socialmedian: Gordon Brown backs radical plan to transform global banking system

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Gordon Brown backs radical plan to transform global banking system

Source: The Guardian

Nov 08, 2009

Summary

A long-time supporter of a financial transactions tax says the prime minister has finally realised that the taxpayer should no longer foot the bill for banking crises and also suffer their fallout

Campaigners for a global tax on financial transactions to reduce the size and volatility of Big Finance, and to encourage development in the world's poorer countries, are today blinking in disbelief. Over the years, they have been mocked for their impracticality, ridiculed for their intellectual inadequacy and attacked because they would damage the financial markets. And now they have woken up this morning to find that the radical proposal that could transform the global financial world is on the table – put there by Gordon Brown. His speech to the G20 finance ministers in St Andrews yesterday was a refreshing surprise, and potentially game-changing – though his bolder suggestions faced immediate flak.

His declaration that "it cannot be acceptable that the benefits of success in this sector are reaped by the few but the costs of its failure are borne by all of us" is

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