High Frequency Trading
Bloomberg View has joined its Wall Street customers in coming out against the Financial Transactions Tax proposed by Germany and France, and recommended by the European Union, declaring it politically unfeasible while undermining economic growth.
Presuming for a moment that the politically unfeasible can become reality when good ideas are pursued in a real democracy, it is important to clarify the sound purpose and likely impact of a Europe-wide or, ideally, universal Financial Transactions Tax.
Last week, Capital Institute co-convened with futurist Hazel Henderson at Ethical Markets Media (USA and Brazil), her company's facility in Florida, the new Committee on Transforming Finance (CTF). The CTF is a group of seasoned capital markets practitioners, scholars, and financial writers who share a belief that the policy responses to the financial crisis were more tinkering than transformative, our objective was to construct a statement on the need to transform the financial system to one that serves the economy rather than acts as its master, and to one that serves an economy that is just, and respects the imperative of ecological function.
The statement calls for finance to be recognized as a global commons.