Nigel Farage: EU Financial Transactions Tax is Kamikaze Economics

[iownall12able]

I support the Financial transaction tax BUT ONLY IF ALL COUNTRIES accept it, that way banks cannot move to tax havens, otherwise banking countries affected by the tax (The UK) would be badly affected by it.

[independence4wales]

@iownall12able ALL taxes make people poorer and things more expensive. No tax is good.

[iownall12able]

@independence4wales It would cover the banking system from another crisis, preventing the tax payer from being required to bail them out WHICH, makes people MUCH poorer... Remember 2008?

[independence4wales]

@iownall12able please, think about what you are saying instead of repeating what the banks tell you. You sound like you have fallen in love with your captors.

Some questions. How did the banks get so big? Do you agree that massive banks are a problem? Do you think the answer is to make them bigger?

[iownall12able]

@independence4wales Yes banks are a problem, and the way they work is going to wherever charges them less... they cause trouble but are also a MAJOR source on income for the UK but they must be held accountable. If we introduce this tax and say Switzerland doesn't banks will just move their HQ their to save money drawing money away from the UK. The Idea is good but we cannot have just the EU having it it MUST be global in order to work.

[independence4wales]

@iownall12able lets get back to basics, the customers of the bank pay the taxes, not the bank, and that means you and me will be paying. The only money a bank has is from it's customers, you agree?

[iownall12able]

@independence4wales Wait... so you disagree with the Financial transactions tax? In that case we are in agreement... :S

Sadly banks do pass the cost onto the customer... At the moment I'm more concerned about the £50bil that was just printed... (irrelevant but still...)

[independence4wales]

@iownall12able Cool, I'm glad we agree.

Irrelavant? Au contraire. Just like the transactions tax is way for me and you to bail out governments and banks so is the 50bill. If you ever needed evidence that the BOE's top priority is to look after the big banks then this is it. Screw the pensioners, screw people who have saved, the BOE is on a mission to devalue debt & peoples purchasing power.

[iownall12able]

@independence4wales At the end of the day thats it I suppose... An idea sounds good and the people support it but it is corrupted to benefit the few. Communism is perfect in theory... but it cannot work because people are corrupt. Animal farm is a perfect example of this. This is why I'm libertarian: The government has too much control. If they left the economy alone inflation would be low and people would be better off spend more e.t.c. but no, Big banks win. As always...

[iownall12able]

@independence4wales Continuing from the last comment I think I've pretty much lost faith in paper currency now. I'm going to turn most of my monetary wealth into stocks and silver.

It's certainly safer than where the pound is heading.

[iownall12able]

@independence4wales But again ONLY if ALL countries accept it, which, I doubt will happen.

[shotsky94]

A former banker. What do you expect....

[paddyswfc]

Would people be in favour of a tobin tax if it were introduced globally - thereby avoiding the "they'll all run off to Hong Kong" argument, and if not, why not?

[nofatchicks6]

@paddyswfc because that would require global government - and who wants that? (except all at the EU and UN)

[independence4wales]

@paddyswfc Ultimately customers pay taxes, not businesses (businesses gets all of their money from their customers). The tobin tax, like all taxes, are a tax on the people. all taxes make things more expensive and people poorer.

[Hulli56543]

Hey guys, regarding your discussion here.

Is it really so difficult to get into your heads that being a banker does not exclude being a hardcore socialist!!! Never heard about industrial-socialism led by central banks???

[NietzscheanMan]

@Hulli56543 Exactly, the top of the banking system is about as hardcore socialist as it gets; much like stalin and consorts were. People only see socialism as abuse when they're not the ones doing the robbing. But again, blaming non-central bankers for the financial crisis is like blaming a gun for a murder.

[independence4wales]

@NietzscheanMan you seem to be implying central banks and "private banks" as different entities. Your big "private" banks control the central banks, not the other way round. Please see who make up the board of directors of your central bank. If banks were truly "private" then anybody would be free to start their own bank completely independent from the central bank.

[rast123456789]

I always like this guy

[tucays1]

where is godfery bloom? is he banned from the eu?

[jcvjcvjcvjcv]

Just see Barroso see there. Perhaps he is thinking: "Just wait 'till I get my EU army..."

[Rayneenights]

I'm amazed that the NWO haven't snuffed this guy yet.

[shaurz]

Britain needs to do something useful anyway instead of parasitic financial services. Remember Farage has a bias here, being a former trader himself.

[1126thmp]

Reason why most industrialized nations, especially after 9/11 have instituted major overhauls in financial transactions controls they don't like. One primary benefit of this being capitol flight .

[Forusim]

Well UK sold it´s strong productive industry to China and left only fraud backed financial complex.

Ofc it would be the best to close this fraud and go back to roots, but it would hurt real bad the common people and not any politician could sell this to the short minded crowd.

Noone wants real reforms, because people hate changes, when they really come, but demand them as often as they can.

So what do normal politians, they promise reforms and do none of them and people are ok with that.

[Rustyshackleford08]

I disagree with him on the tobin tax, its the only tax that gathers enough money to balance the budget. It would have to be world wide though.

[empyah]

Fortune favors the brave.

[AleXGT7]

Whether you agree with bankers practices or not, it's another matter.

This is a directive purely to make financial markets in the EU uncompetitive.

HSBC has already made tracks to move to Hong Kong back to it's original roots. Banks in Europe can do the same, especially with slow growth in Europe and bigger growth in Asia.

At a time when the countries of Europe are shrinking relative to world trade, we should be making our selves more competitive not less.

[biozamadotcom]

They are moving to ShangHai

[GermanInvestor]

i am very disappionted that Nigel calls banks "industries". What do they _produce_ to make profit on except "voluntary fraud"?

[footiecyclo]

@GermanInvestor What do you want to call it otherwise? Cats?

[NietzscheanMan]

@GermanInvestor Everything through money lending and helping to finance everything you see around you, basicly. Don't blame the banks for the trouble they appear to cause, blame socialist interventionism that keeps the bad ones afloat and makes the good ones pay for it

[GermanInvestor]

@NietzscheanMan "Everything through money lending and helping to finance everything you see around you, basicly. "

what a BS, running a fraud ponzi scheme without working brings you nothing, you "finanicial britains" will find out the very hard way after your deindustrialisation, trust me. You should start to study austrian economics.

[NietzscheanMan]

@GermanInvestor I think you misinterpreted what I said. There is nothing evil or BS about banks as such, what corrupts the banking system is socialist interventionism and crony politics. I wrote my thesis on austrian economics, btw.

[GermanInvestor]

@NietzscheanMan ACK. Personally I am completely against the Tobin-Tax. Anyway, its also not an argument to say "no tobin tax, that would hurt our holy banks which we so desperately need, please more banks..." that is a really bad phony reason against the tobin tax.

[NietzscheanMan]

@GermanInvestor Most banks that are active today should have been buried a long while ago (this latest financial crisis wasn't the first, and it certainly isn't going to be the last - see where this thing goes within the next 5 years). They would have been without socialist interventionism; that's a fact. Socialism and central banking with political instead of market interest rates is what causes booms and busts (the financial crisis was just another example) - not "banks" as a concept.

[akscldn]

@NietzscheanMan What are you on about. Whether or not banks leend out responsibly there will always be more debt in society then money to pay for it because of the fact that the central banks ie.federal reserve , the bank og england are private banks who do not print and GIVE money to governmmennt but print and BORROR money to0 governmment at face value with added interest on top meaning only the principle is ever in circulation in the economy and not the interest

WATCH MONEY MASTERS for info

[NietzscheanMan]

@akscldn I don't mean this as a snub, but you completely misunderstand how money (or at least interest) works. The interest is the new principle once it is paid off so to speak - economics isn't a zero sum affair. At least not in a free market (of course, when talking about our communist system, the principle is never in circulation either). Central banks are only private in the sense that the in crowd uses them for their political and financial gain, but they're nothing like a private bank.

[independence4wales]

@NietzscheanMan do governments pay interest to their central banks?

[independence4wales]

@NietzscheanMan socialisim is supported by the banks. if the banks were independent of government there would be no socialism, not in the coercion sense of the word anyway

[empyah]

@GermanInvestor

I think he is very well aware of the irony - thus turning it into "camouflaged"-sarcasm of sorts that suits his overall presenting-"style" ,which in a nutshell ridicules the blatancy in which this purely evil and absurdly insane agenda unfolds in front of our very own eyes.

[SkaffBear]

@GermanInvestor

well this reminds we should never have too many expectations from right wing politicians. I love Farage when he exposes the issues of the EU, but let's not forget he's all the way in support of capitalism and global economy, and as we can see here, of the financial "industry", as he says, which are what concerns most of us so bad.

[SkaffBear]

@GermanInvestor

I don't know how you can associate bank-government frauds with socialism but that's ok if you think so :)

the problem with capitalism is that this is where it took us... if you give rabbid dogs too much freedom they will end up biting someone :) after all what is capitalism? it's competition, and competition has winners. The winners take it all, and that's what they are doing. You let Rotschild, Rockefeller and all the rest too free to gather wealth and power...

[GermanInvestor]

@SkaffBear "after all what is capitalism? it's competition, and competition has winners. The winners take it all"

Winning should be asociated with success. Putting money into never ending holes (and therefore printing it) has nothing to do with capitalism. Thats what the socialist governments of past and present do. And here in the EuSSR they do it through banks.

[SkaffBear]

@GermanInvestor

sorry, what are you talking about? There is no law in the capitalist system that forces wealthy people to re-invest their capital. If they are free, it means they are also free to do with it whatever they want. Anyway here we are not talking about capitals that are to re-invest, we are talking about a wealth that is out of common morals immagination..it's neither socialism nor capitalism, it's just what they call neo-feudalism. I say it again, it's the winners who control us now

[xaviqaz]

@SkaffBear And he favors currency devaluation in struggling Eurozone states instead of reform and austerity. He is far from perfect. I like him because bashes EU centralism and is a critical of "war on terror" foreign policy (backed by both EU and USA)

[SkaffBear]

@xaviqaz

I think currency devaluation is not a problem, look at China. They are doing that and they seem to do pretty well :) That was a usual tool to use for countries in the competition game, and many economists think debt is actually an asset for those who hold it (which is the population). The criminalization of debt is mostly an ideologic dogma, and it is proving to be a failure. On all the rest I agree with you 100%

[siratthebox]

@GermanInvestor The banks produce profit by playing the stock market as well as loans etc .. they "produce" money for themselves and customers.

[Jasonsenipor]

@GermanInvestor they produce MONEY from Thin air.

Backed by nothing.

[rugbyanden]

@GermanInvestor dreams

[sexyxrs]

@GermanInvestor to cheer u up EU bank will be even worse :p

they gonna produce money out of air thnx to EU and we gonna live in 1 europe under the euro

[tmac9938]

@GermanInvestor he knows his audience, that's why.

[xaviqaz]

@GermanInvestor You are right, but anglos tend to use "industry" to refer to any economic activity. And "manufacturing" to refer to what most people call industry.

[ForABetterTomorrow]

@GermanInvestor A private bank deals with trust. While not a material good it can be very valuable.

If the government bails out banks it levels the only good they can offer, making all banks untrustworthy.

[StevXtreme]

@ForABetterTomorrow Private banks have N O reason to exist. ABSOLUTELY NO REASON. Anything a private bank does a state bank can do better. And if there's a thing a state bank can't do that a private one can, it's because that thing shouldn't be even done.

[ForABetterTomorrow]

@StevXtreme

1. Everyone is a private bank

2. Of course you are wrong. Just look at Zimbabwe how bad their central bank is.

3. Define "better". If a dictatorship where everyone is held in prisons was economically more productive, would you be for it?

[StevXtreme]

@ForABetterTomorrow 1. So I can make my own money, then?

2. Indeed, I should have made a few premises, such as "state should be fully socially and mathematically evolved".

3. Better as in more efficiently for the advancement of the human race and not for idiotic and petty individual "needs"

[ForABetterTomorrow]

@StevXtreme

1. You ought to be allowed to make your own money, with your own picture on it. If many other people trust you they will use your money for their daily businesses.

2. How much does a human life and human freedom cost in your mathematical evolved society?

3. Define "human race". What is it? Please explain how you can decide how something advances the human race. Your feelings?

[StevXtreme]

@ForABetterTomorrow

1. Ought. It isn't.

2. Nothing. It would actually be billions of times freer that our current one (well, "free" in the whole chain of consequences our universe is)

3. All Homo sapiens sapiens (and subsequent mutations and derivatives such as synthetic intelligence androids or whatever). The advancement of said species would be bi-dimensional: technological and cultural.

[ForABetterTomorrow]

@StevXtreme

Please lay out a mechanism / algorithm / formula how to determine if an action 'advances the human race'. So far all you say that "something is good if I feel that it is." Slaughtering 3 billion people might then 'advance the human race'.

[StevXtreme]

@ForABetterTomorrow Time is our only currency. Technological advancement is acknowledged as any kind of construct that allows us to do more in less time or anything that mechanizes activities, freeing time. Also acknowledged as tech advancement the equipment/concepts that allow for more and more complex forms of entertainment.

Cultural advancement is just about anything else. Music, politics, sports etc etc etc.

The main rule to follow: "All humans are equal and no one has the right to kill".