Comments on: Currency Tax Introduced by Pete Stark http://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/ Observations from a conservative in a blue state. With a little help from my friends! Sun, 27 May 2012 03:54:17 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: KingofthePaupershttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30859 KingofthePaupers Thu, 29 Jul 2010 00:04:18 +0000 http://lonelyconservative.com/?p=22764#comment-30859 "what is your opinion about the idea of the transaction tax?" Jct: In a mort-gage musical chairs death-gamble, everybody borrows 10 and owes 11. Pledging your collateral at the pumphouse lets you borrow 10 litres of liquidity which you dump in the economic pool like everyone else and have to come up with 11 litres to recuperate your collateral. So Tobin Tax is splashing in the pool which has no effect on the real problem of shortage at the pumphouse. “what is your opinion about the idea of the transaction tax?”
Jct: In a mort-gage musical chairs death-gamble, everybody borrows 10 and owes 11. Pledging your collateral at the pumphouse lets you borrow 10 litres of liquidity which you dump in the economic pool like everyone else and have to come up with 11 litres to recuperate your collateral. So Tobin Tax is splashing in the pool which has no effect on the real problem of shortage at the pumphouse.

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]]> By: Jenhttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30706 Jen Tue, 27 Jul 2010 18:54:30 +0000 http://lonelyconservative.com/?p=22764#comment-30706 You claim that the US government engages in currency speculation practices. Please support your claim with facts about how much we trade and speculate. What is the size of this activity because you seem to know in order to make a criticism based upon it. This is not about corporations trading overseas. It is about currency speculation and trading in currency that Wall Street firms and individuals engage in to make a quick buck. There is no social good involved in currency speculation, while corporations are producing and selling products, which is a social good. You claim that the US government engages in currency speculation practices. Please support your claim with facts about how much we trade and speculate. What is the size of this activity because you seem to know in order to make a criticism based upon it.

This is not about corporations trading overseas. It is about currency speculation and trading in currency that Wall Street firms and individuals engage in to make a quick buck. There is no social good involved in currency speculation, while corporations are producing and selling products, which is a social good.

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]]> By: JiminGAhttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30628 JiminGA Mon, 26 Jul 2010 22:00:14 +0000 http://lonelyconservative.com/?p=22764#comment-30628 So Stark wants to tax the trading of currencies by Wall Street and other evildoers. He may want to ask how much currency trading goes on by the Treasury and by the Fed. He might be surprised at the size of this activity by our government. Of course the government now fits nicely into the evildoer category. Will the government tax the government? His bill simply raises taxes on corporations and wraps the proceeds in do-gooder spending that nobody could object to. Of course it will never be used for good, only add to the revenue base. And how will the US tax foreign trades? We may receive a few objections from foreign companies and traders, not to mention foreign governments. Maybe Stark should cut down on his weed parlor visits on the left coast. So Stark wants to tax the trading of currencies by Wall Street and other evildoers. He may want to ask how much currency trading goes on by the Treasury and by the Fed. He might be surprised at the size of this activity by our government. Of course the government now fits nicely into the evildoer category. Will the government tax the government? His bill simply raises taxes on corporations and wraps the proceeds in do-gooder spending that nobody could object to. Of course it will never be used for good, only add to the revenue base.

And how will the US tax foreign trades? We may receive a few objections from foreign companies and traders, not to mention foreign governments.

Maybe Stark should cut down on his weed parlor visits on the left coast.

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]]> By: Jenhttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30623 Jen Mon, 26 Jul 2010 20:11:06 +0000 http://lonelyconservative.com/?p=22764#comment-30623 But isn't democracy about electing politicians you support? So if the majority of his district supports him and votes for him, then that is fair. There are other districts that elect someone who is the polar opposite of Stark, and that is fair, too. What a country, indeed -- that people with varying viewpoints can freely and fairly elect politicians along a wide political spectrum and they govern together, and then they get a chance every 2 years to elect a new representative. I'm not sure if other countries with actual dictatorships, corrupt governments and elections, would understand your sarcasm. But isn’t democracy about electing politicians you support? So if the majority of his district supports him and votes for him, then that is fair. There are other districts that elect someone who is the polar opposite of Stark, and that is fair, too. What a country, indeed — that people with varying viewpoints can freely and fairly elect politicians along a wide political spectrum and they govern together, and then they get a chance every 2 years to elect a new representative. I’m not sure if other countries with actual dictatorships, corrupt governments and elections, would understand your sarcasm.

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]]> By: Jenhttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30622 Jen Mon, 26 Jul 2010 20:07:14 +0000 http://lonelyconservative.com/?p=22764#comment-30622 Forget the development goals that the tax would fund -- what is your opinion about the idea of the transaction tax? You only mention it briefly and then go on to criticize the development goals. the MDGs are easy fodder but discussing the transaction tax is more difficult. If the bill did not mention the goals, but instead the money raised went to deficit reduction or to balance out the continuation of Bush tax cuts for the wealthy, then what would you say about such a tax? Do you disagree that currency speculation deeply unsettles the global economy? Or that is it only done by extremely wealthy individuals and institutions without any regard on how their betting hurts hard-working middle class Americans and their savings? Or that with a threshold of $10,000, this bill wouldn't apply to most of the middle-class you are working to protect? 0.005 percent is trivial for anyone involved in foreign trade or long-term investment, but it would stop some people trying to con and exploit the system for their own gains, regardless of the cost. Such a tax would help to reduce the availability of fast and cheap money that helped to fuel the financial crisis. It's not the only answer, but could be part of a larger solution. Forget the development goals that the tax would fund — what is your opinion about the idea of the transaction tax? You only mention it briefly and then go on to criticize the development goals. the MDGs are easy fodder but discussing the transaction tax is more difficult.

If the bill did not mention the goals, but instead the money raised went to deficit reduction or to balance out the continuation of Bush tax cuts for the wealthy, then what would you say about such a tax?

Do you disagree that currency speculation deeply unsettles the global economy? Or that is it only done by extremely wealthy individuals and institutions without any regard on how their betting hurts hard-working middle class Americans and their savings? Or that with a threshold of $10,000, this bill wouldn’t apply to most of the middle-class you are working to protect?

0.005 percent is trivial for anyone involved in foreign trade or long-term investment, but it would stop some people trying to con and exploit the system for their own gains, regardless of the cost. Such a tax would help to reduce the availability of fast and cheap money that helped to fuel the financial crisis. It’s not the only answer, but could be part of a larger solution.

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]]> By: Maggiehttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30418 Maggie Sat, 24 Jul 2010 04:25:49 +0000 http://lonelyconservative.com/?p=22764#comment-30418 @Sam Adams, sorry about that. What was I thinking:-) I had to laugh when another blogger said he actually has a wife. I think your 1, 2 and 3 are probably spot-on. @Sam Adams, sorry about that. What was I thinking:-)

I had to laugh when another blogger said he actually has a wife. I think your 1, 2 and 3 are probably spot-on.

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]]> By: Maggiehttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30417 Maggie Sat, 24 Jul 2010 04:24:41 +0000 http://lonelyconservative.com/?p=22764#comment-30417 I do realize that Time-based currency can be considered wages. I'm not sure how it buys lunch for the kids unless you are bartering. I admit I don't know a lot about it, but what I know I don't like, especially when the UN wants it happen under their direction. I'm been harping on the UMDG for over two years. Seems no one thinks it is possible to achieve, but of course, now we have Obama. If we ever get rid of him, I think he will become the UN head and try to rule the world that way. I do realize that Time-based currency can be considered wages. I’m not sure how it buys lunch for the kids unless you are bartering. I admit I don’t know a lot about it, but what I know I don’t like, especially when the UN wants it happen under their direction.

I’m been harping on the UMDG for over two years. Seems no one thinks it is possible to achieve, but of course, now we have Obama. If we ever get rid of him, I think he will become the UN head and try to rule the world that way.

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]]> By: Sam Adamshttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30362 Sam Adams Fri, 23 Jul 2010 18:35:24 +0000 http://lonelyconservative.com/?p=22764#comment-30362 Did you HAVE to post this @sshat's photo? What an arrogant ruling class elite. I'll bet he: 1. Is rich (and claims to be champion of the poor) 2. Is a tax dodger (Others can pay these.) 3. Gives very little to charity (Others people's money should do this.) Did you HAVE to post this @sshat’s photo?

What an arrogant ruling class elite.

I’ll bet he:

1. Is rich (and claims to be champion of the poor)
2. Is a tax dodger (Others can pay these.)
3. Gives very little to charity (Others people’s money should do this.)

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]]> By: KingofthePaupershttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30306 KingofthePaupers Fri, 23 Jul 2010 03:32:01 +0000 http://lonelyconservative.com/?p=22764#comment-30306 Maggie: "The U.N. Millennium Development Goal is...The Global Financial Architecture will be revamped and use alternative time-based currency, rather than “real” money." Jct: I did the speech on using "time-based currency" to "restructure the global financial architecture" in Millennium Declaration C6 for an interest-free UNILETS timebank. You're the first person in 10 years who ever noticed it. But don't think time-based money isn't real money when real money really only buys people's time. Maggie: “The U.N. Millennium Development Goal is…The Global Financial Architecture will be revamped and use alternative time-based currency, rather than “real” money.”
Jct: I did the speech on using “time-based currency” to “restructure the global financial architecture” in Millennium Declaration C6 for an interest-free UNILETS timebank. You’re the first person in 10 years who ever noticed it. But don’t think time-based money isn’t real money when real money really only buys people’s time.

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]]> By: Maggiehttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30284 Maggie Thu, 22 Jul 2010 23:05:39 +0000 http://lonelyconservative.com/?p=22764#comment-30284 @Zorro, an introduction of a tax of this kind is so transparent, but if no one pays attention, I guess it doesn't matter. @Zorro, an introduction of a tax of this kind is so transparent, but if no one pays attention, I guess it doesn’t matter.

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]]> By: Zorrohttp://lonelyconservative.com/2010/07/currency-tax-introduced-by-pete-stark/comment-page-1/#comment-30233 Zorro Thu, 22 Jul 2010 16:29:25 +0000 http://lonelyconservative.com/?p=22764#comment-30233 This guy is just the kind of garbage his constituents love, and the rest of us pay for. Just another Nancy Pelosi socialist puppet who can't be defeated, regardless how odious he is. What a country! This guy is just the kind of garbage his constituents love, and the rest of us pay for. Just another Nancy Pelosi socialist puppet who can’t be defeated, regardless how odious he is. What a country!

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