Pamela Powers
11 European countries pass Robin Hood Tax on financial transactions
Eleven European countries, who collectively account for two-thirds of the EU's economy, have passed a new financial transaction tax.
Also known as the Robin Hood Tax in the US, a financial transaction tax charges a small percentage fee for every stock market deal. The new European law will charge a rate of 0.1% on any trade of shares or bonds and 0.01% on any financial derivative contract, according to an article in Think Progress. These tiny percentages would raise an estimated 57 billion euros per year if all 27 of the European countries adopted the law. (At an exchange rate of 1 EU = $1.33, that is an estimated $75.8 billion in US dollars per year of revenue generation.) In addition to raising funds, the financial transaction tax discourages speculative computerized trading. Also know as "rent seeking," computers are set up to buy stocks and sell them quickly– sometimes when the profit is just pennies. If you do enough of this automated micro-trading, you can make a bundle of money; but this speculative behavior adds volitility to the market and produces nothing except fot the gamblers who are in the game. The Ed Schultz Show has a great explanation here.
In all, 40 countries worldwide have adopted a financial transaction tax. The 11 countries who have passed the Robin Hood Tax recently include two European powerhouses– Germany and France– plus Spain, Portugal, Italy, Belgium, Austria, Slovakia, Slovenia, Greece, and Estonia. The financial problems facing Greece, Spain, and Italy have been in the news for years. This tax will help cash-strapped governments to become more stable.
Gosh, what other country is facing dire financial choices and needs an infusion of cash? Find out how the Robin Hood Tax would help the US economy after the jump.
Mr Parraz goes to Washington (video)
This past Saturday, Progressive Democrats of America (PDA) sponsored the People's Inauguration in Washington, DC.
Citizens for a Better Arizona leader Randy Parraz was one of the speakers. Thanks to Loneprotestor, you can see a video of his speech after the jump.
Gun Appreciation Day: Did it backfire? (video)
Gun Appreciation Day was observed nationally on Saturday, January 19. Gun owners were encouraged to hold rallies, go to gun shows, go to shooting ranges, or participate in other activities in support of lax gun regulation … er… unfettered gun ownership.
In Phoenix, a motley crew of gun nuts …er… group of patriots rallied at the state capitol. I can't think of a better place for the rally, since Arizona Republicans are proposing a bill that would make any federal laws aimed at curbing gun violence… er… limiting 2nd Amendment freedoms unenforceable in Arizona.
Here in Tucson, there was no Gun Appreciation Day rally, but KGUN managed to find a few guys on the shooting range.
For me, the biggest news coming out of Gun Appreciation Day are the stories of shootings at gun shows held that day. Five people shot themselves or someone else at three different gun shows (accidently, of course). And they think guns make them safer?
Did Gun Appreciation Day backfire? (Videos after the jump.)
Of austerity and cookies (video)
These days, you can't turn on the TV or radio without hearing a "news" story or pundit "analysis" about the battle over deficit reduction by budget cuts or revenue generation.
Republicans want to balance the budget on the backs of the middle class and the poor by cutting "entitlements" (ie, Social Security, Medicare, Medicaid, unemployment, Pel Grants, food stamps, and whatever programs are left of Johnson's War on Poverty). Heaven forbid that they would consider taxing the rich, taxing financial transactions, raising the income cap for Social Security benefits, or anything like that.
Austerity is their battle cry. After the jump, watch this video featuring John Nichols of The Nation explaining the hoax of austerity.