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Robbing Bastards' Hood Tax

so that hungry people in poor countries don’t pay for the global financial crisis.
radically improve the health of people in developing countries.
Eradicating poverty...creating a society where all can participate as equal citizens.
(end?) child poverty in the UK
help poor countries fight poverty and climate change
plug the financial gap and get banks working for the poor.
support health services for the poorest & most vulnerable people
opportunity to confront the scandal of poverty in our rich nation.
an obvious solution to a problem that is deeply systemic. (No mention of what the problem is)
two million people in need of decent accommodation in the UK.
supporting universal access to sexual and reproductive health worldwide.
stop people dying needlessly.(Of Aids)
to help people and wildlife adapt to climate change in developing countries.
ending the scandal of child poverty in the UK
tackle poverty and climate change.
universal HIV prevention, treatment, care & support
to fight poverty and protect poor people from the impacts of climate change.
a fair contribution to jobs,justice and climate.
Millions of children around the world are denied their rights.
an opportunity to change the way the (financial) sector conducts itself.
We support the Robin Hood tax as a practical way for the banks to repay their debt to society.

So say the Supporters of The Robin Hood Tax (a handy list if ever there was one come the Glorious Day).

Who could possibly be so cold hearted to be against a tiny tax that no one will notice because it is on something they don't understand? Here's one, maybe because he understands it, a bit.


Firstly this is not, as proposed, a tax on banks; it's a tax on anyone undertaking financial transactions and in particular those transactions necessary to manage risk and create liquidity in financial markets. Anything that reduces liquidity by definition means more volatility in market prices and a need to maintain more capital (i.e. everybody's costs rise). Secondly those costs must be passed on, to the extent the market will allow. Returns on investments of all kinds must decrease under this proposal requiring anyone with future liabilities to either devote more capital to investment in other people's businesses (egg through the purchase of equities) or again maintain more capital in the business to offset the unknown extent of future liabilities (which could be a pension plan; a fund re rebuild a hospital etc). Whatever way you look at it capital is moved from those most capable of using it to general advantage to politicians and public servants least capable of managing capital for the good of the entire population (of this country or indeed the world).

It used to be that the revolution eats it's children.

This time, the children eat the revolution...

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