Absolutely. From the Regan / Thatcher era "Trickle down economics" right up to the "Great reset" I've been writing that when virtue signalling billionaires (OK, multi - millionaires in the Reagan / Thatchcer era - they hadn't stolen so much of our money then,) express support for redistribution of wealth they're not thinking of money trickling down into our pockets but into the drains because they own the drainage systems.

A few years ago the hard left in the western nations were getting overheated about a financial transfer tax (Robin Hood Tax) a half per cent tax (50 cents on the dollar) on all financial transactions. That never happened although it was around the same time as the push towards a cashless society began.

When there was opposition the hard left were outraged, "But it's only 50 cents on the dollar, they squealed, you wouldn't even notice."

True. But ...

The financial markets work in basis points (bips.) One bip is one hundredth of a percentage point. And on the currency trades involving millions or billions of pound, dollars, Euros etc. the margin are usually less than 50 bips.

How can they do it on such a tiny margin? Easy, just work out what a half percent of one billion is (for readers not good at mental arithmetic it's 5 MILLION. I suspect that's more that most of us have earned in our lives.

So if every currency trader in London, New York, Frankfurt, has to almost double margins their business is going to be handed to cheaper traders in Hong Kong, Shang Hai, Singapore and Dubai.

So while the few basis points levey on our debit and credit card transactions trickle down, by the time they hit the main drain they are a torrent.

Sure, I wouldn't notice the extra three pounds when I fill my car, but a guy financing the purchase of a tanker load of half a million barrels of crude oil at $50 a barrel? even the financial institutions notice that kind of money.

And that's why redistribution through taxation will never happen while "democratically elected" governments are owned by the banking corporations that hold their debt.

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Opted for comfortable retirement before I was fifty due to health problems and burn out. Now spend my time writing and goofing around. Home: northern England..

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