Blimey

[osymandus]

Also as already mention in the media the tax was not enforcable under law and all countries had the option to not use it.

 

[Tangled up in Blue]

I'm not convinced 'bond market speculators' have done much. Bond market investors have lost confidence in the ability of Spain, Italy etc to repay their debt and have sold existing holdings or stopped purchasing new bonds. This lack of investor appetite has caused yields to rise in order to tempt the next marginal buyer. I don't think there are that many short positions as (a) they are expensive, (b) volatile and (c) dependent on upredictable politicians.

Would you say the same about currency speculators?:unsure:

 

[Tangled up in Blue]

ps I thought you had reached a low point when you started quoting Prescott, now you are quoting Paddy Pantsdown in your signature, I think you would do well in a career in stand-up comedy

.

Clearly you don't do sarcasm very well.Personally,I think you'd do well to trade up to irony.It's just so much more satisfying.:smiles:

 

[osymandus]

.

Clearly you don't do sarcasm very well.Personally,I think you'd do well to trade up to irony.It's just so much more satisfying.:smiles:

If he had seen Newsnight and the way he handled Paxman I very much doubt he would be so dismissive of PAddy Ashdown .
Mind you Watching Lords/older politicains is always funny , as they get older you can see teh party line slipping and them wanting to just so "Oh bollocks to this this is what i really think" :D

 

[Holy Joe]

Would you say the same about currency speculators?:unsure:

#

Can't see any extreme moves in the Euro - so yes - can't see the Euro as being under attack.

 

[Berrichonne shrimper]

#

Can't see any extreme moves in the Euro - so yes - can't see the Euro as being under attack.

The euro rate is creeping up slowly so thats a massive plus to come out of the cameroon bulldog spirit.

 

[MK Shrimper]

The euro rate is creeping up slowly so thats a massive plus to come out of the cameroon bulldog spirit.

I knew that Roger Milla was a prince amongst men.

 

[canveyshrimper]

I knew that Roger Milla was a prince amongst men.

Loved his song King of the Road, and his dedication of the swinging 60's England Swings.

 

[Holy Joe]

<This is a common and misguided criticism, and one that's easy to answer.

The short answer is no. As the IMF says, financial transaction taxes (FTTs) “do not automatically drive out financial activity to an unacceptable extent”.

FTTs can be designed so that they are very difficult to avoid. The best example of this is the UK, where we have a stamp duty of 0.5% on all share transactions. The UK’s major competitors do not have this and there certainly is no global agreement, yet it is a successful FTT that raises around £5 billion pounds each year. It is designed so it can’t be avoided and London remains one of the biggest stock markets in the world.

There are many reasons banks would not leave the UK, not least that they need a big enough government that they know will bail them out if things go wrong. There are not many governments with the ability or willingness to provide this implicit guarantee, certainly not the Cayman Islands or even Switzerland.

Time zones are critical for financial transactions, with London being ideally situated between Asian and US markets. This means that banks and other financial institutions cannot all move to New York as a major financial centre will still be needed in Europe. Germany, the main competitor in the European time zone is already committed to implementing an FTT.

The highly automated and centralised nature of many financial transactions makes an FTT very hard to avoid, and easy to collect. In recent years, FTTs have been introduced very effectively in more than 40 countries around the world.

In 2010 the UK government implemented a one off tax on the bonuses of bankers but despite warnings from the City this did not lead to any major exodus. In fact recruitment is up.<

http://robinhoodtax.org/how-it-works/everything-you-need-to-know

I read the robinhood piece but at the risk of repeating myself comparing the stamp duty tax on UK shares to a universal tax on all transactions is, in my opinion, misguided. Transactions in UK shares (note not all shares as robinhood says but only UK shares) have to take place in the UK as they are traded on the London Stock Exchange. Transactions on 'over the counter' (OTC) products, e.g., most derivatives and foreign exchange do not have to be between UK based entities as they mostly are now - they could be booked through any office in the world - so these transactions could easily avoid the tax by moving to a different location. As the world becomes a more connected place the time zone issue is becoming more and more irrelevant as well.

 

[Holy Joe]

The Adam Smith Institute agrees

7. If the FTT was only introduced in the EU or G20, many traders currently operating in the UK would relocate to places like Hong Kong, Singapore or Zurich. There is little scope for a worldwide FTT &#8211; even types of trades that are affected in a minor way by the FTT would likely move [FONT=Trade Gothic LT Std Light,Trade Gothic LT Std Light][FONT=Trade Gothic LT Std Light,Trade Gothic LT Std Light]en masse [/FONT][/FONT]to other jurisdictions that would flourish as FTT-free zones.


http://www.adamsmith.org/sites/default/files/research/files/FTT.pdf

 

[Holy Joe]

It's probably worth remembering as well that Cameron et al are in favour of the tax if it is a global tax - thereby removing the ability to move the transactions to a non tax country. Cameron is objecting to the imposition of a European only tax.

 

[Reg Martin]

We apologise for the current inactivity on this thread whilst BarnaBlue searches the internet for his response to recent posts. Normal service will be resumed as soon as possible.

 

[Yorkshire Blue]

I read the robinhood piece but at the risk of repeating myself comparing the stamp duty tax on UK shares to a universal tax on all transactions is, in my opinion, misguided. Transactions in UK shares (note not all shares as robinhood says but only UK shares) have to take place in the UK as they are traded on the London Stock Exchange. Transactions on 'over the counter' (OTC) products, e.g., most derivatives and foreign exchange do not have to be between UK based entities as they mostly are now - they could be booked through any office in the world - so these transactions could easily avoid the tax by moving to a different location. As the world becomes a more connected place the time zone issue is becoming more and more irrelevant as well.

Timezones are only really an issue if you're a slacker working 9-5.

 

[yogi bear up the cagire]

The euro rate is creeping up slowly so thats a massive plus to come out of the cameroon bulldog spirit.

Every cloud has a silver lining?

 

[Berrichonne shrimper]

Every cloud has a silver lining?

For sure it does,when we first moved here the rate was 1.64 to the £,as you know its been as low as 1 to 1.
I dont care about FTT or torys or libs or labs or merkel or sarko or bulldog spirit or in or out of the eurozone,i care about cold hard cash.

 

[yogi bear up the cagire]

1.1870............Christ! If it keeps on moving up like that, even my meagre pension will seem reasonable!

 

[Tangled up in Blue]

We apologise for the current inactivity on this thread whilst BarnaBlue searches the internet for his response to recent posts. Normal service will be resumed as soon as possible.

TS,
Actually I was teaching at the UAB this pm.Nice use of irony though.:clap:

 

[Neil_F]

I've been through the proposal now and it is even worse than I thought. Merkozy have decided to use the Eurozone for a re-run of 1930s economic policy.

It can't be long for the next crisis to hit in the New Year, especially with Italy having so much debt to rollover in the spring. If I had any Euro assets I'd start thinking about how to reduce the exposure.

 

[Reg Martin]

I've been through the proposal now and it is even worse than I thought. Merkozy have decided to use the Eurozone for a re-run of 1930s economic policy.

It can't be long for the next crisis to hit in the New Year, especially with Italy having so much debt to rollover in the spring. If I had any Euro assets I'd start thinking about how to reduce the exposure.

That can't be true - I've read on here that Paddy Ashdown put in a good performance on Newsnight so everything will be alright

 

[osymandus]

That can't be true - I've read on here that Paddy Ashdown put in a good performance on Newsnight so everything will be alright

And that has what relevance to .... anything ?