G8 leaders to discuss eurozone woes

[Amster Dan]

Source: London Evening Standard

David Cameron is due to join other world leaders in talks set to be dominated by the deepening crisis over the eurozone.

Barack Obama has chosen the intimate setting of the US presidential retreat at Camp David to host the G8 in an attempt to foster free and open discussion among the leaders.

But even before official proceedings began, the event got off to a difficult start when Mr Cameron clashed with Francois Hollande over the new French president's proposals for a Europe-wide tax on financial transactions.

The two men met for the first time following Mr Hollande's election triumph earlier this month at the residence of the British ambassador in Washington before travelling on to Camp David. Although the talks were described by officials as "friendly" there was no disguising the sharp difference over the issue of the financial transaction tax, which formed a key plank of Mr Hollande's election platform.

Read more: http://www.thisislondon.co.uk/panewsfeeds/g8-leaders-to-discuss-eurozone-woes-7764080.html

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What's wrong with a tax on financial transactions?

[Peace Patriot]

1. Well, what's wrong with it is, like, taxing the poor for buying food or medicine...

...or clothes for the kids, or a refrigerator or a car. That's a "financial transaction," right? It's got sales tax on it, in most places. Rich, poor, you gotta pay it. Everybody's got to contribute to the common welfare.

Now, when you look at financial transactions of the kind referred to above--for instance, big investors betting billions that poor homeowners will default, and selling that casino game around among themselves, with the banksters having designed the mortgages to increase the prospects of default, well, there you have it. Taxing that would create TOO MUCH "common welfare" and it would be discriminatory and unconstitutional, because the tax falls only on the rich and the corporate.

See?



Oh God, I've given them ANOTHER "Alice in Wonderland" 'talking point'!

[suffragette]

2. Good for Hollande

The only thing wrong with such a tax is that it has not been implemented yet.

More regulation in that arena would be good as well.

But I'm sure the same folks who are so supportive of the various austerity measures targeted at the poor and middle class will squeal at even the idea of this small step to provide a more equitable opportunity for the wealthy to pitch in and support the societies from which they draw so many benefits.



Welcome to DU!