IMF proposes global bank tax plans: report

European officials on Wednesday welcomed IMF proposals for two new global taxes on banks to cover the cost of future bailouts after hundreds of billions were spent to stabilise them.The measures would see lenders and other financial institutions pay a levy as well as a further tax on profits and pay, which would aim to protect against a repeat financial meltdown, the BBC reported, citing a leaked IMF report.

The BBC reported that the IMF has proposed two global taxes on banks and financial institutions to cover the cost of future bailouts. Finance ministers are to discuss the proposals this weekend.

The International Monetary Fund said risks are increasing that China’s economic growth this year will fall short of the lender’s forecast as it urged the nation to follow through on policy reforms to sustain expansion.

The witch-hunt against the "rich" (as defined by a random group of people) through the establishment of creeping global capital controls continues. First, it was Europe deciding that €100,000 in savings is the "fair" threshold on savings above which any haircut goes, with Cyprus demonstrating first.

As details of the EU's heavy handed blackmail of Cyprus come pouring in, the volatile reactions mount as expected. Cyprus President Statement on Confiscation of Accounts Here is the Statement by the President of the Republic Mr Nicos Anastasiades. Points five and six are interesting:

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “The Bubble and Beyond.”

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “The Bubble and Beyond.”