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Special Report on

The Tobin tax proposal

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Tobin suggested a new system for international currency stability, and proposed that such a system include an international charge on foreign-exchange transactions. The idea lay dormant for more than 20 years and was revived by the advent of the South East Asia economic crisis in the late 1990s. In 1997 Ignacio Ramonet , editor of , renewed the debate around the Tobin tax with an editorial titled " Disarming the markets ". Ramonet proposed to create an association for the introduction of this tax, which was named ATTAC (Association for the Taxation of financial Transactions for the Aid of Citizens). The tax then became ...
into another. The tax is intended to put a penalty on short-term financial round-trip excursions into another currency. Tobin suggested his currency transaction tax in 1972 in his Janeway Lectures at Princeton, shortly after the Bretton Woods system of monetary management ended in 1971. 1 Prior to 1971, one of the chief features of the Bretton Woods system was an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold . Then, on August 15, 1971, United States President Richard Nixon announced that the United States dollar
Reason Foundation - A Growing Concern: Bank Taxers Without Borders
" at the G20 meeting in June. It is still unclear what kind of tax this will be, but in any event we can expect it to be counterproductive to any real recovery for the global economy and for curing any ills within the financial sector. If the tax is a one-off "fine" for the whole banking sector, a bank levy similar to the one proposed in the U.S. , this would be tantamount to punishing all banks, whether or not they actually engaged in imprudent investment activities. Also, since the worst performers have been bailed out by various governments, the net effect of the tax and bailouts would be a cross-subsidy, ... market research, surveys and trends
Noam Chomsky - Deterring Democracy: The TOBIN TAX is back
This book is a MUST READ. Of course it is old now and the 911 inside job has uncovered a much deeper level of a criminal empire. BUT IT IS CRITICALLY IMPORTANT for us to have an understanding of the ways that our democracy is undermined by the ILLEGITEMATE OWNERS of this world. The book is freely availabe from website. Blogspot adaptation by u2rh2. Germany and France are freeing themselves from Banker's dictate, THE TOBIN TAX is being considered!!! YEY!! London stockbrokers have threatened to move to Dubai, and make that fascist fifedom into the 2nd biggest Financial Centre of the World.... killing London, ... market research, surveys and trends


Fact Sheet on Tobin Taxes
They are simple sales taxes on currency trades across borders. The original proposal came from James Tobin, Ph.D., a Nobel laureate economist at Yale, but economists have since refined his approach. Tobin Taxes can be enacted domestically by national legislatures, but will require multilateral cooperation to be effectively enforced... Political will for passage is the major obstacle to be overcome, by citizen mobilization... The proposal is important due to its potential to prevent financial crises. Also, the estimated $100 - $300 billion per year makes it possible to meet urgent global priorities, such as preventing global ... industry trends, business articles and survey research
Time to Reconsider the Tobin Tax Proposal?
Since 1992, crises in global financial markets have been the norm rather than the exception. Specifically, in 1992-93, Europe was faced with the virtual collapse of the European Exchange Rate Mechanism (ERM). In 1994-95, there was the Mexican currency and financial crisis, which saw the steep devaluation of the peso, and there were also negative contagion effects on Argentina and Brazil (so-called 'Tequila effect'). Since mid 1997, the world has been experiencing the effects of the East Asian crises, which started somewhat innocuously with a run on the Thai baht, but spread swiftly to a number of other regional ... industry trends, business articles and survey research
The Tobin Tax Plan Wall Street Hates … But Can't Seem to Kill
Martin Hutchinson writes: German Chancellor Angela Merkel recently came out in favor of a "Tobin tax" - a small tax on financial transactions, proportionate to the size of the transaction. The Tobin tax idea also has been proposed by Britain's former prime minister, Gordon Brown, and was proposed in Congress by U.S. Rep. Peter DeFazio, D-OR. Every time a Tobin tax is proposed, it has failed to gain traction - which isn't surprising: Wall Street, with its international affiliates and legion of lobbyists, hates the idea. Even so, the Tobin tax idea just refuses to die - which is a good thing, since it is probably the ... market trends, news research and surveys resources
The bank tax and the G20 summit: An overview
Proponents of the global bank tax have suffered a major setback this past weekend in Pusan, South Korea. The G20 finance ministers decided to drop it under pressure from its chief opponent, the Canadian government, as well as Australia, Japan, and Brazil. The decision was based on the usual argument that the levy would punish banks that had acted responsibly, and that other mechanisms such as increased capital requirements were more appropriate for dealing with future bank crises. The pronouncement does not preclude countries from creating their own bank tax, and the G20 has stated that it is even willing to provide ... market trends, news research and surveys resources


The Tobin tax: A tool for allocative or distributional policies?
~2 Cf. D. F e I i x: The Tobin Tax Proposal: Background, Issues and. Prospects, Washington University Dept. of Economics Working Paper ... technology research, surveys study and trend statistics
Op-Ed Columnist - Taxing the Speculators -
Dec 20, 2009 ... But the Turner-Brown proposal, which would apply a “Tobin tax” to ... for example, Tobin's original proposal to tax foreign exchange trades. ... technology research, surveys study and trend statistics
Tobin Tax Effects Seen from the Foreign Exchange Market's ...
The motivations to endorse a Tobin tax proposal are quite different and may serve ... James Tobin (1978) made his by now very prominent tax proposal as ...
How can poverty be eliminated from the face of the earth? - Yahoo ...
Poverty is everywhere in the world, whether its the USA or the USSR. Poverty is earth's common enemy that generates many social evils including crime, depression, addiction and low self esteem, just to name a few. How can it be eliminated from the face of earth? In my answer here, I will only address the cost of this project, and how it can be financed: "It now takes less than a week for global currency markets to exceed the entire annual volume of world trade in goods and services, distorting their real value and resulting in trade that is neither free nor fair."(1) In 1972, James Tobin, who would eventually win the ...
“Once a Speculator, always a Speculator.” Do you subscribe to this ...
To put it with famous hedge fund manager Victor Niederhoffer, "I invest, you speculate, they gamble". "Speculator" is not a technical definition but, rather, it is rooted in the popular psyche to indicate (or fingerpoint?) somebody who operates to earn a profit in the short term. While marginally better, "trader" is a definition that is still far lower in people's preferences than "investor", the latter having the reputation of having a longer time horizon and providing some service to the "real".Having said this, three points need to be clear: 1) There is no hard and fast rule (in terms of instruments traded or investment ...