A Global Taxation of Financial Transactions
By Mikael on Monday 20 October 2008, 10:50 - Permalink
Taxing and regulating the financial transactions is more necessary than ever.
We need a global and comprehensive global Financial Transactions Taxation
(FTT).
The FTT should combine a currency transactions tax with a tax on all transactions in securities.
The purpose of the general taxation of financial transactions should be threefold:
A Financial Transactions Tax Organization (FTTO), corresponding in many ways to the Currency Transactions Tax Organisation (CTTO), which is described in the Draft Treaty on CTT (2001) [1] by Lieven Denys and Heikki Patomäki, will probably be needed to implement the necessary FTT.
According to the the most recent report from the Bank of International Settlements, "a huge shadow system" is at work within the present financial system. [2] Ernest Backes and Denis Robert have exposed a central part of this shadow system in their books about Clearstream.[3] At he center of their investigation stands the networked, digital computer and the insight that, henceforward, banking and finance are, essentially, a computer programming project.
The management of the information about the financial flows, must, in the end become a task for public archivists and/or librarians [4]. The software which is developed for the financial management must also be free and open.
Mikael Böök
member of the ctt-team
References
[1]See the Draft Treaty on Global Currency Transactions Tax, written by Heikki Patomäki and Lieven A. Denys. This consultative document was first introduced at the World Social Forum in Porto Alegre in January 2002. The text of the draft treaty in English and in various translations to other languagues are found at www.nigd.org/ctt
[2] "Moreover, as evidence has accumulated that the financial system as a whole is no longer functioning effectively, those charged with prudential oversight must also ask themselves what went wrong. How, for example, could a huge shadow banking system emerge without provoking clear statements of official concern?", see Bank for International Settlements. 78th Annual Report, 1 April 2007– 31 March 2008, p 146.
[3] See Robert, Denis & Backes, Ernst: Révelation$ . Les Arènes, Paris 2001; and Robert, Denis: La boîte noire . Les arènes. Paris 2002.
[4] According to the present writer, the internet is becoming the new public library of mankind. The road forward towards democratic self-government goes via the "open space" of the social forum(s). I have presented some thoughts on this subject in a writing about The Documentation of the Social Forum(s).
The FTT should combine a currency transactions tax with a tax on all transactions in securities.
The purpose of the general taxation of financial transactions should be threefold:
- To provide instruments for the stabilization and the regulation of the global financial flows;
- To generate funds for the financing of social and economic development and public service;
- To make the financial system transparent, and, thereby, to further global democratization.
A Financial Transactions Tax Organization (FTTO), corresponding in many ways to the Currency Transactions Tax Organisation (CTTO), which is described in the Draft Treaty on CTT (2001) [1] by Lieven Denys and Heikki Patomäki, will probably be needed to implement the necessary FTT.
According to the the most recent report from the Bank of International Settlements, "a huge shadow system" is at work within the present financial system. [2] Ernest Backes and Denis Robert have exposed a central part of this shadow system in their books about Clearstream.[3] At he center of their investigation stands the networked, digital computer and the insight that, henceforward, banking and finance are, essentially, a computer programming project.
The management of the information about the financial flows, must, in the end become a task for public archivists and/or librarians [4]. The software which is developed for the financial management must also be free and open.
Mikael Böök
member of the ctt-team
References
[1]See the Draft Treaty on Global Currency Transactions Tax, written by Heikki Patomäki and Lieven A. Denys. This consultative document was first introduced at the World Social Forum in Porto Alegre in January 2002. The text of the draft treaty in English and in various translations to other languagues are found at www.nigd.org/ctt
[2] "Moreover, as evidence has accumulated that the financial system as a whole is no longer functioning effectively, those charged with prudential oversight must also ask themselves what went wrong. How, for example, could a huge shadow banking system emerge without provoking clear statements of official concern?", see Bank for International Settlements. 78th Annual Report, 1 April 2007– 31 March 2008, p 146.
[3] See Robert, Denis & Backes, Ernst: Révelation$ . Les Arènes, Paris 2001; and Robert, Denis: La boîte noire . Les arènes. Paris 2002.
[4] According to the present writer, the internet is becoming the new public library of mankind. The road forward towards democratic self-government goes via the "open space" of the social forum(s). I have presented some thoughts on this subject in a writing about The Documentation of the Social Forum(s).
Note: The above entry is also found at www.cttcampaigns.info