Transaction Tax

Germany’s Finance Minister, Wolfgang Schaeuble, continues to push for a financial transactions tax. Normally, I’m the last person to want any more taxes but this is an exception because it might, just might, rein in the HFT boyz who are making a mockery of financial markets.

I don’t trade all that often so I am willing to pay a little fee to be protected from the sharks. If it starts in Europe, one might hope that it will eventually be adopted here.

“I don’t want to wait until such a tax is introduced worldwide. Otherwise we would risk not only the stability of our financial markets… but we would also be endangering the legitimacy in the public eye for the entire system.

“That’s why I’m fighting with such determination for a financial transaction tax. It might not be able to stop the ludicrous developments in financial markets but it would at least brake them a bit.”

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