Quote:
Originally Posted by roachboy
i am curious as to why states are remaining passive in the face of currency markets in the context of all this mutation. in theory, they would have the power to act collectively to alter the character of currency speculation. maybe this would be an interesting moment to revive the tobin tax.
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I think part of the reason was that Bushcrew had shot its last feeble wad in '07 or so, just as the crisis into their view. Other states probably didn't see much point in working out a deal them anyway. Also, residual neo-liberal reflexes are probably still twitching.
A Tobin tax would be a band aid at this point. Maybe there's symbolic value in a band aid. I don't know.