Would this make the whole world socialists?

Robin Hood tax ‘could feed millions’
By Economics correspondent Stephen Long

Some of Australia’s best and brightest have joined a global campaign for a so-called Robin Hood tax.

The tax, technically known as a Tobin tax, would take a tiny levy from each of the trillions of financial transactions that happen every millisecond on global markets.

In Australia, Reverend Tim Costello and comedian Julian Morrow are among those urging action.

Advocates say the tax would reduce damaging financial speculation and create a giant pool of money that could be used to feed the hungry and combat global warming.

In a YouTube campaign video, actor Bill Nighy plays a reluctant banker who is gradually sold on the merits of what has been dubbed the Robin Hood tax.

It is a modern version on the old theme of taking from the rich to give to the poor, a minute tax on all financial transactions other than routine banking by the public.

Advocates say the tiny tax would raise hundreds of billions of dollars to combat global warming, reduce poverty and repair the battered finances of governments after the global financial crisis.

Ethicist Peter Singer is among other prominent Australians who have joined the global campaign.

“We’re talking about a really tiny tax. We’re talking about, not 1 per cent, not a tenth of 1 per cent, but a 20th of 1 per cent,” he said.

“Obviously I’m most interested in the fact that it can raise funds from all the world to help the world’s poorest people and to help pay for the damage that we’re doing to them through climate change.

“But there’s also an economic argument that it will reduce the volatility of international markets.

“That is, instead of huge billions of dollars being thrown around the world for a few moments here and there to earn a tiny profit, a very, very small tax would have an inhibiting effect on that.”

More…