Godfrey Bloom exposes the scam behind the Financial Transaction Tax

Published on Mar 26, 2021
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• European Parliament, Strasbourg, 23 May 2012

• Speaker: Godfrey Bloom MEP, UKIP (Yorkshire & Lincolnshire), Europe of Freedom and Democracy (EFD) group - http://www.godfreybloommep.co.uk

• Debate: Common system for taxing financial transactions
Report: Anni Podimata (A7-0154/2012): http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&reference=A7-2012-0154&language=EN

- Report on the proposal for a Council directive on a common system of financial transaction tax and amending Directive 2008/7/EC - [COM(2011)0594 - C7-0355/2011 - 2011/0261(CNS)]
(Committee on Economic and Monetary Affairs)

- 'Bluecard' question: Vladimír MAŇKA (Slovakia), Socialists group

"A 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.

[In a 'bluecard question' Socialist MEP Vladimír MAŇKA (Slovakia) asked rhetorically whether the FTT would help us out given the financial crisis, to which Mr Bloom replied:]

"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 degrades 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)

• EU Member States:
Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, United Kingdom


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