Michael Spencer’s Thoughts on the Drachma and Taxation
Michael Spencer is the CEO of ICAP and someone whose business judgement I respect. He’s also a man with strong Suffolk connections, which is always a plus point.
An article with the headline of “Spencer ready for return of drachma”, sums up his view on what to do, if or when Greece falls out of the euro.
He s also very forthright on what would happen if the financial transaction tax is imposed on the City.
After reading the article though, I suspect it will never be levied, as everybody has too much to lose. Except of course countries like Dubai, who’d laugh all the way to the bank, if it was implemented in substantial parts of the world.
One thing I like about Mr. Spencer, is that his company does its bit for charity. Here’s their page.
If you can get a copy of the article, read it!
If you look at ICAP’s major competitors, they are either in London or based in the United States. Not one is based on German or French soil. So if the European Union brought in a unilateral transaction zone and the UK didn’t levy it, they’d raise precisely zilch. Would banks like Deutsche Bank do their business in Frankfurt, when they could do it cheaper in New York? Of course they would!
The Anonymous Widower 
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