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Robin Hood Tax Can Still be Agreed at the G20

Posted: 04/11/11 00:00 GMT

Packing my bags to depart the G20 in Cannes, I leave with a sense both of what might have been but also inspiring memories and a real hope that the battle for a 'Robin Hood tax' on financial transactions might still be won.

Let's take first what might have been. As expected, Bill Gates presented an excellent report calling for a 'Robin Hood tax' on financial transactions to raise much-needed money for poor countries struggling to cope with the economic crisis and climate change. But the fact his report was published at the same time as the Greek president addressed the world about his country's problems was sadly symbolic of a summit whose attention was trained on Athens at the expense of Accra and Addis Ababa.

With a day still to go this might still change - President Sarkozy's decision to raise the issue of the financial transaction tax during his press conference with President Obama, shows he has not yet given up hope. Germany, Brazil and Argentina also spoke out strongly in favour raising the prospect of a coalition of willing countries that goes beyond Europe's borders. And the
events of recent days, with Mr Gates' call being supported by G20 members from France to Argentina and by senior figures from the Archbishop of Canterbury to Jeff Sachs, shows that momentum is building behind an idea whose time has come.

One of the advantages of being a well-known figure is that it grants me the opportunity to speak in the media on behalf of others. So I spent much of the day bouncing back and forth between the day-glo green windowless bunker where most of the print journalists are housed, and the fifth floor roof terrace where rather windswept interviews took place with a view of Cannes' rather lovely seafront.

But while the media appearances are necessary and valuable, it is the determination of
extraordinary members of the public from around the world that convinces me that this is a fight that can be won. As leaders meet, in Cannes, thousands of nurses are marching in New York to try to convince President Obama to put the interests of Maine Street ahead of the titans of Wall Street. I was lucky enough to meet some representatives of nurses from the US countries around the world who like me, had come to Cannes to continue the campaign.

These are the people who look after the sick who see firsthand the impact the economic crisis both in the richest nation in the world and some of the poorest. As one nurse said: "We're trying to embarrass our politicians into acting in interests of people, like we do every day."

In poor countries, the austerity caused by the financial crisis is literally a matter of life and
death for millions of people who are hungry or who rely on aid to provide their medicines or keep the nearest clinic open. I was impressed by Tim Noonan of the International Trade Union Congress who went straight to the heart of the argument. "Government's should have a contract with their people, not with the banks," he said. When you strip away the technical arguments about derivatives, high frequency trading and credit default swaps, it really is simple: a tiny tax on some of the richest people in the world that could raise billions to help the poorest.

The Greek tragedy may have stalled progress towards a 'Robin Hood Tax'. But my feeling is that the Sheriff of Nottingham's days are numbered.

http://www.youtube.com/watch?v=MyqyOSReBN8

Oxfam works with others to overcome poverty and suffering.

 
Packing my bags to depart the G20 in Cannes, I leave with a sense both of what might have been but also inspiring memories and a real hope that the battle for a 'Robin Hood tax' on financial transacti...
Packing my bags to depart the G20 in Cannes, I leave with a sense both of what might have been but also inspiring memories and a real hope that the battle for a 'Robin Hood tax' on financial transacti...
 
 
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06:23 PM on 11/18/2011
Who is Bill Nighy?
07:54 AM on 11/09/2011
For the economically and/or technologically illiterate, as well as the literate and/or merely interested, here is the current "most recommended" conversation over on The Economist:

http://www.economist.com/blogs/babbage/2011/11/artificial-intelligence

What's the relevance to the Robin Hood Tax you may well ask? Well, robots work hard but they don't pay taxes and they don't consume countless things. They don't take to the streets in protest either.

Jim
07:22 AM on 11/06/2011
Yet another clown confusing celebrity with significance. I have enjoyed films with Bill Nighy, I think he is a great actor. As an economic analyst he is laughable, another left-leaning lovie with a fixation that taking money from the evil bankers can somehow repair the damage wrought by political incontinence.

Brown wrecked the pension system in this country with a two pronged attack, pillaging the funds of private pension providers and taking on hundreds of thousands of public sector workers whose pension provision becomes ever less affordable unless measures are put in place.

He also busied himself by removing the previous effective controls on banking, replacing them with his ludicrous triumvire (of which the FSA remains the worst example) and encouraged a credit boom for no other reason than to generate tax revenue which he then squandered like a drunken sailor.

These minor matters appear to have passed Nighy by, it would appear that having played a politician or two he feels that this qualifies him to give us the benefit of his opinion. I suggest he sticks to playing politicians with a provided script and thumping the tub for Oxfam (a charity which has embraced some unfortunate practices) Your celebrity does not confer economic literacy.
11:57 AM on 11/06/2011
Hi Keith,

Since you are evidently a right thinking and "serious" economic analyst, would you mind giving us your prescription for the economic ills that afflict us all at present?

Thanks in anticipation,

Jim
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InedaName
Clowns to the Left of me. Jokers to the Right.
12:30 AM on 11/07/2011
Neither does his celebrity necessarily deny economic literacy. One of the many advantages and bonuses of celebrity is having access to influential people and resources that most non-celebrities like us will never have. So it could be that Nighy may have insights or information that you and I don't.

Or you could be right and he's just another self-important movie star who gets an all-expense- paid vacation to a global economic conference on the sexy French Riviera so the finance ministers and central bank governors from the world's 20 major economies can get their picture taken with Davy Jones.

But in any case, he's a celebrity and we are not. His opinion, either fairly or unfairly, will always be heard and taken more seriously than yours or mine.
08:41 AM on 11/07/2011
Hi Ineda,

I'm rapidly coming to the conclusion that lack of technological literacy amongst our glorious leaders is more to the point. With a bit of imagination they could easily find out about people's opinions, and reinstate government of the people, by the people, for the people:

http://econnexus.org/what-if-the-globe-wasnt-governed-by-politicians-and-bankers/

Alternatively, maybe they enjoy those all-expenses-paid trips to global economic conferences too much?

Jim
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floodberg
Attorney (ret.)
09:17 PM on 11/04/2011
Mr. Nighy, manufacturing, technology is already gone from UK...A  Robin Hood tax will simply force finance to move, once and for all, to HK, Singapore, KL, Monaco, etc.

What do you propose UK do to bring in money?  Print enough Big Issues for its OAPs and formerly employed to sell?
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mrld20
09:14 PM on 11/04/2011
Sorry from America... This low income worker here who happens to be a progressive Democrat will not have the United States' sovereignty trumped by some Commie in the UN!

Not gonna happen Bill... The US is wayyyyy too conservative to consent to this... We're already donating much of our paychecks to overseas NGO's and charities (studies show Americans are amongst some of most generous people in the world)...

A robin hood tax is "taxation without representation.:

Something I thought you Brits would have learned a couple hundred years ago :P
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05:57 PM on 11/04/2011
Not one country has managed to lift itself out of the gutter by the use of foreign Aid. Those countries that have managed to do so, have done so by sheer hard work (Korea/China).

Even closer to home in Europe ,the reason why Greece is going tits up isn't due to a lack of money (EU AID) but rather simply because the whole country is corrupt and they haven't done anything with the money they have received other than have a bloody good time.

In the UK, the past 13 years of a labour government has installed into the peoples mindset that work is bad and benefits are good. Which is so many idiots are camped outside St Pauls wanting to rob those who work for living in which to allow them to have a good time.

When I see, the do-gooders out there, handing over 80% of everything they ahve to people less well off than them, then maybe ,just maybe I may support their case.
02:44 AM on 11/05/2011
'sheer hard work'? I think it's a wee bit more complicated than that...
05:38 PM on 11/04/2011
This simplistic, and unworkable, proposed tax, if implemented in some countries, will result in business transactions migrating to countries that do not impose such taxes. Self defeating, to say the least. !!
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tomdavis
05:02 PM on 11/04/2011
The November 3-4, 2011 G20 summhas concluded.

Ten of the G20 nations have said "no" to the FTT: the US, Canada, Mexico, the UK, Australia, China, India, Russia, Saudi Arabia, South Korea,

Two more countries, Argentina and Brazil, will only support the FTT if it’s implemented world-wide, including Switzerland, Hong Kong and Singapore, all of whom have said that they will not introduce any new transaction fees or taxes into their system.

That leaves only 8 of the G20 nations in full support of the FTT.
04:46 PM on 11/04/2011
..."real hope that the battle for a 'Robin Hood tax' on financial transactions might still be won."

Please. Stop this nonsense. Robin Hood tax? That's right. The US doesn't waste enough money in foreign countries. We'll just create another regressive tax to waste even more. Nobody, in any of these countries (including the US) wants to take any individual responsibility anymore. Let's just take it from those who have it.
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unfoxworthy
We:ScottOlsens,the misfits,out to change the world
04:04 PM on 11/04/2011
I like it.
Let's put more of the richest folks' skin in the game.
inheritance Estate taxes at 90%.
04:47 PM on 11/04/2011
Yeah, guess you don't have any family that worked their butts off their entire lives saving and working and now you just want to hand over somebody else's money to the government. You're ridiculous.
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unfoxworthy
We:ScottOlsens,the misfits,out to change the world
03:02 AM on 11/05/2011
Yah, you're right - knock it down to 89.5%.
Sorry I stepped on your Gucci loafers.
03:21 PM on 11/04/2011
Hi Bill,

Well, the 20 PPE students are flying home after their jaunt to the South of France, and they've delivered their verdict:

http://econnexus.org/g20-pr3

It looks to me suspiciously like the good old two fingered salute to both Robin Hood and the United Nations. Or having been there on the ground you discern some movement invisible to those of us over here in South West England?

Thanks for all your efforts on the behalf of the rest of us.

Cheers,

Jim
02:49 PM on 11/04/2011
"Robin Hood Tax"...WTF? More like the Sheriff of Nottingham Tax. I mean really- a global tax designed to suck money from prosperous countries and be distributed to small corrupt nations and administered by a shadowy global organization comprised of unelected bureaucrats? Yeah that is a great idea. No room for corruption there.......
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Giglawyer
Lions are unconcerned with the opinions of sheep.
03:59 PM on 11/04/2011
What are you talking about? Its not like poor countries are often ruled by corrupt military dictatorships...
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quillerm
02:35 PM on 11/04/2011
Obama's Occupy Wall Street and Occupy Oakland mobs are engaging in vandalism and other criminal behavior. Let us hope Obama's followers don't further inflame the leftist radicals in Europe and the US. Their demand for more entitlement programs at a time of economic decline is a recipe for disaster. This should be a time for governments to hold down the costs of programs and reduce debt. Only then will confidence be restored in the business community. The Private Sector is the key to success, more growth in government is the road to failure.
03:39 PM on 11/04/2011
We already tried that. We were working under those exact assumptions you just stated during 8 years of Reagen, 4 of Bush Sr., 8 years of Clinton (who has done as much as any recent president to cut social welfare programs), and 8 years of Dubya. The last 30 years have been a huge experiment in "trickle down" voodoo economics and now we are on the cusp of collapse. If we are headed for a cliff, we have to change direction. We have started to wrestle with altering our course, but change is scary. "Getting back to business as usual" feels like it will help; but comfortable feelings won't help us out of this mess.
04:47 PM on 11/04/2011
The change in direction is to get our government to stop spending and cut debt.
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04:09 PM on 11/04/2011
Oh, brother. Too many stale talking points to be interested in refuting. Just one comment: You are patently wrong that protesters are demanding more entitlement programs.

Prove your claim. Provide your source here. I'll be waiting with, oh, never mind. Not going to waste my time.
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Jen Celli
Done sitting and watching quietly.
02:35 PM on 11/04/2011
I so hope you are right, Mr. Nighy. This is a tax that the titans of Wall Street will fight tooth and nail to prevent from paying. It's hard to believe that it would pass; but I do believe that with people like you and the others continuing to harass and embarrass the G20 leaders into doing the right thing, it can make an impact. Keep up the good fight, the world is watching and we are with you.
04:48 PM on 11/04/2011
Stop with these insane taxes. You people are ridiculous.
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beckjr2000
been there done that & tired of it
02:31 PM on 11/04/2011
Global redistribution of Wealth! How else will these politicians be able to steal the money they have become accustom to stealing?