{"id":1605,"date":"2011-11-24T07:02:58","date_gmt":"2011-11-24T07:02:58","guid":{"rendered":"http:\/\/neweconomics.net.nz\/?p=1605"},"modified":"2017-02-07T03:53:50","modified_gmt":"2017-02-07T03:53:50","slug":"financial-transaction-tax-needed-to-stop-obscene-bank-profits","status":"publish","type":"post","link":"https:\/\/neweconomics.net.nz\/index.php\/2011\/11\/financial-transaction-tax-needed-to-stop-obscene-bank-profits\/","title":{"rendered":"Financial Transaction tax needed to stop obscene bank profits"},"content":{"rendered":"<p><strong>Financial Transaction tax needed to stop obscene bank profits<\/strong><\/p>\n<p><strong>&nbsp;24 November 2011<\/strong><strong><\/strong><\/p>\n<p>\u201cThe ridiculously high profits announced by ANZ shows we are overdue in imposing a financial transaction tax\u201d, according to Laurence Boomert, New Economics Party candidate for Wellington Central.<\/p>\n<p>ANZ announced record profits recently despite difficult economic conditions.<\/p>\n<p>\u201cEvery bank these days deals in derivatives and these trades are high volume and fast turnover. A small financial transaction tax should be imposed on every transaction,\u201d said Boomert.<\/p>\n<p>\u201cANZ\u2019s website shows exotic financial instruments like spot minors and forward majors but few people understands their complications\u201d, said Boomert.&nbsp;&nbsp;\u201cBanks are gamblers these days not innocent intermediaries between lender and borrower, especially since the removal of the firewalls that protected the savings and loans sides of their business from their rampant speculations.\u201d<\/p>\n<p>The Pacific Financial Derivatives page on Facebook tells you that retail Forex accounts can now be opened with a large or small deposit and leverage of 1 to 100 is allowed in most cases. \u201cIf this isn\u2019t gambling then I don\u2019t know what is\u201d, said Boomert.<\/p>\n<p>\u201cThe problem is that as banks indulge in reckless speculation and suck out their undeserved profits the real economy of production and labour is endangered\u201d<\/p>\n<p>For further comment phone Laurence Boomert 027 258 8807 E:&nbsp;<a href=\"mailto:laurenceboomert@xtra.co.nz\" target=\"_blank\">laurenceboomert@xtra.co.nz<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial Transaction tax needed to stop obscene bank profits &nbsp;24 November 2011 \u201cThe ridiculously high profits announced by ANZ shows we are overdue in imposing a financial transaction tax\u201d, according to Laurence Boomert, New Economics Party candidate for Wellington Central. &hellip; <a href=\"https:\/\/neweconomics.net.nz\/index.php\/2011\/11\/financial-transaction-tax-needed-to-stop-obscene-bank-profits\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[184],"tags":[],"_links":{"self":[{"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/posts\/1605"}],"collection":[{"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/comments?post=1605"}],"version-history":[{"count":5,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/posts\/1605\/revisions"}],"predecessor-version":[{"id":5154,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/posts\/1605\/revisions\/5154"}],"wp:attachment":[{"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/media?parent=1605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/categories?post=1605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/tags?post=1605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}