Prisonplanet.com
Thursday, April 22nd, 2010
As you will have no doubt read in the headlines today, the IMF has proposed levying two “global” taxes on the world’s banks to make sure those greedy guys don’t get us into trouble again. If that sounds dubious, it’s because it is. In reality what is being proposed, and has been falling into place for some time, is the framework for an unelected global authority with powers above and beyond those of sovereign governments.In our featured article today we explain how the IMF’s so called global Financial Activities (FAT) tax on banks is nothing more than a bailout slush fund that would inevitably trickle down to the consumer, and also be levied upon all financial institutions (not just the big ones that commit massive fraud on a daily basis).
This will not prevent globalist bankers from over reaching, it will in fact provide the incentive for more moral hazard by providing built in insurance against risky actions.
Such taxes will drastically reduce the profits of all banks and financial institutions, ensuring only the biggest can continue to thrive. Global competition could be killed off completely, signaling the final nail in the coffin of the free market.
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