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IMF's Global Taxes Can Only Be Enforced Through Global
Government
Latest proposals part of ongoing centralisation
into new economic world order
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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.
Some within the banking industry also argue that reduced capital
in financial institutions makes them a less attractive investment
and makes it more likely that governments will have
to step in when a fresh crisis hits.
The Association for Financial Markets in Europe issued a statement
to this effect: "The IMF has set the right objective in
addressing the need to avoid another financial crisis, but appears
to have chosen the wrong means to achieve it.
"The financial sector should not rely on public funds
in the event of a crisis. As an industry, it needs to put in
place measures that will enable failing firms to be wound down
or restructured without needing taxpayer support. Banks must
be allowed to fail and the cost of dealing with any failure
must be first met by shareholders and creditors, not taxpayers."
Even The
Economist has denounced the idea as "Treating
the symptoms, not the cause".
Aside from these issues is another valuable point being made
by the banks themselves, as well as economists and commentators
- you cannot have global taxes without a powerful enough global
authority to enforce them.
Global
Consensus Key to Introducing New Levies is the
headline in the Korea Times, which notes that without an overarching
international framework to oversee global taxation, the idea
will struggle to come to fruition.
"Certainly, the recommendation will provide momentum for
global discussions on whether to put the idea of this taxation
into action." The report states. "This issue is also
expected to be on the top of the agenda during a G-20 meeting
of finance ministers and central bankers to be held this weekend
in Washington. What's important is to build a global consensus
on this contentious matter."
The
London Telegraph reiterates this key point:
"Both taxes would be tricky to enforce, as bankers were
quick to point out. A FAT tax would almost certainly require
global co-ordination or face "regulatory arbitrage"
by banks moving operations to friendlier territories."
The IMF is well aware of this problem, outlining in the proposal
that unilateral measures "risk being undermined by tax
and regulatory arbitrage, and may also jeopardise national industries'
competitiveness". Coordinated action, it says, would promote
a level playing field for cross-border institutions and ease
implementation.
The Telegraph article continues:
"The IMF's idea is for the levy to support a resolution
regime that would minimise the need for state support. A resolution
agency would determine when a bank was insolvent and 'replace
managers, recognize losses in equity accounts, and, as necessary,
expose unsecured creditors to loss'."
Leading globalists have recently called for further empowering
the IMF, as well as the World Bank as global authorities in
a new economic world order under a "bank of the world".
This is not a conspiracy theory, it is written in the IMF's
own internal documents, has been reiterated
by World Bank President Robert Zoellick, and is
the
stuff of Washington Post articles.
Last year Zoellick openly spoke of using the economic crisis
to give global financial bodies the power to regulate national
policy as part of the larger creation of global government.
“If leaders are serious about creating new global responsibilities
or governance, let them start by modernising multilateralism
to empower the WTO, the IMF, and the World Bank Group to monitor
national policies.” Zoellick stated.
In his article under the headline A Bigger, Bolder Role
Is Imagined For the IMF - Anthony Faiola of the Washington
Post described how the IMF is on course to be transformed into
"a veritable United Nations for the global economy."
Faiola envisages a scenario where "central bankers and
finance ministers would meet to convene a financial security
council of sorts."
"Serving almost as ambassadors to the IMF, they would
debate ways to put out the world's economic fires and stifle
reckless policies before they ignite new ones." he continues.
"Bowing to a new economic world order, the IMF would grant
fresh powers to the likes of China, India and Brazil. It would
have vastly expanded authority to act as a global banker to
governments rich and poor. And with more flexibility to effectively
print its own money, it would have the ability to inject liquidity
into global markets in a way once limited to major central banks,
including the U.S. Federal Reserve"
The article then explains that this imagined scenario is taken
directly from internal IMF documents, interviews and think-tank
reports. The details were thrashed out at the G20 summit in
London last year, and though they may take years to fully implement,
this model represents the global financial elite's blueprint
for the near future.
Following the G20 summit, the London
Telegraph's international business editor also highlighted the
agenda, noting that under a clause in Point 19
of the communiqué issued by the G20 leaders, the IMF's
power to create money outside the control of any sovereign body
was activated.
The new reserve currency would be formed from Special Drawing
Rights (SDRs), a synthetic paper currency issued by the IMF
that has lain dormant for half a century.
"The world is a step closer to a global currency, backed
by a global central bank, running monetary policy for all humanity."
Ambrose Evans-Pritchard wrote, quipping that "Conspiracy
theorists will love it".
As we have previously reported, both the
IMF and the United
Nations have thrown their weight behind proposals
to implement this "multilateral" de-facto global financial
dictatorship. Both bodies have also expressed support for new
world reserve currency system to replace the dollar
as part of the acceleration towards the new economic world order.
The introduction of a new global taxation and currency system,
with an overarching regulatory body, is a key cornerstone in
the move towards global government, centralized control and
more power being concentrated into fewer unaccountable hands.
The former cannot be fully realised without the latter.
The IMF's global taxes are part of the ongoing movement to
empower a group of unelected central bankers with the authority
to usurp state sovereignty by overseeing benchmarks for national
financial governance and setting regulations for financial institutions
all over the globe.
Currently opposition to the taxes exists in the form of Canada,
Australia and Japan, countries all arguing that their banking
institutions should not be punished for the failures (should
read crimes) of the big banks headquartered in U.S. and Europe.
The proposals for the IMF's global taxes are set to be debated
by the G20 in June.
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