Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-08-Speech-1-999"
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"en.20100308.17.1-999"2
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"I have been a long-time supporter of a Financial Transaction Tax (FTT), or as the supporters in the USA call it – a financial speculation tax (FST). James Tobin was one of the first to promote the idea as a means of stabilising global financial markets and, in the process, raising substantial money for development aid. The powerful financial speculators rejected it, as did powerful governments, as not feasible. Now the IMF, as a consequence of the crisis, is studying its feasibility and we must insist that the expert report is not gutted and rendered useless by backroom lobbying. We now have the tools, for example the SWIFT clearing system in Europe, which would enable us to apply a tax. But still, contrary to research, the old spurious arguments are trotted out; ‘it could be evaded, it would be a burden on consumers’. The financial crisis, driven by unscrupulous financial speculators, who continue to make vast fortunes, whose activities have brought the world economy to its knees, need to be circumscribed. The growing support for a FTT must be driven hard by public opinion for governments to act, and not to cave in to the people for whom greed is not enough."@en1
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