Money has become a commodity rather than a means of exchange, trading at a volume of over US$ 1.9 trillion dollars per day. This enormous amount moves around the world without restriction, seeking maximum short-term profit. When currency speculators “bet” against a currency and rapidly withdraw billions from a country, they wreck havoc on its economy and people’s lives.
Leading economists, including the late James Tobin, Rodney Schmidt, Paul Bernd Spahn and others have proposed that the international trade in currencies be taxed in order to promote international economic stability and help prevent financial crises.
A global citizen’s movement has emerged in support of the currency transactions tax, which is also called the “Tobin tax" or "currency transactions development levy". The tax is a means to reassert national economic sovereignty, help prevent financial crises and generate billions of dollars for global social development and environmental protection.
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