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Friday, February 19, 2010

Global bank tax or "Tobin Tax" is dead

The Financial Post is reporting that Canada plans to oppose taxing global bank transactions at the G20. This destroys any possible chance that such a tax would be implemented, though the chances were pretty slim even before. The UK Conservative Party opposes the Tobin tax and they are the most likely winners in this Spring's General Election (though they do have stupid ideas of their own).

I am glad that the "Tobin Tax" has not been able to get off the ground. Gordon Brown looked silly proposing it. Yet the danger is not over. There is a political appetite for this sort of proposal and whatever idiocy they come up with next might be moreplausible.

Posted by Hugh MacIntyre on February 19, 2010 | Permalink


"and whatever idiocy they come up with next might be more plausible."

Exactly. Google "door in the face" as a term used in the field of Social Psychology (you might need to use also the search phrase "foot in the door"). Bottom line: ask for something so huge that you know you will not get it, so that when you ask for something not as big, but still outrageous, it will *seem* not so big and not so outrageous.

Posted by: Paul McKeever | 2010-02-19 6:10:28 AM

There is no end to all the attempts and schemes to steal more from people these days. At the provincial level in BC the government is planning on making everyone with their own private well pay fees for water.

Posted by: Alain | 2010-02-19 12:00:30 PM

I think that at most government should recieve no more than 10% of a persons income and it should be applied to everyone equally.

Government should defend the country from attack, defend the borders from invasion, standardize weights and measures, and its court should make sure that individuals' rights are not violated

That is pretty much all government should do...

oh and hunt down and execute child molesters and child pornographers.

Posted by: Floyd Looney | 2010-02-19 3:30:19 PM

It's easy to fault governments for their addiction to taxpayer money, and certainly they deserve their share of the blame. However, the taxpayers themselves, who consistently demand Lamborghini government services on a Fiat budget, are also responsible. Even a modest trimming of a program here or a grant there is met with firestorms of protest from the affected group, who then go viral with their grievances and attempt to whip the voters into a frenzy. And all too frequently the voters, with nothing better to occupy their minds that day, buy it.

Posted by: Shane Matthews | 2010-02-22 3:53:29 PM

Shane, its not the cut that causes the cry. Its the fact that it was never managed with any degree of competency to begin with that gets peoples goat.

Posted by: Steve Bottrell | 2010-02-22 4:54:40 PM

The fact that this particular financial house of cards crashed does not mean that banking has never, ever been managed with even a lick of competence, Steve. What era does your statement encompass? The Bush administration? Post-Reaganomics America? The post-WWII West? Post-Renaissance Earth? All financial systems, always and everywhere?

Instead of finding fault, picking nits, and peeing in the punch bowl, why don’t you posit a fresh and workable solution? Preferably one that doesn’t involve anarchy?

P.S. You can’t argue that anarchy has never been tried, because anarchy reigns, briefly, at the collapse of every major authority, institution, or culture. But it is always fleeting. People are creatures of habit, and a planned existence is more conducive to habit. Therefore anarchy never endures for more than a brief time.

Posted by: Shane Matthews | 2010-02-22 6:36:06 PM

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