer will pay the price, not JPMorgan Chase.
Uhhhh question to Gordon Brown (and also Barry Soetoro) What makes you think the banks will absorb this tax? THIS TAX WILL BE PAID BY INVESTORS!!!!
Are these people really this stupid?!?!? Any doofus knows that if you tax something you get less of it. How does LESS investment help the economy????
If I were the suspicious type I'd swear these leftists were trying to destroy the world economy.
Yes, people desperately want more fees, penalties, interest and taxes. They despise having any jingle in their pockets and love the stress of a poor life. Not to mention people want the new serfdom of One Word Govenment and cannot hardly wait for the unveiling of the corporate flag of Planet Inc.
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