Posted: 11 Oct 2011 08:40 PM PDT
1.I am for a global financial transactions tax.
2. The need to downsize the global bubble of financialization and tame this global casino ( as I have written for decades ! ) Today, HFT is another compelling reason.
3. Specious arguments about the supposed “difficulty” of collection. Nonsense , as we point out , can be done electronically, many countries already impose such taxes , e.g. UK’s stamp tax , etc. Also, the absurd arguments about reducing liquidity ! We all know that today , there is only “ faux liquidity” which disappears when needed.
4. The most important reform , together with a global FTT , is re-introducing the separation of retail deposit banking from all other forms , proprietary trading, i.e. an updated Glass-Steagall. UK’s “ ring-fencing” is a start.
See all my recent and earlier articles on FTT.