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Here Comes An International ‘Bank Tax’

From an approving Reuters:

Dominique Strauss-Kahn, IMF Managing Director

Shortsighted to oppose bank tax, IMF warns

Sat Apr 24

WASHINGTON (Reuters) – Countries that weathered the global economic crisis with their financial systems relatively unscathed are being shortsighted by opposing a global bank levy, the IMF’s chief said on Saturday.

International Monetary Fund Managing Director Dominique Strauss-Kahn suggested a bank tax would be helpful in preparing for crises that could strike anywhere and indirectly criticized countries that might think they would never feel the brunt of a downturn.

"The countries … which are likely to implement (a bank tax) are the ones having had problems in the banking sector," Strauss-Kahn said. "The others say, ‘We didn’t have a problem so we’re immune.’"

"Maybe it’s a bit shortsighted," he added, without naming any countries. Canada has taken a lead role in rallying opposition to a tax on banks, and anti-poverty organization Oxfam zeroed in on it for that stance.

"It would be shameful if Canada blocks a tax that could provide hundreds of billions of dollars for countries that have been devastated by the economic meltdown," Oxfam said in a statement distributed at IMF headquarters, where its semi-annual meetings were held.

"If the IMF can be on the side of the angels, why can’t Canada?" Oxfam asked

In case there was still any doubt that this ‘bank tax’ would just be another way to redistribute money from ‘wealthy countries’ to ‘poor’ ones, here is some background on Oxfam from Discover The Networks:

OXFAM INTERNATIONAL

Oxfam International describes itself as "a confederation of 12 organizations working together in more than 100 countries to find lasting solutions to poverty, suffering, and injustice."

Oxfam International was a signatory to a 1999 petition of so-called "civil society" organizations that opposed globalization, big business in general, and "any effort to expand the powers of the World Trade Organization (WTO) through a new comprehensive round of trade liberalization." A notable cosigner of this petition was Global Exchange Director Medea Benjamin, who was a chief organizing force behind the November 1999 riots in Seattle, where some 50,000 protesters destroyed millions of dollars worth of property in their effort to shut down the WTO Conference in that city. Oxfam also endorsed a recent "Our World is Not for Sale" campaign similarly condemning the WTO.

Oxfam America was a signatory to a November 1, 2001 document characterizing the 9/11 attacks as a legal matter to be addressed in courtrooms rather than by military means. Ascribing the hijackers’ rage to alleged American injustices against which they sought to strike a blow, this document explained that "security and justice are mutually reinforcing goals that ultimately depend upon the promotion of all human rights for all people," and called on the United States "to promote fundamental rights around the world."

Oxfam International is a member of OneWorld Network, an umbrella organization of more than 1,500 leftist groups that, according to the OneWorld website, seek "to promote sustainable development, social justice, and human rights."

Oh, and Oxfam is also outrageously anti-Semitic.

You, know, those ‘damn Jewish bankers.’

(Thanks to Confucius for the heads up.)

This article was posted by Steve on Monday, April 26th, 2010. Comments are currently closed.

8 Responses to “Here Comes An International ‘Bank Tax’”

  1. confucius says:

    From Reuters:

    Shortsighted to oppose bank tax, IMF warns

    April 24, 2010

    WASHINGTON – Countries that weathered the global economic crisis with their financial systems relatively unscathed are being shortsighted by opposing a global bank levy, the IMF’s chief said on Saturday.

    International Monetary Fund Managing Director Dominique Strauss-Kahn suggested a bank tax would be helpful in preparing for crises that could strike anywhere and indirectly criticized countries that might think they would never feel the brunt of a downturn.

    “The countries … which are likely to implement (a bank tax) are the ones having had problems in the banking sector,” Strauss-Kahn said. “The others say, ‘We didn’t have a problem so we’re immune.'”

    “Maybe it’s a bit shortsighted,” he added, without naming any countries. Canada has taken a lead role in rallying opposition to a tax on banks, and anti-poverty organization Oxfam zeroed in on it for that stance.

    “It would be shameful if Canada blocks a tax that could provide hundreds of billions of dollars for countries that have been devastated by the economic meltdown,” Oxfam said in a statement distributed at IMF headquarters, where its semi-annual meetings were held.

    “If the IMF can be on the side of the angels, why can’t Canada?” Oxfam asked.

    The possibility of setting some kind of levy on banks split Group of 20 finance ministers at a meeting on Friday and carried on into the subsequent IMF gathering, where Strauss-Kahn faced questions about it from reporters. …

    Dallara suggested such a tax designed to fund future bailouts would only encourage excessive risk-taking, since it meant there would be cash on hand to rescue them in any case.

    http://news.yahoo.com/s/nm/20100424/bs_nm/us_imf_bankers

    Ho hum. Another day, another redistributed dollar in the name of social justice.

    By the way, anyone else noting the similarities between Obama’s and the IMF’s financial reform policies?

    • confucius says:

      Speaking of redistribution, another piece from Reuters:

      Geithner: give emerging markets more IMF power

      April 24, 2010

      WASHINGTON – Emerging-market economies should be given an increased say in global financial institutions at the cost of rich countries, Treasury Secretary Timothy Geithner said on Saturday.

      In a speech to the International Monetary Fund, Geithner repeated a call for emerging market countries to adopt market-oriented currency exchange rates and said the U.S. would back developing counties in a bid for more IMF power. …

      http://news.yahoo.com/s/nm/20100424/bs_nm/us_imf_geithner

      This is from the U.S. Treasury Secretary who also entertains the idea of a world currency.

  2. GetBackJack says:

    The IMF ….

    Poland’s central bank Governor Slawomir Skrzypek refused to prop up the zloty in the wake of global financial crimes plaguing Western developed nations. That refusal led to Poland’s exports growing rapidly in the face of EU exports shrinking. Their national growth rate was a steady 3.0% in the face of EU shrinkage. And, central bank Governor Slawomir Skrzypek flatly refused to take any loans from the IMF or the World Bank.

    Now he’s dead.

    You decide.

    (btw – amateur video journalists are uncovering all sorts of shocking things surrounding the Polish plane crash. Video at the scene with gunshots heard even before emergency crews arrive. Russian crews clearly replacing airstrip lights while the wreckage smolders. Black box reports that plainly describe not four go-arounds … only one landing approach. And most damning, glide path approach beacons being worked on immediately after the crash)

    • proreason says:

      “amateur video journalists are uncovering all sorts of shocking things surrounding the Polish plane crash”

      “A small but ominous event happened two weeks ago at the “nuclear summit” of 45 nations, most of which have no nuclear capacity at all. At the summit, Obama publicly snubbed the president of Georgia. The American media were too dumb and ignorant to get it, but Putin and Eastern Europe took notice, all right. Georgia was, after all, the first country to be invaded by Russian tanks since Afghanistan, Hungary, Czechoslovakia, and East Germany.”

      http://www.americanthinker.com/2010/04/obama_is_enabling_nuclear_brea.html

      If I was the president of Georgia, I would hire some more food tasters.

    • GetBackJack says:

      Pro – I see we’re again … on the same page

  3. AcornsRNutz says:

    What I find funniest about this is that from word one in that article it is taken as gospel that bank taxes would somehow avoid economic downturns. Never mind the fighting over how and how much etc. No one can really explain how the very premise is supposed to work.

    • Right of the People says:

      ARNz,

      Simply put, they wouldn’t.

      This isn’t about economic health, it’s all about redistribution of wealth to the third world. You know those countries where they demonize the west and our culture, continue to multiple like rabbits with no regard as to how they’re going to feed the extra mouths plus aiding in the spread of STDs in epidemic proportions and generally don’t contribute to the betterment of anyone, not even themselves. But we are supposed to subsidize their activities through organizations like Oxfam.

      I don’t think so.

    • AcornsRNutz says:

      I can’t imagine for a moment that increasing taxes on a struggling enterprise would help them out. Turning 3rd world countries into permanent welfare states has caused the majority of their problems. Warlords squabble over crappy countries to gain control of the billions of dollars in aid that flow into the country. No innovation will ever take place as long as people are subsidised to try and not to produce results. This is true on our country, it is true in the world. We really are dealing with people who thing an even 180 degrees from common sense.


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