Godfrey Bloom exposes the scam behind the Financial Transaction Tax
Speaker: Godfrey Bloom MEP, UKIP (Yorkshire & Lincolnshire), Europe of Freedom and Democracy (EFD) group - http://www.godfreybloommep.co.uk
'Bluecard' question: Vladimír MAŇKA (Slovakia), Socialists group
European Parliament, Strasbourg, 23 May 2012
(see video at the bottom)
An FTT tax (Financial Transaction Tax) sounds like a really good idea, doesn't it, it plays well politically. And we can hit those greedy bankers who we all hate in public, while we shovel money into their pockets in private. But I don't think it's quite going to work out that way.
All taxes are passed on to customers at the end of the day. Sorry everybody, that's just how it works. So again it will be the little people that will pick up the tab. It'll be savers, it'll be pensioners and ordinary folk that pick up this tax, not the greedy, fat-cat bankers that you're trying to get at.
And it's interesting, is it not, also if you look in the small print, they're saying some of the money raised can actually go towards, perhaps, saving future failed banks.
So we know, we concede, do we not, that more banks are going to fail. And we know this because we have the same ridiculous, fractional reserve banking system. The same crooked, money-printing, criminal behaviour at the central banks, and so on and so forth. So nothing has changed.
Another strong signal to bankers and politicians to continue the theft, but beware those who think taxing London is a risk-free game, and we mean London, don't we? Other EU countries, when it comes to financial services are Mickey Mouse.
Financial services are 14% of UK GDP. The UK contributes £50 million a day to this crumbling institution. Don't kill the goose that lays your golden eggs. Zurich, Geneva, New York and Hong Kong are licking their lips wondering what piece of glorious stupidity we will come up with next.
And an FTT is a special tax. What next? A special tax on sunshine holidays in Spain? High fashion in Paris? Luxury cars in Germany? Mobile phones in Finland? And a special perhaps justifiable tax on dreadful flatpack furniture from Sweden.
It's coming up your street next. The greedy bureaucrats just want your money.
Bluecard question by Vladimír MAŇKA Socialist MEP (Slovakia)
Thank you very much. I was just wondering when it comes to this Financial Transaction Tax should we restrict this? We have the whole financial system has led to the crisis so and if we were to introduce the FTT would it not help us out?
"No, the problem we have is fractional reserve banking, which means banks lend money that they don't have; central banks and politicians who print money which degrade currency. That is your problem. It isn't regulation, it isn't taxation.
It's because of the criminal behaviour of the world's central banks and until that stops nothing is going to change. There are a lot more bank failures coming down the road, believe me."
Video source: EbS (European Parliament)