In searching for my favorite romantic movies to list for Valentine's Day, I came across this bit of film propaganda involving Richard Curtis and Bill Nighy. While the idea of a Tobin tax is not new, I am disgusted at the full court press by celebrities in pushing this envy-driven socialist agenda.
Is their involvement a symptom of their reckless morality, or is it because when times get tough, more people go to the movies as a means of escape and so their star power rises? It makes me wonder: more than recession proof, is the entertainment industry recession fed? More on that another day perhaps.
The article which led me to this video states that a proposed %0.05 tax on all financial transactions would be a painless way for banks to compensate society for causing the global financial crisis
The campaign has already lived up to its outlaw image. In the early hours of Tuesday morning, the question "Do you want to be part of the world's biggest bank job?" was projected onto the Bank of England. From tomorrow, campaigners will ask Facebook networkers to don green Robin Hood style facemasks as a show of support.
Beside encouraging mob rule, what the proponents of such a tax seem to willfully misunderstand is that, unlike taxation, bankers did not use force to get their money (the government used force to give them your money), banking and financial services is one of the most highly regulated industries (a large, if not the largest component in bank failures), and it is likely that any losses in revenue will be passed onto the financial services consumer.
So how exactly will this gross expropriation and redistribution of funds, this legalized theft actually, help us avoid such a financial crisis in the future? How will it contribute to the long-term interest of anyone? How will it encourage appreciation for capitalism and the free market through which men have developed tremendous advances in technology and wealth?
This is unprincipled thinking whipped up by misplaced blame with a bit of nasty satisfaction from vigilante justice thrown in.
[T]he economist James Tobin always thought a far higher tax would be needed to throw "sand in the wheels" of finance.
And it makes Tim Geithner look like the voice of reason.
I may just have to remove Love Actually from my list of best romantic movies.