Robert Wenzel writes:
As for the specifics of the global bank tax, as I pointed out on Wednesday, when discussing the tax:
One key point to note is that the tax will be based on “riskiness” where government paper will most assuredly be ranked as least risky, thus driving banks funds in the direction of propping up the government debt sector at the expense of the productive private sector.
The tax can thus be used to drive funds to the government financial securities markets and to other politically favored investment sectors. If a sector isn’t in good favor with the global elite, they will tax financial instruments coming out of that sector at a higher rate. Banks will make a lot fewer loans in sectors where instruments are heavily taxed.
Manipulative macro madness will be upon us with this move. The coming control of the financial sector at a global level will be something never before seen on the planet.The global elite are winning.
And you are losing.