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 Post subject: Yes, the City of London is beginning to suffer
PostPosted: Tue Aug 25, 2009 1:42 pm 
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When the City suffers the rest of the country will suffer, as well. Those much derided bankers, traders and hedge fund managers bring in a lot of money. And they do not like what is coming from the British government and, especially, the European Union.

View full article here

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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Tue Aug 25, 2009 2:22 pm 

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That's not right!The bankers are meant to leave the City and go to Frankfurt. Guess the EU will have to force Switzerland to join the EU FSA.

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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Tue Aug 25, 2009 5:22 pm 
RAENORTH wrote:
When the City suffers the rest of the country will suffer, as well. Those much derided bankers, traders and hedge fund managers bring in a lot of money. And they do not like what is coming from the British government and, especially, the European Union.

View full article here


On a related note, has the "droit de suite" had the predicted results in the fine arts markets? Or has the current downturn made ii impossible to tell.


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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Wed Aug 26, 2009 11:19 am 
What wealth does the City create and how does it do so? If it creates wealth and is so vital to our economic well-being, why is the UK (denuded of manufacturing) suffering more in this downturn than countries such as France, Italy and especially Germany which have retained indutrial bases and domestic ownership of them?


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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Wed Aug 26, 2009 11:48 am 

Joined: Sun Jul 03, 2005 11:11 am
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Quote:
a loss in GDP in the City of London of 3%, and a loss in tax revenues for the government of £800m a year.


Implying CoL tax revenues at ~ £25 billion.
And I'd guess that's real hard foreign earnings.

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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Wed Aug 26, 2009 11:30 pm 

Joined: Wed Jul 23, 2008 12:59 pm
Posts: 1862
Could someone please educate the head of the FSA as to who picks up the cost of any taxes on businesses.[HINT: It isn't the businesses.]

Lord Turner backs new banking tax

Quote:
The boss of the UK's financial watchdog has said he backs a new tax on banks as a means to prevent excess bonus payments in the industry

...

He said back in June that the FSA did have "concerns" about executive pay.

Lord Turner told Prospect that a tax on financial transactions in the City would cut banks' profits, and thereby reduce the funds available for bonuses.

He said such a tax would be "a nice sensible revenue source for funding global public goods".

Why should British bank customers pay through the nose to fund 'global public goods'? Taxation isn't meant to pay to soothe the consciences of our bureaucrats. How naive he is to think it would be ringfenced too.


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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Thu Aug 27, 2009 8:23 pm 
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Allan_Aberdeen wrote:
What wealth does the City create and how does it do so? If it creates wealth and is so vital to our economic well-being, why is the UK (denuded of manufacturing) suffering more in this downturn than countries such as France, Italy and especially Germany which have retained indutrial bases and domestic ownership of them?


Ah, same old, same old.

Evil money-grubbing bankers vs. Arbeiter der Stirn und Faust.
And the riddle of money and wealth every 'activist' in the past and present has been pondering on.

Lovely.

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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Thu Aug 27, 2009 11:08 pm 
Go on then harris. Explain to this ignorant engineer exactly how the City creates wealth and why we don't need industry. The latter is inferred from your condescending manner of writing.


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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Thu Aug 27, 2009 11:14 pm 
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Allan_Aberdeen wrote:
Go on then harris. Explain to this ignorant engineer exactly how the City creates wealth and why we don't need industry. The latter is inferred from your condescending manner of writing.


Hey ... we manufacture money don't we ... that makes it manufacturing industry!

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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Fri Aug 28, 2009 12:56 am 
My subtext detector is pinging away at a right old rate when I set on pre-emptive.

PING PING PING PING PING PHKNG PING....


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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Fri Aug 28, 2009 12:57 pm 
SandyRham wrote:
That's not right!The bankers are meant to leave the City and go to Frankfurt. Guess the EU will have to force Switzerland to join the EU FSA.


Sadly I think it's only a matter of time before this happens. The Swiss have recently been forced to sign bilateral deals on banking secrecy with other countries. For example most recently the French

http://www.france24.com/en/20090827-switzerland-france-ink-tax-deal


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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Fri Aug 28, 2009 1:53 pm 

Joined: Sun Jul 03, 2005 11:11 am
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Quote:
Sadly I think it's only a matter of time before this happens. The Swiss have recently been forced to sign bilateral deals on banking secrecy with other countries. For example most recently the French


Can't even be cynical without being right,.... that is soooo depressing.

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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Fri Aug 28, 2009 4:58 pm 
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Allan_Aberdeen wrote:
Go on then harris. Explain to this ignorant engineer exactly how the City creates wealth and why we don't need industry. The latter is inferred from your condescending manner of writing.


Perhaps you have read over the quite apt explantion someone else gave you the last time:

viewtopic.php?f=2&t=1007501&p=84243&hilit=grubbing#p84245

You want me to explain why you don't need 'industry'? That's silly since I did not suggest that.

You don't need certain industries if your country is importing the respective products.
Germany for instance has lost most of its textile industry. It's importing instead because the international division of labor makes it cheaper. If a country manages to create its complete income from offering financial services it don't need something what you call industry at all.

The problem is that you as an 'activist' - per definitionem one may say - think that wealth literally only can be things that can be touched, eaten etc. pp. whatever (see link above).
In this view international division of labor, the structure of production relations per se can not be wealth. They may produce wealth but they aren't.( Furthermore wealth is considered to be somehow constant. Therefore the fetishist view on real estate and gold which are considered to be oh so safe investments.) Services related to trading, lending money and capital you deem to be unproductive and not wealth producing, dispensable Überbau like the marxists say, and eventually stealing and outright evil.

That's 'activist' textbook basics. Only the jews are missing in this world view - for now.

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 Post subject: Re: Yes, the City of London is beginning to suffer
PostPosted: Fri Aug 28, 2009 5:23 pm 
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I interpreted the question as: has the time come whereby our comparative advantage as an island lies in an export-orientated economic model like Japan - we could gain more (than £25bn in tax revenues, if not absolutely then in terms of relative government expenditure due to the beneficial impact on society of industry take-home versus banker wages) if we switched from banking to industry?

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