NO, it is not. What the world needs less of is banks taking from everyone for their own use and you will never know if it is really spent for what they "tell" you it is. tell them to rob themselves and put it on the line, they have the money not the workers.
@OldSmellyCrotch The people? By the people do you mean the "market". The market is not a good determinent of much. Supply and demand measures assume everyone has equal power to buy and accumualate capital. Not true. Thereby the more money you have the more "market votes" you have over produces. This doesnt sound very democratic to me. People benefit from tax. Invested back into public services we all enjoy, helps make a more equal society that all benefit from too. Progressive tax is just.
@OldSmellyCrotch You appear to be of the opinion that the poor deserve what they get. If we left it to all those who "voluntarily" gave, millions would go into poverty, millions more would die. Fact. Your arguement is along the lines of that of David Cameron, the idea that the state should play no role in supplementing the market... That we all should do as we please, if the poor get no charity, sucks to be them. Well, that is a disgusting approach. Tax should be increased for the rich. End of.
@Kunguskang lol at suggesting that David Cameron agrees with someone who doesn't believe in taxation. I don't remember that 0% taxation pledge. Think it would have made the news.
@OldSmellyCrotch Theft is justified then. To take from the rich, from the banking sector and invest in public services for the poor and middle income groups is wholly justified. We live in an unequal society, with social class determining alot of our access and opporutnities. To stop pprogressive taxation and preventing measures such as the robin hood tax, we leave millions at the mercy of the few... This is theft of liberty (to be on poverty) what kind of theft you value is subjective.
@OldSmellyCrotch In addition, by your free market, liberatarian princples you think that all forms of taxation is theft, but this ideological way of thinking is greatly flawed. We need taxation to fund public services such as NHS, education and housing. To take away tax would take away our welfare state, and although it has problems, would undermine the idea that money should not be the sole determinate in your life chances and access into society.
@OldSmellyCrotch Theft? So you think its not stealing from the bankers to be bailed out by the tax payers?
You think taxing the rich and banking sector to free millions from poverty is not just? Unequal societies have huge social problems such as higher infant mortality, teenage preganancy, mental health illness, sucide, violent crime and fear of crime. The list goes on.
To "steal" from the rich to cut the deficit is just, most of us work for them and create "their wealth anyway".
@MrDumbpublic - Got something to lose? I notice you joined youtube specifically to comment on this video only... 0.05% on transactions is more than 0.05% on profits, but it is still small and still allows for banks to continue their business unimpeded - just with slightly less criminal profit margins. As far as the market becoming stagnant - it tends to be over-reactive at the best of times, soon enough it would come back to pre-tax trade levels.
@Digdigs2 i don't like dishonest propaganda..which is what this campaign is.
If you can offer a viable way to tax the elite and redistribute wealth i will turn up and fight for it.
But to my mind this Robin hood tax think is just stupid..... can you prove it with real information rather than the populist deceptive way its being presented ?
@Digdigs2 and yes, as a small private trader trying to do better than the banks with my superannuation i will suffer from this, i cannot pay this out of the small profits i make.... i might exchange 300,000 in a night and make $ 100 ... go do the maths.
and from the dealers i speak to their profit margins are TINY.... your tax will kill a lot of people off... just go and tax the bloody bankers and ban the high frequency traders please and leave the current EXCHANGE system alone
@MrDumbpublic 300000 is alot to have to trade - and 100 in a night is not bad at all - that's more than many people make in their dayjobs - poor little you isn't so poor.
@Digdigs2 $100 AUD is better than the losses my superannuation fund has wreaked on my retirement money.. taken me 2 years of hard slog to learn how to trade my own superannuation....yes i am looking out for myself.
Fx hardly moves (not volatile) so one needs to use huge leverage to get any gains..its not 300,000 in my account ,its leveraged money and traded with safe stop loss at 2% risk of my small account,but im wasting my breath because none of you robin hood guys has a clue about the markets
I understand your point, I worked in retail banking before and during the crash in Britain. I get your risk, as a small trader it is difficult to compete with the big corporations, especially when the market is as uncertain as it is has been. However this tax is a stable, reasonable idea in a world that is billions in debt.
Britain alone has a virtually unimaginable amount of debt. If you want to go back to the days when we were making hay in the sunshine reaping great rewards, in the financial world, this money has to be paid back. "Robin Hood Tax" as it is so aptly named *will* take money from the banks, both retail, corporate and investment, and plough it back into places that need it most, places that have been hit far harder, than a small Trader.
$100 AUD is £60ish. I know families where both parents have been made redundant, and can't find work, still, because of the shortage of jobs, their children are going without. £60 to them is a weeks food money, school uniform for the year. With the help of this tax, the school that the children go to wouldn't have to cut the free meals scheme, or the cut-price uniform. It might affect you negatively, but the millions it will help outweighs that. Perhaps find another career?
In fixed-income trading (bonds, interest rate derivatives), the expected profit on a trade is often of the order of a few basis points (a basis point is 0.01%). In which context, this tax would simply shut the market.
As it did when the Swedish government levied a transaction tax on fixed-income securities.
"During the first week of the tax, the volume of bond trading fell by 85%, even though the tax rate on five-year bonds was only three basis points. The volume of futures trading fell by 98% and the options trading market disappeared."
The expected transaction tax revenue never materialized due to the total paralysis of the market. It is likely the exercise was overall revenue negative by eliminating trading profits that would have been taxed through the regular channels (corporation tax, employee income tax).
I would like to add that day traders and the like make for liquid markets that benefit long term holder of assets as they will always get the best price. Government is trying to punish speculators for the mistakes of government with these FT taxes. Also the FT tax could be applied to anyone that uses a debit or credit card. The same technology used to tax traders can be used at the the POS terminal at the supermarket.
Climate change is BS. The other problem is that once we have a Robin Hood tax there will be no limit to raising the tax to more than 0.5%. Those who proposed the income tax in the States proposed it would only be 2% on the wealthiest income earners, and we know how that turned out. If the economy is healthy then volatility is not such a huge problem. This Robin Hood tax is likely to leave us with illiquid financial markets with the need for tax hikes in the future.
@7Hook The loopholes you talk about are only there because the current and previous governments have allowed them to be there, ironically because of their 'free trade' values. If such a tax was actually put in place, it would be relatively easy to have it well policed.
I hate the banks as much as everyone else, but I hate this bullshit idea even more. Certainly the bankers ought to be punished - taxes on bonuses, class actions lawsuits, criminal charges, time in jail (especially wall street banks and London banks). But don't try to soothe my outrage with another pile of deceptions.
This concept as presented in newspapers is so obviously a pack of lies. It isn't even internally consistent. The bankers won't pay, the customers will.
I bet it would be fascinating to see what groups would get their snout in the trough of these billions in revenue from this scheme (and please explain how billions are going to be received but banks and customers won't feel it), and I'd bet double that there will be absolutely no transparency in the accounting for those billions.
@7Hook it will have to come off the huge bonuses they pay themselves wont it! There has to be a way to make sure the banks don't take it out on the public...
If it did actually do that (take a bite out of bonuses of the wall street criminals), then I'd be all for it. In reality, the big banks that deserve the punishment will figure out the loopholes that let them escape the tax, and the rest of the banking system, which was victimized by wall street and london, will end up being punished by this tax - punishment they don't deserve.
banks have steal from public money. All of us are paying to them to solve the crisis. Now it's time we receive back a bit of their profits . It's a matter of justice. Dont be stupid, customers won't paid anything.
NO, it is not. What the world needs less of is banks taking from everyone for their own use and you will never know if it is really spent for what they "tell" you it is. tell them to rob themselves and put it on the line, they have the money not the workers.
hross233 1 month ago
i spy a mickey smith!
apt14A 2 months ago
If all the banks left Britain it would just mean that the next time their gambling debts become unsustainable, somebody else can bail them out!
sionnyn 3 months ago
It's simple math folks. Common sense even.
planetlychee 3 months ago
@planetlychee yeah, common sense would tell you that all the transactions will happen outside EU jurisdiction, kindly get a clue
hayden50 3 months ago
0.05%??? Sure... No problem... The bank will just pass it on down to the client without batting an eyelash. lol
scannerman777 6 months ago
Stupid idea.
MrCleverfool 9 months ago
@OldSmellyCrotch The people? By the people do you mean the "market". The market is not a good determinent of much. Supply and demand measures assume everyone has equal power to buy and accumualate capital. Not true. Thereby the more money you have the more "market votes" you have over produces. This doesnt sound very democratic to me. People benefit from tax. Invested back into public services we all enjoy, helps make a more equal society that all benefit from too. Progressive tax is just.
Kunguskang 1 year ago
@OldSmellyCrotch You appear to be of the opinion that the poor deserve what they get. If we left it to all those who "voluntarily" gave, millions would go into poverty, millions more would die. Fact. Your arguement is along the lines of that of David Cameron, the idea that the state should play no role in supplementing the market... That we all should do as we please, if the poor get no charity, sucks to be them. Well, that is a disgusting approach. Tax should be increased for the rich. End of.
Kunguskang 1 year ago
@Kunguskang lol at suggesting that David Cameron agrees with someone who doesn't believe in taxation. I don't remember that 0% taxation pledge. Think it would have made the news.
Pixiesforever7 10 months ago
@OldSmellyCrotch Theft is justified then. To take from the rich, from the banking sector and invest in public services for the poor and middle income groups is wholly justified. We live in an unequal society, with social class determining alot of our access and opporutnities. To stop pprogressive taxation and preventing measures such as the robin hood tax, we leave millions at the mercy of the few... This is theft of liberty (to be on poverty) what kind of theft you value is subjective.
Kunguskang 1 year ago
@OldSmellyCrotch In addition, by your free market, liberatarian princples you think that all forms of taxation is theft, but this ideological way of thinking is greatly flawed. We need taxation to fund public services such as NHS, education and housing. To take away tax would take away our welfare state, and although it has problems, would undermine the idea that money should not be the sole determinate in your life chances and access into society.
Kunguskang 1 year ago
@OldSmellyCrotch Theft? So you think its not stealing from the bankers to be bailed out by the tax payers?
You think taxing the rich and banking sector to free millions from poverty is not just? Unequal societies have huge social problems such as higher infant mortality, teenage preganancy, mental health illness, sucide, violent crime and fear of crime. The list goes on.
To "steal" from the rich to cut the deficit is just, most of us work for them and create "their wealth anyway".
Kunguskang 1 year ago
Ok that was funny.
Syrus7sk 1 year ago
You want to tackle the debt? Go back to the gold standard for god sake.
Eliminate the fractional reserve system and substitute it with a 100% one.
And eliminate the central bank.
That would make a difference.
pereeldelospalotes 1 year ago
good idea, stupid advert idea
Killerbabyseal 1 year ago
If 0.05% doesn't seem a lot, then you haven't appreciated the difference between a tax on transactions and a tax on profits.
MrDumbpublic 1 year ago
@MrDumbpublic - Got something to lose? I notice you joined youtube specifically to comment on this video only... 0.05% on transactions is more than 0.05% on profits, but it is still small and still allows for banks to continue their business unimpeded - just with slightly less criminal profit margins. As far as the market becoming stagnant - it tends to be over-reactive at the best of times, soon enough it would come back to pre-tax trade levels.
Digdigs2 1 year ago
@Digdigs2 i don't like dishonest propaganda..which is what this campaign is.
If you can offer a viable way to tax the elite and redistribute wealth i will turn up and fight for it.
But to my mind this Robin hood tax think is just stupid..... can you prove it with real information rather than the populist deceptive way its being presented ?
MrDumbpublic 1 year ago
@Digdigs2 and yes, as a small private trader trying to do better than the banks with my superannuation i will suffer from this, i cannot pay this out of the small profits i make.... i might exchange 300,000 in a night and make $ 100 ... go do the maths.
and from the dealers i speak to their profit margins are TINY.... your tax will kill a lot of people off... just go and tax the bloody bankers and ban the high frequency traders please and leave the current EXCHANGE system alone
MrDumbpublic 1 year ago
@MrDumbpublic 300000 is alot to have to trade - and 100 in a night is not bad at all - that's more than many people make in their dayjobs - poor little you isn't so poor.
Digdigs2 1 year ago
@Digdigs2 $100 AUD is better than the losses my superannuation fund has wreaked on my retirement money.. taken me 2 years of hard slog to learn how to trade my own superannuation....yes i am looking out for myself.
Fx hardly moves (not volatile) so one needs to use huge leverage to get any gains..its not 300,000 in my account ,its leveraged money and traded with safe stop loss at 2% risk of my small account,but im wasting my breath because none of you robin hood guys has a clue about the markets
MrDumbpublic 1 year ago
@MrDumbpublic
I understand your point, I worked in retail banking before and during the crash in Britain. I get your risk, as a small trader it is difficult to compete with the big corporations, especially when the market is as uncertain as it is has been. However this tax is a stable, reasonable idea in a world that is billions in debt.
Queenieheart1989 1 year ago
@MrDumbpublic
Britain alone has a virtually unimaginable amount of debt. If you want to go back to the days when we were making hay in the sunshine reaping great rewards, in the financial world, this money has to be paid back. "Robin Hood Tax" as it is so aptly named *will* take money from the banks, both retail, corporate and investment, and plough it back into places that need it most, places that have been hit far harder, than a small Trader.
Queenieheart1989 1 year ago
@MrDumbpublic
$100 AUD is £60ish. I know families where both parents have been made redundant, and can't find work, still, because of the shortage of jobs, their children are going without. £60 to them is a weeks food money, school uniform for the year. With the help of this tax, the school that the children go to wouldn't have to cut the free meals scheme, or the cut-price uniform. It might affect you negatively, but the millions it will help outweighs that. Perhaps find another career?
Queenieheart1989 1 year ago
In fixed-income trading (bonds, interest rate derivatives), the expected profit on a trade is often of the order of a few basis points (a basis point is 0.01%). In which context, this tax would simply shut the market.
As it did when the Swedish government levied a transaction tax on fixed-income securities.
MrDumbpublic 1 year ago
"During the first week of the tax, the volume of bond trading fell by 85%, even though the tax rate on five-year bonds was only three basis points. The volume of futures trading fell by 98% and the options trading market disappeared."
MrDumbpublic 1 year ago
The expected transaction tax revenue never materialized due to the total paralysis of the market. It is likely the exercise was overall revenue negative by eliminating trading profits that would have been taxed through the regular channels (corporation tax, employee income tax).
MrDumbpublic 1 year ago
I would like to add that day traders and the like make for liquid markets that benefit long term holder of assets as they will always get the best price. Government is trying to punish speculators for the mistakes of government with these FT taxes. Also the FT tax could be applied to anyone that uses a debit or credit card. The same technology used to tax traders can be used at the the POS terminal at the supermarket.
maskedavenger777 1 year ago
Climate change is BS. The other problem is that once we have a Robin Hood tax there will be no limit to raising the tax to more than 0.5%. Those who proposed the income tax in the States proposed it would only be 2% on the wealthiest income earners, and we know how that turned out. If the economy is healthy then volatility is not such a huge problem. This Robin Hood tax is likely to leave us with illiquid financial markets with the need for tax hikes in the future.
maskedavenger777 1 year ago
@7Hook The loopholes you talk about are only there because the current and previous governments have allowed them to be there, ironically because of their 'free trade' values. If such a tax was actually put in place, it would be relatively easy to have it well policed.
mayonnaiser 1 year ago
@mayonnaiser
in current times, banking and government are functioning as a symbiotic relationship.
One will not do harm to the other.
7Hook 1 year ago
I saw Chris from Skins in that ad. Perfect casting for that five second shot!
jaddicoat95 1 year ago
This idea is such a lie, I wouldn't be surprised if it was concocted by bankers.
7Hook 1 year ago
I hate the banks as much as everyone else, but I hate this bullshit idea even more. Certainly the bankers ought to be punished - taxes on bonuses, class actions lawsuits, criminal charges, time in jail (especially wall street banks and London banks). But don't try to soothe my outrage with another pile of deceptions.
This concept as presented in newspapers is so obviously a pack of lies. It isn't even internally consistent. The bankers won't pay, the customers will.
7Hook 1 year ago
@7Hook
I bet it would be fascinating to see what groups would get their snout in the trough of these billions in revenue from this scheme (and please explain how billions are going to be received but banks and customers won't feel it), and I'd bet double that there will be absolutely no transparency in the accounting for those billions.
7Hook 1 year ago
@7Hook because 0.05% is practically nothing!
Selfhealer22 1 year ago
@Selfhealer22
Billions annually is not practically nothing.
7Hook 1 year ago
@7Hook it will have to come off the huge bonuses they pay themselves wont it! There has to be a way to make sure the banks don't take it out on the public...
Selfhealer22 1 year ago
@Selfhealer22
If it did actually do that (take a bite out of bonuses of the wall street criminals), then I'd be all for it. In reality, the big banks that deserve the punishment will figure out the loopholes that let them escape the tax, and the rest of the banking system, which was victimized by wall street and london, will end up being punished by this tax - punishment they don't deserve.
7Hook 1 year ago
how can this be said as stealing if the banks complide.
chenism 1 year ago
banks have steal from public money. All of us are paying to them to solve the crisis. Now it's time we receive back a bit of their profits . It's a matter of justice. Dont be stupid, customers won't paid anything.
redkamikaze 1 year ago
Not the main point but Tom Feltons looks so goooddd.....
Mmmmhhmmm... :)
serpentinequeenie01 1 year ago
@serpentinequeenie01
0:51 ^^
Eruaphadriel 1 year ago
@Eruaphadriel
*melts* :0
serpentinequeenie01 1 year ago
@serpentinequeenie01 haha thats why i watched it!!!
HarryPotterFanat1000 3 months ago
Not complicated. Just theft.
netimp 1 year ago
This is a terrible idea...
mikeymike89 1 year ago
@mikeymike89 why?
Selfhealer22 1 year ago
lame lame lame
an excuse to steal
Shanniquitie 1 year ago
@Shanniquitie yeah, an excuse to steal from the banks
Orbi90 1 year ago 2
I hate tax, but this does seem like a good idea
RationalTheism 1 year ago
the most stupid advert I have ever seen.
markie101uk 1 year ago
what? dont get it
djmakerz 1 year ago
do you honestly believe the banks wont pass on the expense to you????....this is a good example of a stealth tax.......
lumpfish99 1 year ago 2