Maybe Joe Hockey could tax the super profits of the banks instead of our bank accounts
Posted by John, March 29th, 2015 - under Uncategorised.
Tags: Banks
Mainstream media is abuzz with suggestions Australian Treasurer Joe Hockey will introduce a 0.5% tax on deposits into bank accounts with up to $250000 in them. This latter figure is the level up to which government underwrites and guarantees payment in the event of a run on the banks.
Instead of a tax on bank accounts, how about a super profits tax on the most profitable banks in the world. Price control their offerings too.
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Comments
Comment from philip s
Time March 29, 2015 at 10:49 pm
Their profits are going to get bigger, you can bet the cost of administering this will be passed on to the people as well as a bit extra added on for good measure.
I thought that the last G20 got rid of that bank guarantee and replaced it with a bail-in, where the banks can just take the money as if it was theirs.
Comment from philip s
Time March 29, 2015 at 10:51 pm
Also what about amounts over $250000 sorry forgot they were in offshore tax havens.
Comment from Peter
Time March 30, 2015 at 7:36 am
Unbelievable, punish people who save. First there should be a transaction tax on buying and selling shares, to slow the insanity of the stock market.
Comment from Lorikeet
Time March 30, 2015 at 11:40 am
Yes, good points, John. I’m fairly certain the main aim is to force us to put all of our available funds into superannuation. Then bankers can use even more of our money to build their empires in the third world.
This proposal of a 0.5% tax on bank holdings also seems to fit in well with the idea that people should be prevented from liquidating their superannuation at age 60.
The very low interest rates on bank accounts is another factor. It is also quite impossible to make a good return on superannuation investments unless you are willing to accept a higher level of risk.
I’m sure it is all connected with putting Australians’ life savings at risk on the global stage and the UN’s global flattening agenda, which will only empower capitalists and the super rich at the expense of the poor and average.
Why don’t people wake up and smell the coffee before attending polling booths????
Comment from Lorikeet
Time March 30, 2015 at 11:42 am
The main aim of a GFC is to ensure that the largest corporations grow larger by parasitising smaller companies and ordinary citizens… similar to a killer whale swallowing the sharks and sardines.
Comment from John
Time March 30, 2015 at 4:50 pm
The GFC threatened major companies, some of whom the state bailed out.
Comment from Lorikeet
Time March 30, 2015 at 5:42 pm
I thought I read somewhere that larger corporations took over smaller ones that got flattened during the GFC. When the government bailed out major companies (banks), it could have enabled them to take over the smaller companies. When the government bails out Big Business, it is another movement of taxpayer funds to capitalists, is it not?
Comment from John
Time March 30, 2015 at 7:12 pm
Yes, you may be right. Not sure what happened, other than the creative destruction that might happen among big business too big to fail didn’t.
Comment from Ross
Time March 31, 2015 at 5:24 am
Lorikeet when the banking system creates new money as debt above real growth, they are stealing from you by depreciating your wages,spending power, savings and super. You are being taxes to pay for illegal debt created by these central banks.
The real rate of inflation since 1970 has been 7% not the 3% they spin as a lie. This is also true of real unemployment rates.So unless your are getting a wage increase of 7% pa or interest on your money in a bank of 7% ,you are going backwards.
This current system is totally flawed and is going to collapse because the real productive economy is being sacrificed for the profit and power of a few.
As more real businesses begin to go insolvent there will be shortages of food and other essential goods. Perhaps this is what they want.
Comment from Lorikeet
Time March 31, 2015 at 5:30 pm
Ross, I agree with your opinions on the true rate of inflation and unemployment. To my knowledge, Australia has been experiencing a shortage of antibiotics, as more are being sent to the third world. As the demand for protein foods such as beef gathers momentum in Asia, our eating patterns are being slowly attuned to eating more chicken, fish and lentils. One of the primary drivers is cost and the diminishing value of wages and pensions (now geared to CPI).
These things are all part of the UN’s global flattening agenda, with our life savings being used to empower capitalists in third world nations whenever a GFC is called (Global Flattening Call).
Comment from Ross
Time March 29, 2015 at 9:44 pm
David Murray the Ex-CEO of the Commonwealth Bank thinks that confiscation of bank deposits will be inevitable. http://www.smh.com.au/business/banking-and-finance/bail-in-rules-may-be-inevitable-says-david-murray-20140821-106j03.html
For those who have not heard of “bail in”, it means that your deposits can be converted into bank shares when they become insolvent.
Our banks are not safe since they are creating money from nothing as debt, to inflate the value of their own shares. This is happening throughout the corporate world. Companies are borrowing cheap money to buy their own shares and sell them to our pension funds.
Both Labor and the Coalition are owned by the big bankers and nothing will change unless the people become aware and have the guts to end this counterfeiting of our money by the banking system.
They did not stop the perversions of GFC in 2008 but just made it many times worse.