TARPLEY.net
March 16, 2010
The Tobin tax or Wall Street sales tax is rapidly gathering momentum worldwide, thanks above all to a bid by British Labour Party MPs to save themselves from all but certain defeat at the hands of the Tories by playing this great economic populist card, which they have dubbed the Robin Hood Tax. If the Labour Party left succeeds with this gambit, it will tend to transform the situation in the US as well, with desperate House and Senate Democrats following the Labour Party example and embracing the Tobin tax or Wall Street sales tax as a means of getting some populist credibility and viability for November. The Republicans, by contrast, will be forced to line up in defense of their Wall Street backers, stripping away all their demagogic Tea Party camouflage. The Obama-Summers-Geithner gang will also be put into a bind: will they oppose a measure demanded by their own Congressional Democrats? I have been campaigning for the Tobin tax for a number of years, and it is an idea whose time has now come.
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