In the News (from The Financial Times): “Remember the bottom billion in our brave new world” In 1978 James Tobin, the Nobel economist, proposed a tiny tax of 0.5 per cent or less on all foreign currency exchange transactions to deter speculation and pay for development. Some calculate this tax could yield $375bn (€289bn, £253bn) annually. Even at half that amount, it is on a par with the amount that should already have been directed to development globally. This levy, even if it is cut to 0.005 percent, would limit volatility in small economies whilst generating enormous sums for the poor. It would also cost taxpayers nothing. It is a smart, painless way to create revenues and jobs while bringing the poor into the global economy. It, like the Tobin tax, is tax neutral to the consumer while curbing overproduction of carbon dioxide and helping the world’s poorest.
My Comment: This proposition was made 30 years ago, and it still hasn’t been implemented (nor will it ever be), because it goes against our egoistic nature! And if it ever does get implemented, it will only be in order for the organizers to pocket the proceeds.
There’s no getting around the fact that we have to correct our egoism. None of our actions, no matter how “good,” will help us, save one – correction of our nature. And actually, we aren’t capable of doing this. Only the study of Kabbalah will correct everyone.
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