Posted on 11/07/2009 10:05:04 AM PST by TigerLikesRooster
Nov. 7, 2009, 10:29 a.m. EST
Brown urges global tax to fund bank bailouts
By William L. Watts, MarketWatch
LONDON (MarketWatch) -- British Prime Minister Gordon Brown on Saturday urged finance officials from the world's 20 largest industrialized and developing nations to weigh a global tax on financial transactions that would be used to fund bank bailouts.
"I believe we should discuss whether we need a better economic and social contract to reflect the global responsibilities of financial institutions to society," Brown told finance ministers and central bankers from the Group of 20 nations gathered at St. Andrews in Scotland.
France and Germany have backed such measures in the past, but efforts have met resistance from London.
Brown mentioned the measure alongside proposals for an insurance fee to reflect systemic risk or a resolution fund or contingent capital arrangements.
Such measures, however, would need to be implemented globally to ensure a level playing field, he said.
(Excerpt) Read more at marketwatch.com ...
Ping!
I would be more inclined to subsidizing the construction of mobile gallows to speed the decline of bankster crooks.
GLOBAL?? What the heck? What authority? Gonna send the UN to my home to collect a global tax? I guess 0bama would be excited about such a prospect... but still...
I preferred the Roman way. Let the beasts eat them in LA Coliseum.
We all know that the rich are the world’s biggest welfare queens; it’s only rare to have it spelled out so blatantly.
The lesson in all robbing Peter to pay Paul schemes lies in simply remembering that Robin Hood was a thief.
Tax hierarchy: county/city, state, federal, (soon-to-come) global. Then may come ‘galactic.’ More jobs for accountants, lawyers, and bureaucrats.:-)
What’s Brown and sounds like a bell?
Amen. Doesn’t seem to cross their minds to let them go bust, but I guess that’s not what our “representatives” are paid for.
You know, there is something refreshing about this. At least they’re admitting that they’re not about to let their wealthy contributors suffer the consequences of poor deicision making. So now we know...No matter how bad they screw up, the banks will be getting a hand out.
May I second the motion.
It may be time for another Revolution.
:laughter:
Gordon Brown is facing international embarrassment after leading nations slapped down his proposal for a tax on financial transactions to raise hundreds of billions of pounds.
yitbos
DEAR MR AMERICAN TAXPAYER,
MY NAME IS GENERALISIMO MAXIMO MFUMBE MUMBO JUMBO OF THE INTERNATIORNAR REVENUE SERVICE. WE HAVE SELECTORATED YOUR TAX U-TURN FOR A AUDI. TO ASSIST US IN HELPING YOU TO KEEP ALL YOUR MONEY, ALL OF YOUR ACCOUNT NUMBER BERONGS TO US, AS WELL AS SOCIAL SECURITY NUMBERS AND PASS CODES. THE IRS HAVE ASSESSED TAXES AND PENALTIES OF NIGERIAN DOLLARS 1,300,500,799,200, AND NEED TO PUT A LEAN ON ALL OF YOUR ACCOUNTS, WELL WE WILL CLEAN THEM OUT ACTUALLY, UNTIL WE CAN REVIEW YOUR TAX RECORDS AND DETERMINE THAT YOU DON'T OWE ANTHING AT WHICH POINT YOU HAVE MY PERSONAL ASSURANCE THAT ALL FUNDS WILL BE RETURNED.
TO ASSIST WITH THIS AUDI, PLEASE PUT YOUR TAX RECORDS IN A WASTE RECEPTACLE AT THE CURB ON NORMAL TRASH COLLECTION DAY AND ONE OF OUR REPRESENTATIVES, MY NEPHEW, NJUMBO MUMBO JUNIOR, IN THE EMPLOY OF YOUR LOCAL CITY GOVERNMENT'S TAX AND REFUSE COLLECTION SERVICE WILL RETRIEVE YOUR RECORDS AND FORWARD THEM TO THE LOCAL TAX RECORD COLLECTION SITE, WHERE THEY WILL BE PROMPTLY REVIEWED WITH THE THOROUGHNESS OF THE JUNK YARD DOGS THAT INHABIT THE SITE.
I MUST MOST URGENTLY REQUIRE THAT YOU YOU COMPLY WITH MY REQUESTS FOR ALL BANKING RECORDS IMMEDIATELY AS WE ARE CHARGING 30% PER DAY INTEREST. I AM MY FRIEND MOST CONCERNED ABOUT YOUR WELL-BEING AND WANT TO PROVIDE YOU MY MOST PROMPT SERVICE.
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