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View Diary: updated:The Horror! EU proposes introducing Financial Transactions Taxes! (101 comments)

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  •  The US likely lacks the will (1+ / 0-)
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    erush1345

    and the necessarily large constituency clamoring for such change. But the idea that all other sovereign nations will follow suit is, IMO, pure fancy. Moreover, it's unrealistic to expect the US to somehow be a world policeman for other countries to start taxing any one field at a specific amount.

    Unapologetic Obama supporter.

    by Red Sox on Wed Sep 28, 2011 at 01:42:48 PM PDT

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    •  It is not fancy it is very easy for powerful (0+ / 0-)

      nations to force smaller ones to do their bidding; the US does not need to be a world policeman, all of these governments together can work to get these implemented. It is the size of the US financial markets and its economic power and its place in the world economy that make it important here, not its military. You are using the term world policeman incorrectly here, whether deliberately or not.

      "Hegel noticed somewhere that all great world history facts and people so to speak twice occur. He forgot to add: the one time as tragedy, the other time as farce" Karl Marx, The Eighteenth Brumaire of Louis Bonaparte .

      by NY brit expat on Wed Sep 28, 2011 at 02:10:05 PM PDT

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      •  I'm not suggesting military (1+ / 0-)
        Recommended by:
        erush1345

        Rather, just because the US charged a transaction tax wouldn't mean that others would too. And I don't see much appetite in Washington to cajole other countries into following suit, and without some sort of sanction for not imposing this tax, there will be at least a couple attractive countries (I suspect South Africa would be at the top of the list) who will forego the tax to attract the financial companies.

        Unapologetic Obama supporter.

        by Red Sox on Wed Sep 28, 2011 at 02:33:42 PM PDT

        [ Parent ]

        •  ok, that is what is meant by the US being the (0+ / 0-)

          world's policemen. It has no other meaning, which is why what you said made no sense. The sanction is exactly what I am talking about; large financial markets are not easily made and quite honestly Johannesburg is still a small player. It is not only a question of agreeing to service these markets, nothing is that simple. Other countries already have FTTs; this is all a large amount of fuss for a tiny little tax and I am curious why all the fuss honestly. Pressure comes through inter-governmental agencies and sanctions and threats of them.

          "Hegel noticed somewhere that all great world history facts and people so to speak twice occur. He forgot to add: the one time as tragedy, the other time as farce" Karl Marx, The Eighteenth Brumaire of Louis Bonaparte .

          by NY brit expat on Wed Sep 28, 2011 at 02:55:57 PM PDT

          [ Parent ]

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