Reply to: £1,300,000,000,000 in debt

[AtW]

The future will show who was right

[sasguru]

Yes, that's fair enough - good finance system is very beneficial, however it all moves towards the City being the only lucrative industry in the UK: it's like driver of the bus started considering himself being far more important than the passenger he was carrying.

You haven't got a clue and I have no time to enlighten you. Enjoy wallowing in ignorance, like a pig in tulipe

[AtW]

Yes, that's fair enough - good finance system is very beneficial, however it all moves towards the City being the only lucrative industry in the UK: it's like driver of the bus started considering himself being far more important than the passenger he was carrying.

[sasguru]

The added bonus is that overpaid people in the City will get kick up their bottoms and hopefully will apply their, no doubt, vast knowledge to working on things that will actually benefit humanity rather than being parasites that are slowly but surely killing the host on which they live.

I know you're trying to get your post count up but do you have to post utter tulipe? Your ignorance is truly stupendous. The City has been preeminent for 400 years and provided all the mechanisms to fund sea voyages, the industrial revolution, Britain's overseas wars etc. etc
Do try pulling your head from out of your arse and try to learn some basic economics.

[AtW]

Bit off-topic but there is no capital gains tax in Belgium - this makes me fell like a right lazy sod for not doing exactly what you are proposing to penalise.

I am talking about UK. The approach is logical and makes sense - short term speculants wield way too much power, this forced boards to make short term decisions to appease lysts in the City and Wall Street, the end result is that fundamental science get investment pretty much only in the USA, and that only for military applications.

The added bonus is that overpaid people in the City will get kick up their bottoms and hopefully will apply their, no doubt, vast knowledge to working on things that will actually benefit humanity rather than being parasites that are slowly but surely killing the host on which they live.

[Rantor]

When you sell shares you pay capital gains tax (if you sold for more than you bought). However if you keep shares for X years you will get tax relief of Y%. The intention is clear - encourage long term share holding: people who buy shares for short term are speculants that ruin it all for everyone including themselves, but they are too dumb and greedy to understand this.

So, there is already framework for what I suggest - what I am saying is that tax rate for capital gains on short term shareholding should be higher, say 90% rather than current 40%. Perhaps tax rate should be lower for those industries that actually invest into making something real rather than bullsh1t stuff that has no intrinsic value.

Bit off-topic but there is no capital gains tax in Belgium - this makes me fell like a right lazy sod for not doing exactly what you are proposing to penalise.

[sasguru]

When you sell shares you pay capital gains tax (if you sold for more than you bought). However if you keep shares for X years you will get tax relief of Y%. The intention is clear - encourage long term share holding: people who buy shares for short term are speculants that ruin it all for everyone including themselves, but they are too dumb and greedy to understand this.

So, there is already framework for what I suggest - what I am saying is that tax rate for capital gains on short term shareholding should be higher, say 90% rather than current 40%. Perhaps tax rate should be lower for those industries that actually invest into making something real rather than bullsh1t stuff that has no intrinsic value.

You do spout tulipe. Stick to coding, I'm reasonably sure you must be OK at that.

[AtW]

Well smart people, of which merry group you're not a member, may also see that it's nothing to do with them when people want to sell their shares. When are you going to abandon your soviet upbringing?

When you sell shares you pay capital gains tax (if you sold for more than you bought). However if you keep shares for X years you will get tax relief of Y%. The intention is clear - encourage long term share holding: people who buy shares for short term are speculants that ruin it all for everyone including themselves, but they are too dumb and greedy to understand this.

So, there is already framework for what I suggest - what I am saying is that tax rate for capital gains on short term shareholding should be higher, say 90% rather than current 40%. Perhaps tax rate should be lower for those industries that actually invest into making something real rather than bullsh1t stuff that has no intrinsic value.

[sasguru]

There you go again (tm). In the world according to AtW, the solution is always a law to force people to do what AtW thinks they should do.

Do you never grasp the fact that the whole point of the market is that individuals deciding on their own best interests will organise more effectively that any planning?


Edit: Sorry sasguru, I echoed your thoughts.

Ah just saw this.
Atw is a little dim when it comes to understanding the market.
I would suggest you read "The Wealth of Nations" which hasn't been bettered in centuries.

[sasguru]

Smart people already realised that such long term investments should be encouraged, but they don't have balls to make much stricter rules such as say 95% tax on short term shareholding. !

Well smart people, of which merry group you're not a member, may also see that it's nothing to do with them when people want to sell their shares.
When are you going to abandon your soviet upbringing?

[AtW]

There you go again (tm). In the world according to AtW, the solution is always a law to force people to do what AtW thinks they should do. Do you never grasp the fact that the whole point of the market is that individuals deciding on their own best interests will organise more effectively that any planning?

What I suggest is already done, but on a weak scale - right now if you sell your shares quickly you will be hit with higher rate of tax than otherwise, thus encouraging long term shareholding. Smart people already realised that such long term investments should be encouraged, but they don't have balls to make much stricter rules such as say 95% tax on short term shareholding. Sure all that speculative money will leave the market, good riddance I say!

[Euro-commuter]

Well most of it went into the pockets of Maggie's friends in the City...

Which was her purpose in government; while her method of staying there was to fight a war and win the patriotism dividend.

Dubya, some day you too will be revered!

[zeitghost]

Well most of it went into the pockets of Maggie's friends in the City...

[Euro-commuter]

(Norwegians)

Fondly known in the oil industry in the 70s as "blue eyed arabs"...

Damn right!

Sticking for the moment purely to the solidly United Kingdom, it is shameful how the one-off wealth of the oil was squandered. Never mind British Leyland, it was the British government and economy that lived off subsidy. But now it's gone. What's to show for it? In Norway, a thriving economy and a huge national fund. In Britain, the memory of a few more years of not having to fix anything because free money was coming in.

[zeitghost]

How about, they exploited their own North Sea Oil instead of giving it to Americans to develop, then they invested in their economy instead of (yet again) using any available income to prop up imperial dreams and military adventures.

And didn't join the EU.

Fondly known in the oil industry in the 70s as "blue eyed arabs"...