Economists

While the federal Government is threatening to raise the GST and embarking on the privatisation of public health services, G20 leaders are meeting in Brisbane. They are all saying the same thing: the path to growth is austerity and privatisation – but these are actually the ingredients for further inequality in our society.

A half dozen Robin Hood Tax Campaigners, wearing their signature hats, made their way into a packed room to attend Jack Lew’s confirmation hearing before the Senate Finance Committee yesterday to be the next Treasury Secretary.

By Jennifer Flynn, managing director, Health GAP - 01/08/13 02:45 PM ET

A tax on financial transactions – the Robin Hood Tax – adds up in so many fundamental ways:  raising meaningful revenue, hundreds of billions annually, at a time when communities across the country remain in deep crisis; a way to put a break on rampant speculation, underscored in the aftermath of JPMorgan Chase’s high-stakes bet last spring—now estimated to have cost that financial institution $5.8 billion; and controls over spikes in prices for key food and fuel stuffs, an area of speculative activity (“speculative bubbles”) that has significantly g

Thanks to Sarah Anderson of IPS for this blog which originally appeared on Huffington Post.

Not everybody in the financial industry is like Jamie Dimon. They do not all think the financial system is running like a charm, aside from a few "isolated incidents" like a $2 billion trading loss.

 

 By Stephany Griffith-Jones of Columbia University and Avinash Persaud, Chairman of Intelligence Capital. This blog looks at progress in Europe.  

 

Nobel Prize winning economist Paul Krugman has today reiterated his support for a Robin Hood Tax on financial transactions.

Writing in the New York Times, Krugman suggested a tax on both financial transactions and high incomes as a way of raising revenue.

Speaking about a Financial Transaction Tax, Krugman said:

Archbishop Desmond Tutu is the latest global figure to come out in support of the Robin Hood Tax campaign.

Writing in Saturday’s Guardian, he urged G20 leaders to get behind Sarkozy and ‘introduce a tax on financial transactions to help low-income countries hit by the economic crisis and to protect poor people from climate change’.

He said that a failure to reach global agreement should not be an excuse for leaders not to implement the tax, and argued that ‘instead willing countries should press ahead with their own tax.’

We know that bank taxes can are a complicated issue. In order to clear up the confusion the Robin Hood Tax campaign was delighted to have Professor Joseph Stiglitz on hand to explain why and how they should work. He took part in a media call with representatives of big media outlets in eleven countries.