Thursday, September 3, 2009

Loch Ness Monster Appeared Again

With the end of Bretton Woods system, James Tobin, Nobel laureate economist at Yale University, suggested a new system for the international currency markets. The Tobin Tax intended to put a penalty on short-term speculation in currency markets. The purpose was to discourage volatile short-term trading allowing national governments to stop their economies being at the mercy of speculators. Could it work today? See also the articles from Guardian and Observer.