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Persaud, Avinash

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The Guardian - United Kingdom | 14/03/2012

Transaction tax to prevent financial crash

A tax on financial transactions could help prevent the financial system from crashing, the left-liberal daily The Guardian contends: "Financial crashes are not random events - they almost always follow booms, and the bigger the boom the bigger the fall. One of the lessons of the last boom-bust cycle is that while low transaction costs are generally good, it is bad for the wider economy if they are so small as to be of no hindrance to financial activities that, through rapid turnover, give the impression of gleaming citadels of value when markets are rising, propelling the boom, but turn out to be nothing more than mirages when the boom busts, deepening the crash. A little sand in the wheel of finance will help to smash the mirages that lure our economies in the wrong direction to the detriment of all."

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