CBC News - Canada - The bank tax fight
I am completely against this. We don't need a globalized bailout fund that is funneled from sovereign nations. If I want my banks taxed then I'll petition my government to do it. I won't do it at the behest of the IMF. The IMF is not a province in the sovereign country of Canada.The International Monetary Fund has come forward with the latest proposal for the implementation of a global tax on the world's financial institutions as a way of paying for future bank bailouts.
The idea of a bank tax has attracted a lot of support in some quarters because it addresses a widespread public anger. People wonder why the very institutions that required public money to rescue them from their own recklessness are once again making big profits and paying huge bonuses to their executives.
Opponents — Canada among them — say it would be better to bring in tighter liquidity and capital measures that would prevent banks from making reckless bets in the first place.
If anything, there should be proposed legislation on the behaviors of financial institutions, not laws to give them more future bailouts for their irresponsible actions. Added to this, why should Canada be paying this tax just because Wall Street couldn't keep it together?
The idea that I could pay increased banking fees because my country is paying money into an IMF account makes me cringe.
Stay the hell out of my country's pockets, and MINE.