A financial transaction tax is a step in the direction of restoring some sanity back to capital markets. We must use every reasonable means to curtail the reckless, speculative transactions that have turned public markets into an unstable, casino like Ponzi-scheme.
“Trading in Italian stocks through the desks of major banks has dropped sharply amid a wider fall in volumes since Italy introduced a tax on financial transactions.
Data from Thomson Reuters suggest that banks – which have been some of the most outspoken critics of a so-called Tobin tax – have emerged as the biggest losers since a levy on equity and derivative transactions came into force in Italy at the beginning of the month.”
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