Opponents’ arguments are inconsistent and lack proportion, says Avinash Persaud, former senior executive at JPMorgan and UBS, and an executive fellow at London Business School. The banking industry has launched a concerted and broad attack against the plans of 11 European countries to impose a financial transaction tax. Bankers are complaining that the tax will kill growth, rob pensioners, make the European debt crisis worse, impoverish small farmers and more. On examination, the arguments by opponents of the FTT have three defining features. First, they are inconsistent. We are told that the tax will be so completely avoided that no one will pay it. Then we are told that the tax will bring economic and financial ruin. It is hard to have it both ways.