Robin Hood Was Right
There are creative ideas and policies that can make the international financial system more secure AND pay for public services AND fight climate change-abroad and at home! The Robin Hood Tax is a proposal for a tiny tax (as low as 0.05%) on trades in stocks, bonds,
currencies, "derivatives" and other financial products. It would NOT affect ordinary consumers. It also could generate billions internationally to fight global poverty, and fund global public goods, such as health care, and to mitigate and adapt to the impacts of climate change.
A tax on financial transactions could also play a role in creating greater stability of the financial system by reducing risky short-term speculation that is fueled by greed and which was a major cause of the current economic crisis. Banks and financial institutions benefited for decades from the absence of meaningful regulation. This absence of regulation and their unbridled greed are largely responsible for the recent economic crisis. It is time for them to pay their fair share.