OK, now we know John McDonnell’s an idiot

McDonnell called for an international pledge among progressive governments to introduce a financial transaction tax (FTT) to begin to address the inequalities of the global system and restructure the global economy.

An FTT is a net revenue loser.


22 thoughts on “OK, now we know John McDonnell’s an idiot”

  1. As far as idiocy goes, he’s relatively mainstream on FTT. He’s more starkly bonkers as Guido reportsin claiming that the problem with Venezuela was that the country deviated from the path of socialism which is why the country is a mess.

    Of course the worrying thing about McDonnell is not that he’s an idiot but that he’s an evil ideologue with more skeletons in his cupboard than Highgate cemetry.

  2. So he wants to tax pensions and ISAs. Which in todays Britain means he wants to tax the whole country.

    In a sensible world this would mean this policy would be a vote loser.

    If only we lived in a sensible world.

  3. McNasty is a very evil and dangerous man.

    Grandpa Death is only the figurehead. Lenin–or “Leaning” might be a better spelling–McNasty would soon replace him as Stalin. ( or “Stealin” if you again like a more apt cognomen).

    He needs to be on the receiving end of his own pronouncement for McVey.

  4. The only comforting thing I can think of is that more of the labour supporting snowflakes appear to be emos.

    I cannot see a particularly effective revolution coming from a group like that.

  5. Plus, McDonnell called for a new “hippocratic oath” for accountants, to get them to swear to make their clients pay the maximum amount of tax.

    Jesus wept.

  6. Dear Mr Worstall

    Surely this is a feature, not a bug?

    Destroying Western civilisation requires things like FTT. And rent controls. And price caps on energy (quickest way to freeze a granny), and food prices (quickest way to get compliments from the WHO on the slimness of your peasants).

    Welcome to the Hotel Venezuela.


  7. Not for the Government, it isn’t – at least in the short term. And in the long term, if it weakens the economy, won’t that be a justification to take more power – which is the point, the whole point, anyway?

  8. Assume he knows it loses revenue, but demands it anyway? I can think of fairly good reasons why he might, none of which idiocy. Malevolence and profound cynicism, yes, but not idiocy.

  9. ‘to begin to address the inequalities of the global system’

    Damn, Tim, you are FOR inequality?

    BTW, there is no global system. The CM goal is to CREATE a global system. With them in charge. Billions will die. But that’s okay, because all will be united in the global community. Equality for all!

    Though some will be more equal than others.

  10. He is also demanding that anyone earning over £1m publishes their tax return. Grr!! The only person who needs to see that is the tax inspector. 38 Degrees must be wetting themselves with excitement at the thought of it. Is there to be no privacy at all in future?

  11. @NN

    Not a fan of the Norwegian system?

    Personally I think it should either be private for all (or almost all, arguably politicians should declare) or public for all – probably tax and benefits data together since they’re becoming so interlinked. “Millionaires only” sounds like envy speaking rather than some principled reason why some should have privacy and others should have it stripped from them.

  12. I’ll make my tax return public, when there’s a public register of all those on welfare and how much they get too. If the public have a right to know how much income I have and how much tax I’m paying, they also have a right to know who’s getting that tax revenue too.

  13. Fundamental difference between the Right and the Left.

    The Right try something economically which doesn’t work, they then try something else.

    The Left try something economically which doesn’t work, they blame the Right, Neoliberals, America or Moon Pixies and then they try the same thing again.

  14. Salamander,

    Tax pensions? Blimey, I’m already there. Sure, they pay the state pension gross, but the tax comes off my other income.

    If he wants to tax ISAs, he can tax the interest for all I care – it’s fuck all!

  15. @Excavator

    For those of us who use our ISAs to hold a non-negligible part of our equity portfolio it would still be a royal pain in the backside though.

    I always have the nagging suspicion when I make each year’s contribution that it’s likely to have turned out largely in vain when some future chancellor either abolishes them or sticks a limit on the amount you can keep in them tax-free.

    In the expectation that it’ll be a nice round, large-sounding number, my current guess is a million.

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