The world needs this tax: Sydney Morning Herald
Barack Obama, Gordon Brown, Warren Buffett and George Soros all agree on one thing.
They all agree on the need for a financial transactions tax, writes Ross Buckley, professor of international finance law at the University of NSW, in The Sydney Morning Herald.
“Buffet and Soros have made their fortunes in the share and foreign exchange markets, respectively, and each believes a financial transactions tax would improve the operations of those markets. Removing these ”noise” transactions would enable the markets to trade more effectively on fundamentals,” Buckley writes.
“The global financial crisis has highlighted the limits of unregulated markets. The time to introduce fundamental change is now.”
The financial transactions tax is not a radical idea, continues Buckley, but a vital tool to make foreign exchange and capital markets more stable and provide the world with a much-needed source of revenue to reduce global poverty and hunger.
“The world needs this tax and Australia needs to start pressing for it, now.”
To read the full article in The Sydney Morning Herald, click here.
