Canada opposes a global bank tax and hopes that will be the prevailing view at a G20 summit the country will host next month in Toronto, its treasury board president Stockwell Day said today.
The meeting of leaders of the G20, a grouping that gathers major developed and emerging economies
representing about 80 per cent of global gross domestic product, will discuss key global economic issues including stronger banking regulation.
The Conservative government in Ottawa has long argued that due to stricter rules, Canadian banks did not exploit some of the lucrative dealings that eventually got their US and European counterparts into so much trouble. They, therefore, did not need bailouts and it would be unfair to tax them now, Canada says.
I would say Canada has a point - if their regulation kept them out of trouble, why should they pay a tax to spread the risk that the banking system need not take if they apply proper regulation. Or is they can work out a system - let the 'casino' banks like the US pay a higher rate if they insist on playing games of chance with depositors money.
Heaven forbid America actually implement REAL monetary policy. What would the politicians do without access to the funds they so richly crave?
Yea - they are referring to our chartered bank system here which many Canadians have had a lot of faith in and have had for some time. However Stockwell Day is still a goofball! LOL!
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