We do not have to wait for a stock market crash in the US to make Chris's point:
> If the world economy need restimulating, THIS is the time
> to introduce the Tobin tax and spend it all on Africa and
> the global environment.
Enough damage has already been done world wide that the ruling class should implement these kinds of reforms right now, instead of hoping that the US and European stock markets will not crash this time. Their failure to do what Chris proposes shows that the system tries to protect financial speculators but seems powerless to stop the destruction of the environment. If the ruling class is so bankrupt that it does not come up with better solutions than those described in the FT, then this is a wonderful opportunity for the Left to take the lead. We know that those in charge are irresponsible, but here we can show this to a larger audience. The population in the U.S. will of course still hope that the economic devastation elsewhere will not reach the US, but we can tell them: if you entrust your savings (and more generally the running of the economy) to thieves, don't be surprised if eventually you will be left empty-handed too.
Hans Ehrbar.