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Ear to the Ground

‘Robin Hood Tax’ Gains Currency

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Posted on Sep 5, 2010
Flickr / seastoxfam

An activist takes part in a demonstration in front of the Treasury in London last March in support of a proposed “Robin Hood tax.”

A leaked IMF report shows that there is growing international backing for a tax on bank profits, part of what has been dubbed a “Robin Hood tax” that, if ultimately agreed upon, would raise money to help those pushed deeper into poverty by the global financial crisis and to restore public services.

Similar to the Tobin tax on foreign currency transactions, a Robin Hood tax would levy a fee on stock, bond and futures trading by banks and hedge funds and shuttle that revenue to local and international aid groups. —JCL

The Guardian:

European Union finance ministers will step up talks on raising extra money from banks this week amid signs that the International Monetary Fund is softening its opposition to a “Robin Hood tax” on financial transactions.

Treasury sources said the chancellor, George Osborne, was prepared to back a financial activities tax on bank profits and pay at the Brussels meeting provided it was universally introduced, but was wary of a broader Robin Hood tax. Campaigners said last night, however, that a leaked IMF report showed growing international backing for a broader tax and urged Osborne to look at the revenue-raising potential of a levy of transactions.

David Hillman, a Robin Hood Campaign spokesman, said: “The rug has been pulled from under critics who claim that a Robin Hood tax would damage the wider economy or is unworkable. The IMF, EC and Leading Group of 60 nations have all said it is feasible. The main losers would be those who make lots of money from socially useless trades but the winners would be millions of people at home and abroad pushed into poverty by the economic crisis or whose public services are under threat.”

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By Frank, September 6, 2010 at 11:51 pm Link to this comment
(Unregistered commenter)

Corporate and banking taxes don’t work.  They simply get passed down to the consumer

The only way to redistribute wealth while keeping the current system of absolute property rights is to increase social services.  Or you could actually redistribute the wealth, like Robin Hood, but that’s not happening without a very serious war

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By gerard, September 6, 2010 at 3:36 pm Link to this comment

You mean they gonna limit my rights to starve babies in the third world, gonna take my money and cure AIDS and prevent wars?  Not on my watch, they ain’t!  I made my money the hard way—by stealing it fair and square and by gettin’ rid of people who don’t got sense enough to get in out of the rain.  Caveat emperor forever!

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By Michael, September 6, 2010 at 10:48 am Link to this comment
(Unregistered commenter)

April Fools!

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By kalpal, September 6, 2010 at 8:29 am Link to this comment

When an incorrigible bank robber was asked why he robbed banks, he said, “Because that’s where the money is.”

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By ardee, September 6, 2010 at 2:29 am Link to this comment

If this trend busting action is taken I would be very surprised indeed. In an era when the US becomes more like a third world country with each passing year this proposal seems without traction.

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By ofersince72, September 5, 2010 at 11:31 pm Link to this comment

Da bankas will win out in Europe as they did here.

It just a matta a tim be4 dey lose dare benies in Europe.

So Peans of the Euro type,  get to da dokter soon cause

he not be dare very much of a longer time for you, dem

gangstas no what dey doin.

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CJ's avatar

By CJ, September 5, 2010 at 3:17 pm Link to this comment

Has Arnold heard about this? Anyone in the Cal State Leg? Anyone at all? Not
that it would matter, not to Arn, not to Jer and not to the witless wonder
expending billions to become figurehead. (My dog could have made profits
running ebay, a self-sustaining community, or at least that’s what it used to be
before occupation by the petite bourgeois.)

Europe is way out ahead of the U.S. concerning most government policy.
Course there aren’t so many crackers forever soppily appealing to the
sentimental God, ma and apple pie (and war) and otherwise vague dream of
ownership and personal gratification. I know, there’s a fascist here and there
over there too. Not nearly so many as here, where fascism de facto inhabits
hearts (hearts?) and minds (minds?). Hey, I can only go by election results, and
not by dubious polls and the occasional community garden ostensibly signaling
change. And the guy at the farmers’ market charges more to people who don’t
go there because they got no jobs and so can barely afford Albertson’s.

The pipe dream continuith (continueith?) and Obama ain’t no Iceman, while we
continuith the process of indivudalizing ourselves into a whole other kinda ice
box.

Pissed off libs are on the verge of setting out to vote back in the other faction,
which actually is worse as measured on the toady-ometer. Think McConnell
spouting talking points in the face of actual questions seldom followed up on
by so-called “journalists” terrified the Mini Leader might never return)

Did you say, TAXES!? I want my money! I WANT everything and I want it now!
Fuck them. This is the new ideology: “FUCK YOU!” Capitalism finally having
attained some kinda apex in America.

What taxes? We MUST—according to crackers—continue the Bushy cuts. We
simply must, because—so slop goes—doing so will lead to more investment,
more jobs, more exploi…sorry, not that last part.

On planet earth we know that claim to be crap, sans a scintilla of evidence to
back crap—nowhere no how ever at anytime in capitalist history-onics.

But we HEART Robin and his Hoods. Wetly, sloppily, smackers all around. What
a crew! We always love such people but can’t really be bothered to emulate
them, preferring instead to do penance one day a week, if that, only to go out
and do it again to our fellow humans.

Europe never quite developed the fascist mindset, ironically no doubt. No neo-
fascism has arisen since the first one was pretty much squashed. (Well, there
was that Balkan business.)

So, do we need squashing? Do we insist on it? Not unconsciously either, since
to claim that would be only to make an excuse. How much is enough? More
specifically, how much do we believe a handfull ought be awarded for all that
hard work never really done? How hard is it? “Hey, you, here’s some money;
now you owe us more than we lent you.” But this is “risky,” caps claim. Nope,
not when backed by the full faith and blah-blah, finally the same “you” who’s
also taxpayer.

We “yous” do object to further taxation when taxes are used primarily to exploit
us by way of a sweet con, nice work if you can get it. Not to say taxes spent to
assist humanity are objectionable. If only. Assistance does not include
triumphalism nor unrestricted bail-outs to bankers who then stow the dough
where no one can get at it, refusing now even to lend it to “you.”

But Robin and his Hoods are also objectionable, however cute otherwise—Not
REALLY! That was just fantasy. Yes, yes, we heart him and them, but not
REALLY! We have a “dream,” which is—sorry—not MLK’s, but indeed Cracker
Beck’s. That is, Robin and his Hoods must have been insane, like a few have
told me I am. Einstein was wrong; insanity is when anyone thinks differently,
the very opposite of how Einstein defined insanity, doncha know?)

Outrageous this planned give-away in the land of deadbeat “sensualists.” Have
they no bootstraps?

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PatrickHenry's avatar

By PatrickHenry, September 5, 2010 at 2:31 pm Link to this comment

A good start.

I’m for the nationalization of banks. 

North Dakota has created a state run bank which the state government uses to control its revenues and disbersements. 

http://en.wikipedia.org/wiki/Bank_of_North_Dakota

A good idea which works for the benefit of its residents.

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By gerard, September 5, 2010 at 1:02 pm Link to this comment

Sounds like a feasible way to start—and getting started is the most important part.  Once such ideas are institutionalized, there’s a chance they may spread and become one accepted way of useing some of capitalism’s excesses to alleviate human suffering.

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