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Old 13th May 2016
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Exclamation Political: Your money

IMF says Brexit 'pretty bad to very, very bad' → http://www.bbc.co.uk/news/business-36284200

The International Monetary Fund chief, Christine Lagarde, has said a vote by the UK to leave the European Union would have "pretty bad, to very, very bad" consequences.

As one of the elite, it makes one wonder about "pretty bad, to very, very bad" consequences” for whom? This lady has – if a previous BBC report is correct - a salary of £300,000 and pays NO tax. So, if not tax dodging, please explain how you managed to get the ultimate deal of a lifetime?

I'm sure, the lower masses would be very interested and the book would be an “instant best seller.” KERCHING!

She is also one who has jumped on the band-wagon supporting clamping down on tax avoidance / evasion??? Seems she can have her cake and eat it with cream on the top.
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Old 13th May 2016
Harold Gough Harold Gough is offline
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Re: Political: Your money

The lady is no laggard!

It could be that her salary is net of tax paid by the employer. I came across this in the 1960s or 1970s with the the CEO of ICI.

Harold
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Old 13th May 2016
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Re: Political: Your money

@ Harold: It seems you were not far off the money.

"Diplomatic Immunity" would seem to be the answer. BTW: The sums mentioned are out of date.

The IMF chief Christine Lagarde was accused of hypocrisy yesterday after it emerged that she pays no income tax – just days after blaming the Greeks for causing their financial peril by dodging their own bills.

The managing director of the International Monetary Fund is paid a salary of $467,940 (£298,675), automatically increased every year according to inflation. On top of that she receives an allowance of $83,760 – payable without "justification" – and additional expenses for entertainment, making her total package worth more than the amount received by US President Barack Obama according to reports last night.

Unlike Mr Obama, however, she does not have to pay any tax on this substantial income because of her diplomatic status.
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Old 13th May 2016
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Re: Political: Your money

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The managing director of the International Monetary Fund is paid a salary of $467,940 (£298,675), automatically increased every year according to inflation. On top of that she receives an allowance of $83,760 – payable without "justification" – and additional expenses for entertainment.
[/B][/I]
Which inflation? The highest of the 28 countries?

Entertainment? She should sing for her supper!

Harold
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Old 13th May 2016
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Re: Political: Your money

Curiousity got the better of me and I stumbled across this whilst wearing my Sherlock Holmes hat:

"Most resources for IMF loans are provided by member countries, primarily through their payment of quotas. Borrowing provides a temporary supplement to quota resources and has played a critical role in enabling the Fund to meet members’ needs for financial support during the global economic crisis. Concessional lending and debt relief for low-income countries are financed through separate contribution-based trust funds."

Maybe I'm thick - OK! No maybe about it, but I fail to understand why any monetary fund which is funded via a quota system by member countries has diplomatic status for a member(s) of its senior staff, in this case, namely Mrs Lasarde which allows no tax to be paid on all salary monies earned plus some rather generous allowances / perks?

Given that 1/2 the world is in recession and suffering financially through austerity measures where does one get the gall to preach to others that the rich etc., should pay tax whilst luxuriating in the fact that one is exempt?

If POTUS has to pay tax - presuming he has diplomatic status - then why not Christine Lasarde?

AH! Silly me. If anyone upsets her 'status quo' she has the power to shut down the loan. In essence, yet another case of "do as I say not as I do."

Reading further into it she pulled the plug on one of the EU wanna be's - Ukraine - until the pips squeaked and lthey were left with no options but to accept. The fall out of this is that many in Greece now refuse to pay tax as they believe they are being screwed over / bullied by the IMF.

Now I'm left wondering if this is why DC & GO are so keen to stay in the EU? As our borrowing has hit an all time high, has CL squeezed their pips as all the 'tough talk' by DC come to nought.
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Old 14th May 2016
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Re: Political: Your money

Out! Out! Out!
The only way to go.
Let's prove them all wrong.
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Old 14th May 2016
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Re: Political: Your money

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Entertainment? She should sing for her supper!
She could synchronise swim for her supper (she won medals in her youth)!

Jim
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Old 14th May 2016
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Re: Political: Your money

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Originally Posted by Howi View Post
Out! Out! Out!
The only way to go.
Let's prove them all wrong.
I voted 'no'in the 70s referendum, but fear that with the dire economic state of our economy, we're going to need the support of the EU in the near future.

I now realise that the sickly grin Gidiot Osborne frequently shows is from fear because he can't control the continuing downward spiral our economy is in.

Jim
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Old 14th May 2016
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Re: Political: Your money

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I voted 'no'in the 70s referendum, but fear that with the dire economic state of our economy, we're going to need the support of the EU in the near future.

Jim
So, when the French economy implodes, because their dept problem puts The Greeks' into the shade, you want to be asked to help out (all opt-outs having mysteriously disappeared)?

The EU project is a disaster and we need to be well clear of it when it falls apart, as it certainly will.

Harold
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Old 14th May 2016
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Re: Political: Your money

I agree, when we, as a country, have to borrow money to fund our "contribution" to Europe, and the situation, according to Government figures ( the National Debt ), is that every man, woman, and child in the country actually owes in excess of £6,000,000 each, how can anyone justify staying in a proven failure?

The EU is just a retirement fund for failed politicians, who are only too happy to jump on the gravy train.

If you doubt the above, just look at our past and present MEP.s.
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Re: Political: Your money

I'm of the opinion that much of this talk about Brexit being bad is that it will be bad for us and probaby, very much worse for those who remain. I also think that if we do come out, it will cause others to fall over like domioes. Maybe the guy with the Sandwhich board with 'The world ends... ' might be more prophetic than we think?

When I hear and see those advocating 'Remain,' I get the impression an Out vote will blow up in their faces as it will have proved their advice to join the 'EU' was flawed from the begining.

The original Common Market deal made sense for all. The EU, the way it has morphed, basically suits one country over all the others. What coudn't be acheived by guns has worked with creative accounting.

I also suspect that the land grabbing - Germany, because of decades of falling birth rates needs more hands to man the pumps - of Eastern European countries has caused the Red corner to get a wee bit 'upset' with the Blue corner. So Putin is putin' up the ante.

Just a matter of time before the Cold War, like much of history, repeats itself. When it does, it usually workes out much, much more expensive.
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Old 14th May 2016
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Re: Political: Your money

In view of "Your money" of the title:

It is many years ago now that both Germany and France were due to pay massive fines for national financial irregularities under EU rules. They chose not to pay. So rules are for the other 26! The whole thing is corrupt.

Harold
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Old 14th May 2016
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Re: Political: Your money

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So, when the French economy implodes
The French economy is unlikely to implode before ours, seeing as they own most of out utilities.

Jim
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Old 14th May 2016
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Re: Political: Your money

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The French economy is unlikely to implode before ours, seeing as they own most of out utilities.

Jim
But purchased with whose money?

Harold
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Old 14th May 2016
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Re: Political: Your money

Reading the posts so far there seems to be a total lack of real understanding
about the IMF. This is hardly surprising at the present time as we are
being bombarded by politician's and the media's usual selective and
biased reporting of the EU debate.

So, I did some research too.

The IMF report (not Ms Lagardes personal opinion) which has caused all
the agro is a routine (I think quarterly) assessment of our economic
situation and its predicted future which we get as part of our
membership of the IMF and inevitably therefore will address the so
called BREXIT issue.

The IMF is not related in any way to the EU but is a UN body of which a
total of 189 states are by choice members. The IMF is headquartered in
Washington but also has a number of regional offices and in-country
representatives. It only has a total staff of 2,663 who are all from
member states. Like all UN bodies with "international staff" (the
International Civil Aviation Oganisation and the International Maritime
Organisation are two other examples) it has "Diplomatic Status" and its
staff do not pay tax.To whom would they pay it?
For an organisation responsible for funds of around £500 billion an MD's
salary of £300K doesn't seem unreasonable particularly when the MD of a
well known UK Grocer gets £1.6M plus a £3M bonus.
Every member state makes a "contribution" to the fund, its Quota, which
is based on the size of its economy (GDP). These are not payments but
loans to the IMF made from states Foreign Exchange Reserves on which
interest is paid and which will be repaid. They do not come from a
state's "current account" and do not therefore use money which would
otherwise be used for government expenditure so do not affect the
budgets for Education, Health Defence or anything else.
The UK quota is £21 billion which is 4.27% of the total quotas. The US
is the largest contributor at £83 billion 17.86% followed by Japan,China
and Germany with ourselves and the French next with equal quotas.

Regards.
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