French bank breaks ranks on Robin Hood Tax

[ttosca]

The French bank Crédit Coopératif has broken ranks and agreed to pay a levy on its currency transactions even before the tax is introduced in France. In a boost to the campaign to get countries to sign up to financial transaction taxes through the Eurozone or the G20, the bank will pay 0.01% on currency transactions after 1 March 2011 ? the details are set out in English here.

Crédit Coopératif has pledged not to pass the cost on to consumers, even though it is at twice the 0.005% rate that the TUC has called for on currency transactions (margins on such transactions are lower than for shares and other financial transactions). The bank is, as its name suggests, owned by its members, and has a history of support for progressive causes. It has equity of ?1.28 billion (which is, obviously, quite small, for a bank).

Here?s what I said on behalf of the Robin Hood Tax campaign:

Crédit Coopératif?s action disproves critics? claims that a Robin Hood Tax is hard to implement and shows what we could achieve if the rest of the financial sector were asked to show such generosity. Excuses for not asking banks to pay their fair share to society are wearing thinner by the day.

www.touchstoneblog.org.uk/2011/05/french-bank-breaks-ranks-on-robin-hood-tax/

Im glad to hear it claig, because you are usually very lucid.

Lately thought, you've seemed quite disjointed and incoherent (like ttosca has described, but I might have put it more gently and I dont think youre an idiot).

ps just three posts ago you were criticising people for using insults.

I don't like insulting you, because I usually like your posts, even when I disagree with them. I think you usually make a very good case for your point of view.

claig-

I somewhat regret being so rude to you. I actually agree with a lot of the sentiment behind what you post, I just don't think your reasons and justifications are coherent.

The problem isn't 'socialism', by any stretch of the imagination. The problem is unregulated Capitalism. I have no like for New Labour either, but they weren't socialists, precisely (amongst others) for the reason you gave: socialists don't deregulate the financial sector.

Furthermore, it isn't too much socialism which caused the economic crisis and recession, it's too much Capitalism.

I agree with you ttosca. I know that ordinary socialists want the best for the community and the country. I am not on about the good intentions of socialists. It is their leaders who are puppets and who trick them. I don't like unregulated capitalism either. We need good regulation. But I think the major socialist party will not provide that, because of its leaders who are in the pocket of the capitalists, not because of its members or voters.