As Occupy gears up for the American Spring, our European counterparts will soon have one OWS victory to put in their cap. In France this past week, lawmakers put their backing behind a bill for a Robin Hood (Tobin) Tax. The tax, a fraction of a percent on all derivative, currency and securities transactions, will equate to billions of dollars for social programs (at a nominal cost to the markets) and will reign in the worst elements of speculative trading in Europe.
This marks the long beginning of the necessary radical shift in the economic paradigm of our age. Germany and the Eurozone states are already on board, leaving only the U.K. and the U.S. defending unbridled neo-conservative free market gains.
For all of us this side of the Atlantic, the obvious question is: why not a Tobin Tax here?
When the G8 meets in Chicago this May, lets make sure that Occupy is there to greet them with a demand for Robin Hood.
(Reuters) – France wants to target bonds and derivatives, as well as stocks, with a new tax on financial transactions which the conservative government hopes to introduce before an April presidential election, Finance Minister Francois Baroin said on Tuesday.
President Nicolas Sarkozy’s government is keen to push ahead with a “Tobin tax” even without its European Union partners …
Read the entire article: http://www.reuters.com/article/2012/01/10/us-france-tax-idUSTRE8091BC201...