The People Have No Idea

[Bloo Loo]

http://robinhoodtax.org.uk/

just received this.

parrently, if they taxed banks...not you and I of course, the worlds problems would be solved.

a small tax on every transaction...not on you and I you understand.

[Timak]

http://robinhoodtax.org.uk/

just received this.

parrently, if they taxed banks...not you and I of course, the worlds problems would be solved.

a small tax on every transaction...not on you and I you understand.

Nationalise money creation, guarnantee only deposits held in one national savings bank, no regulation at all of remaining banks but 100% risk held by investors = no problems.

[Ruffneck]

you gotta be pretty dumb to campaign for a new tax

campaign to repeal taxes i agree with but this? and to pay for the climate change lie?

it is sad , banks would make the money back elsewhere costing the customer

[Executive Sadman]

Sounds OK till you look at this

http://robinhoodtax.org.uk/who-we-are/

[South Lorne]

Nationalise money creation, guarnantee only deposits held in one national savings bank, no regulation at all of remaining banks but 100% risk held by investors = no problems.

....depositors....and investors....

[Executive Sadman]

you gotta be pretty dumb to campaign for a new tax

campaign to repeal taxes i agree with but this? and to pay for the climate change lie?

it is sad , banks would make the money back elsewhere costing the customer

Isnt the short answer (as suggested by the libdems and UKIP) to seperate retail and investment banking?

Stop subsidising risk through deposit protection and the inevitable bailouts it entails.

[campervanman]

you gotta be pretty dumb to campaign for a new tax

campaign to repeal taxes i agree with but this? and to pay for the climate change lie?

it is sad , banks would make the money back elsewhere costing the customer

Yeah, lets have lower taxes and less regulation. Look at wot the unregulated, low tax big society free market has given us for the past 30 years innit?

[Traktion]

Isnt the short answer (as suggested by the libdems and UKIP) to seperate retail and investment banking?

Stop subsidising risk through deposit protection and the inevitable bailouts it entails.

Yup, pretty much - narrow banking, as was argued for before even the great depression, IIRC. The bankers didn't want it then (surprise!) and they don't want it now either (again, surprise!). LPB is a more complete narrow banking model though, IMO.

BTW, I don't think that the Lib Dems were proposing to stop FRB on deposit accounts, nor were they proposing to remove deposit insurance. Their idea just hopes that it would be less risky if only high street borrowing was undertaken. Many have said this is flawed though, as there is always risk of bank failure, even on the high street (especially when it is cheaper to save the bank, than honour the deposit insurance + let the bank fail - it's an incentive for banks to gamble).

[Goat]

Yeah, lets have lower taxes and less regulation. Look at wot the unregulated, low tax big society free market has given us for the past 30 years innit?

As opposed to what the high tax, high regulation system has given Italy/Spain/Portugal/Greece over the last 30 years (and for that matter us over the last 13).

[yellerkat]

As opposed to what the high tax, high regulation system has given Italy/Spain/Portugal/Greece over the last 30 years (and for that matter us over the last 13).

With the caveat that nobody a ) paid the high taxes; b ) took the blindest bit of notice of the high regulation system.

[scepticus]

Sounds OK till you look at this

http://robinhoodtax.org.uk/who-we-are/

nonsense. That link is a list of all the externalities ignored by markets, GDP measures etc.

The list is a reason for the tax, not against it, IMO.

Still, each to their own.

[Goat]

With the caveat that nobody a ) paid the high taxes; b ) took the blindest bit of notice of the high regulation system.

Except in this country.

[Bloo Loo]

nonsense. That link is a list of all the externalities ignored by markets, GDP measures etc.

The list is a reason for the tax, not against it, IMO.

Still, each to their own.

so they can waste it on turning eveyone into a benefit recipient.

I say, give the man a well, he can dig it and use it... we dont need to dig it and deliver water to him..

[winkie]

http://robinhoodtax.org.uk/

just received this.

parrently, if they taxed banks...not you and I of course, the worlds problems would be solved.

a small tax on every transaction...not on you and I you understand.

Can't get my head around why we really need banks at all...slowly over time they have between them seen to it that we have become over reliant on them......I will lend you a couple of grand at 6% over two years, pay me cash each month via royal registered mail.....because you are worth it, and I trust you.

[billybong]

A tax on every transaction to create yet more tax so that the likes of the Last Leader can give huge sums of money to his own preferred projects all around the world so that he can rule the world and bang on and lecture people all the time about global this and global that while at the same time happily exporting jobs.

Would it be ring fenced so that the extra tax wouldn't end up just being paid out in MPs wages and expenses, bankers bonuses, bailing out the bankers, more bankers bonuses, more MPs wages and expenses, bailing out other reckless governments like the PIIGS and a few others and always using tax money relentlessly trying to prop up house prices - and so on.

Edited May 20, 2010 by billybong

[SHERWICK]

Can't get my head around why we really need banks at all...slowly over time they have between them seen to it that we have become over reliant on them......I will lend you a couple of grand at 6% over two years, pay me cash each month via royal registered mail.....because you are worth it, and I trust you.

"It's the right thing to do."

[Toto deVeer]

Oh dear. Heaven help us all.

The only bank tax that I'm in favour of is a tax on derivative transactions. Everything else is just going to be passed on to the customer. In fact, I'd be happy of we just closed all commercial banks tomorrow and accessed our money directly from the BOE via the Post Office.

And the very last thing we need is a global tax going to some fairy fairy land UN diktat.

[dissident junk]

Isn't this just a version of the Tobin Tax idea?

I remember Soros laughing at Caroline Lucas at a lecture back in 2001 about an idea she espoused along the same lines as this Robin Hood tax. He said that speculators and investors would just find a way around it, and that it was a waste of time.

That said, recently, Soros has just come out in favour of a measure like this, so I imagine he has found a way to circumvent it and thinks such a tax will be a good idea from a financier/banker/speculator PR viewpoint.

[CasualBear]

I've got an idea - let's call it the 'Sheriff of Nottingham Tax' - every time someone buys something in the shops a few percent of the purchase price goes to me. Hell, we could even start lending people the money for their purchase at very high interest rates.

That'll never work, though, people are not that stupid.

In all seriousness, surely the point of this tax is to tax speculation over investment. i.e. if I am going to day trade on the FTSE it will kill me, but buy and hold will be fine.

Edited May 20, 2010 by CasualBear

[Toto deVeer]

I've got an idea - let's call it the 'Sheriff of Nottingham Tax' - every time someone buys something in the shops a few percent of the purchase price goes to me. Hell, we could even start lending people the money for their purchase at very high interest rates.

That'll never work, though, people are not that stupid.

In all seriousness, surely the point of this tax is to tax speculation over investment. i.e. if I am going to day trade on the FTSE it will kill me, but buy and hold will be fine.

It's not the day traders who have caused this problem though, it's the unregulated casino derivatives market. They should levy a 1% tax on all outstanding unregulated derivative products...and apply it against government deficits. It would raise a few trillion dollars per year, or completely stop the credit default market.