Nobody Believes In The Tobin Tax, Not Even Prof. Tobin

tax       2001-08-30 
The tax itself has been tacitly disavowed by its originator, Professor James Tobin. First of all, he doesn't think it will be implemented: "Having a tax of this kind adopted depends on international agreement," he says. "And since the US is dead against it, it is not going to happen." He himself has always stressed that the idea of the tax is not be to block international capital flows, or to raise resources for fighting poverty, but to stabilise currency markets by inhibiting short-term speculation, allowing countries to pursue more independent economic policies.