Cretins, we\’re surrounded by cretins.
There’s really only two problems with this idea.
1) It would not be the banks, not even the bankers, paying the RHT. There really is something called tax incidence, no, really, and it will be all consumers of financial prodcts that pay the tax. That’s us, the citizenry then.
Heck, one of the UK’s few Nobel Laureates, Sir James Mirrlees, has pointed out that trasnaction taxes are to be avoided anyway as they cascade through the economy.
2) Such transaction taxes will increase volatility, not decrease it. Sorry, but this is also true. Speculation, all those derivatives, they dampen price volatility, not increase it. Yes, I have read your reports and they’re all bollocks, you don’t know what you’re talking about.
So, let’s have an RHT so that we, us, can pay more taxes and so that we can have the financial markets gyrating ever more wildly.
Doesn’t sound so good now, does it?