Flaherty, USA say no to global financial tax, yes to continued ’stimulus’ at G20
Saturday, November 7th, 2009
Flaherty is right to reject this suggestion, which, as a tax on all economic transactions that would be passed on to you, amounts to free insurance for economic institutions and, worse, a subsidy to underwrite investments in paper securities held by the largest international banks as they inevitably destabilize and devour their smaller competitors. This appears to be another gambit in the ongoing consolidation of financial power, however, an important question must be raised – why would the US oppose this? Is there a rift between the Federal Reserve/Goldman Sachs and the IMF, which would manage such a fund? This seems likely since the Fed is also proposing just such a system but under its own national jurisdiction.
Flashback: Bernanke continues pressing for sweeping new powers for Fed | IMF chief wants global bank tax | G20 nations meet as protests flare on issue of international banking regulation | IMF approves $13bn gold sale to boost lending fund | China Set to Buy $50 Billion in IMF Notes | China calls anew for super-sovereign currency | No one talking about dumping dollar: China minister | China explores buying $50bn in IMF bonds | Chinese economists deem huge holding of US bonds “risky” as Geithner visits | A Bigger, Bolder Role Is Imagined For the IMF | UK PM reveals G20 plan to boost IMF by $1 trillion, hails new world order (again) | UN & IMF Back Agenda For Global Financial Dictatorship | IMF poised to print billions of dollars in ‘global quantitative easing’ | Gordon Brown seeks sweeping reforms to give IMF global ’surveillance role’ | IMF may need to “print money”, act as “world’s central bank” as crisis spreads | Globalists Exploit Financial Meltdown In Move Towards One World Currency | World needs new Bretton Woods, says Brown | IMF prescribes state regulation of ‘global financial order’ | Bilderberg Seeks Bank Centralization Agenda | Banks face “new world order,” consolidation: report
CBC News
November 7, 2009
Money collected could fund bank bailouts
Canadian Finance Minister Jim Flaherty has poured cold water over a proposal by British Prime Minister Gordon Brown for a global tax on financial transactions to fund future bank bailouts.
“That’s not something that we would want to do. We’re not in the business of raising taxes,” Flaherty said after a Group of 20 finance ministers meeting in St. Andrews, Scotland.
“But the principle, the idea, that banks should plan ahead for their own demise and fund that with a living will, or some other concept like that, is a good one and more work is going to be done on that by the G20 finance ministers.”
The U.S. also rejected the idea.
In a speech Saturday to the finance ministers, Brown said such a tax should be considered to raise the level of accountability in the financial sector.
“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 the G20 ministers.