Reform of IMF (was the global melodrama)

[Brad De Long]

>>
>>So the Tobin tax which could raise 200 billion dollars a year within three
>>years, is out of the frame. The incremental steps to change are too steep.
>>It cannot be introduced in specific countries alone, because that would
>>immediately disadvantage them for short term finance.
>> . . .

Treasuries and Central Banks fear that even talking about a Tobin tax is
instant death for their international finance industries--that all
transactions will move to Bermuda or the Caymans if they even start
discussions...

Yet another example of the race to the bottom produced by divided
sovereignty and jurisdiction...

Brad DeLong