Wednesday, October 26, 2011

Germany sets course for conflict over a Financial Transaction Tax

A Tweet from Open Europe reports the following as being stated by German Chancellor Angela Merkel in the Bundestag this morning:

Merkel - We are committed to ensuring that Commission's proposal for Financial Transaction Tax will be a success and also push for it at G20

A financial transaction tax will eventually and very quickly yield nothing. If the Euro Group enacts it then the City of London wil grow ever faster. If the EU enacts it
then the worlds financial centres will not be based there. If the G20 enacts it then financial transactions will go elsewhere.

As with economic governance and Italy this morning - it sounds acceptable but at the end of the day it is somebody else telling you how to live. If Italians will not accept 67 as a proper pensionable age before an election, are they likely to do so afterwards?

Portugal's bail out was agreed by civil servants before a general election - how democratic is that?

A financial transaction tax can only work with world government -is that really the path upon which Germany wishes to embark today?



Anonymous Anonymous said...

Give the Germans a glimmer of domination, they'll always go for it, even though it'll lead to ruination in the end

1:29 PM  

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