>If the boards of the G-10 central banks all woke up tomorrow and decided
>that this was the day they were going to impose a Tobin tax, they probably
>could do it. But it's my judgment that the process of trying to assemble
>the coalition would generate a few holdouts who would think that pulling a
>lot of business away from New York would be very much worthwhile...
This is all surreally hypothetical, but I'll play a little longer. So who holds out? The Luxembourg Monetary Authority? But the Fed, the BoJ, and the Bundesbank don't. Some market they'd have with the dollar, yen, and mark off the table. Replace Bundesbank and DM with the ECB and the Euro, and there's almost nothing left. A lively market in the naira/koruna cross rate?
Doug