As society continues to crumble, another installment in the saga come from France. French president Nicolas Sarkozy has announced he intends to begin taxing financial transactions. Originally designed as taxes on currency crossing borders, the full details of Sarkozy’s plan have not been made public yet. That is probably because leaders don’t want the public to pay too much attention until the regulations are quietly implemented.
Strictly speaking, a financial transaction takes place when money is moved from one place to another place such as from a savings account to a checking account. No purchases or sale of goods or services is required.
This move is indicative of how bad the situation really is in the Eurozone. Leaders are trying to pull revenue out of thin air, and thin ATM cards too. Every withdrawal from a bank will be taxed. Conceivably, every time a payment is on a mortgage, car loan, credit card, utility bill; it will include an additional transaction tax. Every time a person moves their wallet from their left pocket to their right pocket-alright, but it’s the same thing in principal. Once a currency transaction tax is in place, the ratcheting can begin.