Europe’s Tobin Tax Distraction
European leaders have revealed their top-secret plan for solving the euro’s crisis: a version of the “Tobin tax,” a levy on financial transactions first suggested in 1972. The only problem is that the tax was intended to solve an entirely different problem from those that afflict Europe today.
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CAPE TOWN – At last, European leaders have revealed their top-secret plan for solving the euro’s crisis. And it is – drum roll – a version of the “Tobin tax,” a levy on financial transactions first suggested in 1972 by the Nobel laureate economist James Tobin.