IMF Mulls a Global Bank Tax

Wall Street Journal ^ | October 3, 2009 | Bob Davis

[reaganaut1]

ISTANBUL -- The International Monetary Fund, acting at the behest of leaders of the Group of 20 nations, is examining how a tax on financial institutions could be applied globally.

Neither the size nor use of revenue from such a tax has been decided. Brazil's finance minister, Guido Mantega, said when ministers met in Pittsburgh recently they discussed using proceeds to help finance developing countries during crises. Another possibility, discussed in a recent IMF report, would be to "pre-finance a bailout fund" to handle financial institutions deemed "too big to fail."

IMF Deputy Managing Director John Lipsky compared a prospective tax to deposit insurance systems in which banks pay into a kitty that is tapped to pay off depositors when a bank fails. "Now we can see we need to look more broadly across the financial system, think more broadly than deposit insurance, and ask the question, 'How should these potential mitigation costs be borne?'" he said. He said the IMF needs to consider whether financial companies should be singled out for a tax.

The IMF assignment from the G-20 has been widely overlooked. According to the G-20's Pittsburgh communiqué, the IMF is supposed to report by the spring to see how the financial sector "could make a fair and substantial contribution toward paying for any burdens associated with government interventions to repair the banking system."

Earlier this year, President Barack Obama said the U.S. might assess new fees against financial companies engaging in what he labeled "far-out transactions," in order to protect taxpayers from future bailouts. The administration hasn't publicly followed up on those comments.

[reaganaut1]

Just what we need, global taxes (on top of federal, state, and local ones). When did the IMF get taxing authority?

[reg45]

The International Monetary Fund, acting at the behest of leaders of the Group of 20 nations, is examining how a tax on financial institutions could be applied globally.

Is that "behest" or "be heist"?

[EBH]

The receivers of the United States Bankruptcy are the International Bankers, via the United Nations, the World Bank and the International Monetary Fund. All United States Offices, Officials, and Departments are now operating within a de facto status in name only under Emergency War Powers. With the Constitutional Republican form of Government now dissolved, the receivers of the Bankruptcy have adopted a new form of government for the United States. This new form of government is known as a Democracy, being an established Socialist/Communist order under a new governor for America. This act was instituted and established by transferring and/or placing the Office of the Secretary of Treasury to that of the Governor of the International Monetary Fund. Public Law 94-564, page 8, Section H.R. 13955

[NotSoModerate]

Thanx for the info. Bye Bye USA.

[Diogenesis]

More kickbacks for us. More brothels for us.
Slavery for our constituents.