Quote:
Originally Posted by Chrysalis
It would undo it over time.
There is no way to deal with it without them crying over it and leaving or at least threatening to leave which ultimately would make the government back down. The government needs to stop been afraid of the banks, call their bluff.
Its evident how powerful they were back at the time they won the overdraft charges case, the system was simply too scared to make them hand billions back to consumers.
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Once again you are letting your understandable dislike for Fred the Shred and his ilk cloud the issue and conflating fat cats, the City of London, the financial sector as a whole and the high street banks. At the same time you avoid the issue of what happens about all those
thousands of distinctly non fat cat jobs nationally which depend (directly and indirectly) on the financial sector as a whole. Do you want those jobs lost and the billions the tax payer has put at risk in RBS, HBOS back or not? You can't have it both ways.
---------- Post added at 21:21 ---------- Previous post was at 21:20 ----------
Quote:
Originally Posted by Traduk
Even though I went to a great deal of trouble to type out the differences between the manner in which the banks caused the problems and the effects of what is proposed via a Tobin tax would have, I appear to have wasted my time. 
The would be no threatening to leave involved at all. Tomorrow the banks start quoting pairs prices for currencies on the global Forex markets. If London carried a Tobin tax nobody would deal with them and pay the tax but instead would use American banks as market makers.
From the global leader, London would be finished from the opening bell of the first day of the unilateral introduction of such a tax. The 1.35 Trillion of capital flow through London markets would be instantly stopped and with Britain closed for that type of business the international banks wouldn't threaten to leave, they would just leave and relocate that business, most probably to America.
We are nothing but a tiny little island in a world of globalisation. Within that area of finance we punch well above our weight and are the global leader.
Failure to understand what we are privileged to be the central hub for and confuse the issue with high street banks charges is hard to describe in words without being insulting. Perhaps if you took time out to think about the different aspects of banking and separated the good from the bad you may understand why Cameron had no choice. |
Very well explained but I doubt it will make any difference sadly.