G20 tasks IMF to probe "Tobin tax" - New England Patriots Forums

Real World · 10-07-2009, 02:22 PM

Nice.

G20 tasks IMF to probe "Tobin tax": G20 source

Fri Sep 25, 2009 2:55pm EDT

PITTSBURGH (Reuters) - G20 leaders have tasked the International Monetary Fund to investigate ways the financial markets could pay for the effects of the economic crisis, such as a tax on all international financial transactions, a G20 source said on Friday.

"A so-called 'Tobin tax' on all international financial transactions will not be mentioned specifically in the final communiques, but it was discussed. The IMF will now investigate and report back to the next G20 meeting," the source involved in the G20 summit in Pittsburgh said.

alvinnf · 10-07-2009, 02:25 PM

Quote:

Originally Posted by Real World

Nice.

G20 tasks IMF to probe "Tobin tax": G20 source

Fri Sep 25, 2009 2:55pm EDT

PITTSBURGH (Reuters) - G20 leaders have tasked the International Monetary Fund to investigate ways the financial markets could pay for the effects of the economic crisis, such as a tax on all international financial transactions, a G20 source said on Friday.

"A so-called 'Tobin tax' on all international financial transactions will not be mentioned specifically in the final communiques, but it was discussed. The IMF will now investigate and report back to the next G20 meeting," the source involved in the G20 summit in Pittsburgh said.

Whom would benefit from such a tax? Would it go into a pool or be done on a counrty by country basis.

Real World · 10-07-2009, 03:05 PM

No clue who this writer is, but if this is accurate, Oh my!

Progressives Back Obama Push for Global Tax

Quote:

One proposal, popular at the United Nations for decades and long-advocated by Fidel Castro, is the Tobin Tax, named after Yale University economist James Tobin. Such a tax, which could affect stocks, mutual funds, and pensions, could generate hundreds of billions of dollars a year. Indeed, Steven Solomon, a former staff reporter at Forbes, says in his book, The Confidence Game, that such a proposal "might net some $13 trillion a year..." because it is based on taking a percentage of money from the trillions of dollars exchanged daily in global financial markets.

Such transactions are commonplace on behalf of Americans who have stock in mutual funds or companies that invest or operate overseas.

Meanwhile, President Obama used his recent speech to the United Nations to declare, "We have fully embraced the Millennium Development Goals." He left unsaid what this means. It has been calculated that this will cost the U.S. $845 billion to meet U.N. demands for a certain percentage of Gross National Product to go for official foreign aid to the rest of the world. Compliance with the Millennium Development Goals (MDGs) was incorporated into the Global Poverty Act that Obama had introduced as a U.S. senator but which never passed.

alvinnf · 10-07-2009, 04:49 PM

Once again, a big "shame on you" to those whom are trying to make money or are making money. NICE!

***maverick4*** · 10-07-2009, 05:43 PM

Now they want the entire world, to essentially subsidize for the elite who *****ed everything up in the first place.

It's not just socialism for the rich in the US anymore, they are trying to get the whole world to pay for their mistakes.

Real World · 10-08-2009, 11:51 AM

Quote:

Originally Posted by maverick4

Now they want the entire world, to essentially subsidize for the elite who *****ed everything up in the first place.

It's not just socialism for the rich in the US anymore, they are trying to get the whole world to pay for their mistakes.

I'm confused by what you mean here mav. Who's trying to get the world to pay for who's mistakes? This tax would be set up by the IMF, or some other global body (think the UN), and the stolen money, ahem, the proceeds, would be redistributed around the world, or poorer nations, in order to level the playing field. At least that's how I read it.

Holy Diver · 10-08-2009, 12:07 PM

"When asked, most Americans said they don't really know what the G-20 is about, but it probably has something to do with Gatorade." -Seth Meyers SNL

Wildo7 · 10-08-2009, 12:22 PM

You guys realize that short term currency speculation isn't creating wealth right?

alvinnf · 10-08-2009, 12:36 PM

Quote:

Originally Posted by Wildo7

You guys realize that short term currency speculation isn't creating wealth right?

That's fine, but why would you want to tax it into some sort of global profit sharing pool?

Wildo7 · 10-08-2009, 03:46 PM

Quote:

Originally Posted by alvinnf

That's fine, but why would you want to tax it into some sort of global profit sharing pool?

Because it leads to greater instability. The tax is intended to be a disincentive to engage in the activity.