Robin Hood Rising: Grassroots Campaign Spurs EU Parliament to Tax Financial Speculation

[xchrom]

http://www.alternet.org/world/robin-hood-rising-grassroots-campaign-spurs-eu-parliament-tax-financial-speculation


Activists in "Robin Hood" garb push for a tax on financial speculation in New York City.
Photo Credit: Alex Kane

Under pressure to address a massive deficit, legislators voted overwhelmingly this week in favor of a tax on financial speculation. This really happened, I swear.

OK, it was in Europe, not the United States. But it could happen here—and it should.

The vote in the European Parliament on December 10 was the latest in a series of victories by international campaigners for a tax on trades of stocks, bonds, and derivatives. Often called a “Robin Hood Tax,” the goal is to raise massive revenues for urgent needs, such as combating unemployment, global poverty, and climate change.

A financial transaction tax would also discourage the senseless high frequency trading that now dominates our financial markets. Recently, the chief economist of the Commodity Futures Trading Commission (the top U.S. derivatives regulator) found that such trading practices are hurting traditional investors.

[Egalitarian Thug]

1. Can't recommend this enough.

Put the investment back into investing and remove all distinctions in income.

[malaise]

2. Great news

Rec