G20: UK urges G20 to consider bank levy was shot down by Greedy American Geither
Rainbow 虹
ST ANDREWS, Scotland (Reuters) - Britain pressed the G20 on Saturday
to come up with a plan to make banks pay for any future bailouts but
one idea of imposing a global financial transactions tax was
immediately shot down by the United States.
ltlee1
Actually a transaction levy is more effective than other regulations.
Let me use the car as an analogy.
Without doubt, modern societies need cars. But car also produce green
house gas and other pollutans and used up petroleum. The regulatary
approach
is to require manufacturers to make cars above a certain miles per
gallon.
A levy approach is to increase gasoline tax or other kind of usage
tax. In the
long run, the miles driven will determine the amount of pollution.
Because higer
miles per gallon will have the unintended effect of encouraging more
driving.
The same with the banks. Regulation making speculation by bankers
safer will
encourage the bankers to speculate more.
Ah Beng Kiasu
The USA, started the G20 meeting, as an instrument to
'guide' the world to move in the directions desired by
USA. In plain language, it is a way to control the actions
of other countries, but not the US.
Therefore, any controls or restrictions to be placed on US
banks, which may be absolutely essential to prevent reckless
casino gambling by US banking (which could destroy the
world economy), would be rejected by the USA as long as
the USA gain from the reckless risk taking.
G20 is like all the groups, organizations and NGOs initiated
by the USA. They serve the interests of the USA and are
no good for the rest of the world.
The yokes are meant for the cow, not the master. Only fools
think that the USA would agree to anything that restrict or control
the actions of the USA.
http://www.reuters.com/article/newsOne/idUSTRE5A611320091108
Harry Merrick
You may be right. However, I believe that the American Administration regard
Brown as a spent and defeated force and of no consequence. Someone. anyone,
other than Brown will have more notice taken at this stage.
--
Harry Merrick.
Ah Beng Kiasu
Yes. Brown is no more than a puppy to the USA.
Obama has ignored his barkings, the warnings of
danger.
The UK and Europe, in fact, all NATO nations have
no choice but to toe the line, to keep within the limits
set by the USA. To dare telling the top dog what
should be done...is regarded as criticism, not unlike
a black slave telling his master off. Preposterous !
China and others would be happy to see discord
between the USA and its sidekicks. If the US economic
system should melt down again, China is well prepared
for it this eventuality.