THE charity War on Want is asking Gordon Brown to introduce a Tobin Tax on currency speculation. This could help people in developing countries.
Apparently up to two trillion dollars (that's 2,000 billion dollars) is exchanged between currencies on the world's markets every day. Ninety-five per cent of this is speculation, that is people just trying to make a fast buck. This does not help exchange rates or trade and causes instability in financial markets and undermines the economies of developing countries.
War on Want is asking for a small tax of 0.25 per cent to be levied on these unproductive transactions which turn international exchanges into a gambling casino where whizz-kids gamble with our lives. This will calm financial markets and help developing countries. In addition, the tax could raise $250 billion for international development.
This letter are going to Gordon Brown, local MPs and MEPs. I urg readers to do the same. Your Euro MEP can be contacted on 020 7227 4300 whilst War on Want is at Fenner Brockway House, 37-39 Great Guildford Street, London SE1 OES. Email is mailroom@waronwant.org
JIM HOMEWOOD
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