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The Tobin tax is not a revenue raising instrument but a financial speculation froth removing mechanism.

The EU budget should be funded from trade imbalances. Keynes envisioned charging interest on both positive and negative trade balances. For instance, imagine if interest were charged on both the positive and negative values in the upper-left chart of Wolf's FT piece:

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Jun 2nd, 2011 at 11:45:27 AM EST
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