Bill Gates, the world's second richest man (he would be the richest if he hadn't given away his money), was summoned to the G20 summit in Cannes, France to give his advice. French President Nicolas Sarkozy asked him to give the world's leaders recommendations on how to raise funds to meet the needs of the world's poorest. As The Guardian reports, Gates has recommended a Robin Hood tax, a financial transaction tax (FTT), on share and bond trading. That's despite opposition from the US.
""It is very plausible that certain kinds of FTTs could work,'' Gates said. "I am lending some credibility to that. This money could be well spent and make a difference. An FTT is more possible now than it was a year ago, but it won't be at rates that magically raise gigantic sums of money."
Critics of the FTT idea say it will reduce trading volumes and hurt banks. But then, the banks would say that. They have been mollycoddled enough.
Still, an FTT is definitely on the agenda. When it has the support of people like Bill Gates (part of the 0.001%) and organizations like Oxfam and the World Wildlife Foundation, it could be just a matter of time before we see it. Public pressure is growing and politicians are sensitive to public pressure. And when it happens, the banks will scream.
no comment untill now