- Euro-land tried Friday 2011 12 09 to sucker Britain
to pay a financial transaction tax to cover European
politicians' incompetence to manage their (not Britain's)
- Britain as a centre of world, (not just European)
finance has a much higher dependence & sensitivity to
income from finance business than other European
countries; the deterrence to transacting business in
Britain would have hurt.
- The proposal to tax Britain was doubly unfair as
Britain was never in the Euro.
Transaction Tax vetoed
- David Cameron ( British Prime Minister),
vetoed the proposal.
- Innocents making transactions would have been
- Speculators could have just relocated
- Operators or manipulators outside the EU could
- Frankfurt & Paris would have been delighted
to burden the London market.
- Continental European politicians would have
further provoked Euro-sceptics, extorting tax to pay
for their Euro incompetence.
Euro National Fraud & Lies
- In Germany many have taken a turn as scapegoat:
Ireland, Greece, Portugal, Italy, Spain, American or
any/all possibly Anglo bankers, eg Britain, etc.
Fools believe the blame game, despite it's obviously
European politicians to blame, who:
- Authorised printing & spending of excess
- Had no guts to automatically on principle
distrust all fellow countries including
- Failed to insist from the start on automatic
mutual cross checks manned by nationals from other
- Failed to provide contingency mechanisms for
dealing with cheating/failing countries.
- Failed to write an exit mechanism into the
Britain Voted Alone - Why ?
- Doesn't mean it was wrong, more like attacked by all
other shark in a feeding frenzy ;-)
- The big countries wanted Britain's (anyone's) money,
so they'd pay less to bail out Greece, + there's market
rivalry between Frankfurt [& Paris?] &
- Remaining smaller EU countries outside the Euro
buckled to German/French pressure (some subject to
ratification by their parliaments, If ;-) Probably not
much incentive to stand against bigger Euro countries,
especially if no big financial businesses for them to
worry about being scared away by such a tax, plus they'd
have benefitted from London being soaked to help
stabilise Euro trade, even if neither they nor Britain
are in the Euro.
- Germany is no paragon of financial rectitude, failed
to detect or deal with Greek debt earlier, trying to dump
on non Euro Britain, & has more in common with Greece
than one might guess Half the EU inc.
Austria, Belgium, Germany, Italy, and
Greece did not qualify to enter the Euro under the
Maastricht criteria, which were then loosened.
Britain did not join, but I recall it Did qualify for
the original tight criteria.
The New EU Treaty: 27 countries agree, not Britain -
Will the UK leave the European Union? My contribution:
ExpatUSA asked "why would people who were born decades after the decline of the
British Empire still be affected by it?"
The Boston Tea Party was 1773. The USA Tea Party is current. The
British Empire effected significant help in WW2 (read Churchill's
'The Gathering Storm' etc).
WW2 is still living memory for some in Germany & Britain & EU
etc. After WW2, they saw the WW3 avoidance mechanism of the French
German Coal & Steel community grow to the Common Market, to todays
ever bloating European Union.
Periodically Germany etc push for faster & tighter union & more EU
laws, inc. for Euro, Others inc. Britain periodically resist the bloating EU.
Some still wish they had their DM. E & W Germany economies
were damaged by the 1990 1:1 West/Ost Mark common currency, as the
East didn't compete at 1:1, so W. Solidaritaet-Zuschlag paid for E.
German redundancies etc. http://de.wikipedia.org/wiki/Mark_%28DDR%29
Germany & Greece etc are now shackled 1:1 with the Euro, no exit
clause in Euro for Greece to return to the Drachma to devalue to
compete (aka British Sterling 1967 & 1992),
EU (especially Germany as lead taxpayer to sponsor the `PIGS'),
wanted Britain to pay a transaction tax to help support the Euro
Britain was not part of. http://www.berklix.com/~jhs/blog/2011-12-11/
- Don't believe Euro-land politicians who blame other
than themselves or their incompetent colleagues, who
failed to insist on checks.
- Push for laws [in Europe & USA etc] to make it a
criminal offence for managers & directors to continue
contracts to receive big bonuses with no risk of similar
substantial loss if their gambles fail. One sided bonus
contracts encourage irresponsible corporate gambling with
giant personal bonuses paid if the gambling manager wins,
& a tax payer subsidised bail out for large companies
deemed "too big to fail" if the gambling manager