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July 10th, 2012 
FAKE NEWS for the Zionist agenda
FINTAN O’TOOLE
The Irish Times
Tuesday, July 10, 2012
AS EUROPEAN Union finance ministers discuss ways of controlling reckless banks, a very simple logic applies. Reckless banking wrecks lives. Ireland has suffered proportionally more damage from reckless banking than any other society. Therefore Ireland is at the forefront of pressing for EU-wide measures to rein in reckless banking.
Right? Wrong.
Ireland is lining up with the City of London and its political allies to protect the interests of the most rapacious kind of banking. Michael Noonan is out there batting for the wide boys in their opposition to a financial transactions tax.
There is an overwhelming financial, economic and political case for a tax to be imposed on financial transactions such as the trading by banks of securities (shares and bonds) and derivatives such as options and credit default swaps. Financially, the banks have been bailed out by ordinary citizens at appalling costs. But instead of repaying these costs, banks, under the current regime, will actually pay less tax in coming years because they will be able to write off their losses.
A new form of taxation on banks is thus not at all a radical idea. It is merely a gesture towards financial recompense. The EU Commission estimates that a 0.1 per cent tax on securities transactions and a 1 per cent tax on derivatives would raise €57 billion annually – significantly less than the cost of the Irish bailout alone.
Read more: Time to stop recklessness and start taxing banks
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