Robin Hood Tax

An idea gaining momentum in the UK which could easily work everywhere. It might even kill off those 100 share transactions in penny stocks that kill stocks and High Frequency Trading might not be so much fun either.
Yup, that's Bill Nighy of Shaun of the Dead and Underworld etc.


GM Jenkins said...

Yes, as the banking class continues to strengthen at everybody's expense, eventually something like this would seem inevitable. But I'm convinced it won't happen any time soon (still far too much apathy and heads in sand) and when it does happen (basically when the host is in danger of dying if it loses any more blood), it will happen on their terms, probably coupled with some other proviso that no-one understands, but one that makes their sacrifice, if any, net minimal.

The Fed was sold to a gullible public as the solution to inordinate banker power. Lol.

Louis Cypher said...

It was floated out there more than a year ago and got no traction here. Not sure what it takes here. Maybe babies thrown on bonfires by bankers to get any reaction.

Swampfox said...

Check your premise guys.

I've got an idea.

How about divorcing business from politics & government while at the same time charging those involved in fraudulent activity with a crime and throwing their asses in jail (that includes all TBTF businesses and indvidual assholes - the president incuded if need be). Maybe if we did these few seemingly simple things we wouldn't all be in this situation to begin with and honest people who are good at what they do could just keep what they earn?

Is the world so fucked up that the only solutions we can find to our current problem is to further enslave ourselves to one another? I hate the banking class as much as any but more taxes and more regulations? How about just a return to common sense/law FOR EVERYONE.

Call me crazy...

Louis Cypher said...

normally I would agree with you but .....
the sec has proven to be useless
like kids guarding a candy store the bankers cannot be trusted to self regulate so if this means quote stuffing and HFT becomes a little more expensive so be it.

Warren James said...

(I know I've become a bit of a pessimist), but.. I agree with Swampfox - with the idea that anything is a bandaid solution until the core issues are addressed (like divorce of politics from wealth and money, etc). I did love the performance from Bill Nighy but there is something not right about the RobinHood proposal, it is in effect no better than striking back with the same kind of bullying exploitative behaviour. The only reason the concept appears justified is the people who back it have something to gain at someone else's expense, which is a really fun game to play so long as you're on the receiving end.

For what it's worth, I see the HFT issue as having massive parallels with email spam. It costs next-to-nothing to send an email, so spamming structures exploit this by sending millions and billions of unwanted, unsolicitied, time-destroying spam email every second of every hour of every day. The costs to corporations and individuals on the plannet as a collective, is breath-taking.

Spam could be halted OVERNIGHT by introducing a charge for email delivery of a fraction of a cent per email. Apply the same principle to quote stuffing and HFT ... since the trouble is how would this be implemented, what are the protocols and framework, who regulates it, etc. etc. The primary issue is that the implementation has to be iron-clad, since anyone with a commercial exploitation interest will just find the weak parts and move to a lower level of exploitation, or even intefere with the implementation.

Louis Cypher said...

We will have to agree to disagree.
However, I'll point out that taxing all email while it would solve the spam problem and stop my Mother in Law from forwarding me stupid jokes would be a god send it would punish everyone arbitrarily and just send all email through the new piratebay proxy servers.
There is no way it could be enforced but if all major centers of commerce agreed to tax every transaction it could be enforced. I really see no downside to this except my belief that all taxes are creeping evil that gets bigger every year. In this case I see it as a necessary evil that targets paper shufflers.