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Curbing financial speculation Conventional wisdom holds that all is well with the global econâ€" omy in fact. while a select few are getting rich, the vast majority of North American and WesternEuropean citizens are facing stagnating wages and declining standards of living. Elsewhere in the world, entire nations are being turned into sweatshops to manufacture the hottest new running shoes or Happy Meal prizes. Part of the problem stems from the fact that today‘s staggering ecoâ€" nomic numbers are largely based on a bubble of speculation in the currency and stock markets. One pin prick, and the bubble bursts. That‘s what happened during the soâ€"called Asian flu. We‘re still payâ€" ing the price for the speculators‘ losses (free marketers suddenly become advocates of government intervention when they need a bailâ€" out) A more sensible approach calls for such speculation to be curbed before it get outs of hand. One way of doing so would be the impleâ€" mentation of a Tobin tax ({named for Nobelâ€"winning economist James Tobin, who proposed it â€" it has nothing to do with Newfoundland Premier Brian Tobin}. This international tax would be a very small percentage of any money that‘s converted from one national currency into another. It would discourage wild speculation and raise governâ€" ment revenue to fund muchâ€"needed «4544 programs (eliminating the need for Ammn many other types of taxes). m As author and columnist Linda McQuaig pointed out in a radio comâ€" Scott Piatkowski mentary last November, "the Liberals have so far resisted the tax, largely because of fierce opposition from the financial community, which makes huge profits speculating in currencies.... (Opponents of the tax) usually begin by arguing that the tax is unfeasible, unless every nation in the world agrees to collect it. This is greatly overstating the case. What is needed is the support of the key western powers. They could make collecting the tax a condition of membership in the IME Nations refusing to collect the tax would lose access to IMF loans. The key western powers have used their clout in the past to get reluctant nations to accept other international financial rules." According to McQuaig, "the financial community also argues that the tax would be technologically unfeasible. This too is an exaggeraâ€" tion. Wheeling and dealing on the international money markets is all done by computer, and computers are great at keeping records. Govâ€" ernments have shown they can track electronic money movements when they want to, such as Washington‘s aggressive efforts to track money laundering from drug crimes. Bay Street types also boast that financial whiz kids would come up with complex schemes to evade the Tobin tax. This is true. There would be some evasion. But the Tobin tax would still discourage a lot of speculation. It‘s like saying gun control won‘t stop all murder. But that‘s no reason not to control access to guns, the easiest and most effective murder weapon." As McQuaig puts it, "the real problem with the Tobin tax is not its feasibility, but the resistance of the financial elite, and the reluctance of politicians in all western nations to challenge this powerful elite." Citizens of Canada should demand that our government ignore the selfish interests of a small band of financial market gamblers and push for a tax that would offer great benefits to the majority of the world‘s citizens Chronicle Telephone: OPIVION Waterloo Town Square 75 King St. South, Suite 201 Waterloo, Ontario N2J 1IP2 phone: 886â€"2830 : 886â€"9383 Earlier this year, Canada‘s parliaâ€" ment debated and passed a private members motion introduced by Saskatchewan MP Lorne Nystrom. Such votes are usually largely symâ€" bolic, but Canadians should be pressâ€" ing our government to take this issue to the international level. This is a proâ€" posal that needs a champion, and it might as well be Canada. Sales Supervisor Gerry Mattice Display Advertising: Ball Karges Narms Cyo®s + + + + > < nc Editor: Deborah Crandall Tim Gardner Bab Vrbanac: Snorts Editor In case his appeal fails, convicted British killer Albert Walker hopes to transfer to the cushiness of a Canadian can. But do we need a guy who flimâ€"flammed Ontarians of milâ€" lions and then did in a Brit who could have exposed him? What‘s that you say? That we should pardon the flimâ€"flamâ€" ming for millions because three of our peerless political leadâ€" ers are trying to do the same. remmmmencn It‘s sad how far we haven‘t come On, On and On: The provincial election camâ€" paign has been shortened, but it doesn‘t seem so. At its present pace, the hostilities on the husâ€" tings seem set to stretch on to infinity. It‘s a measure of how little has been happenâ€" ing. The leaders are dueling with boxcar budgets that leave most of us with our eyes glazed over. The only difference is that the Mike Harris touring troupe has been the target of thugs of all shapes and sizes. Apparently there are a lot of folks who confuse free screech and free speech. Also noteworthy is the speed with which the antiâ€"Harris bully boys scream "police brutality" at the faintest hint of a gendarmerie effort to restrain them. I still think the antiâ€"Harris hoodlums will . @@@@tesit damage their own cause. Ontarians believe in fair play, and the nearâ€"riots are a long way from it. â€" The antiâ€"Harris thugs obey no one except uniformed policemen. Of course, that figures. Police officers are imposâ€" ing. They have more things hanging from their belts than 1 have hanging in my closet. It‘s too bad that whenever Harris has a rally he has to have it ringed by police. It‘s a sad commentary on how far we haven‘t come in the democratic process. Liz Witmer seems to have big signs displayed at key interâ€" sections, while Sean Strickland has quite a few smaller signs. What does all that matter? Not much. Signs don‘t vote and, in Signs 9] the Times: There seem to be fewer political signs sprouting on the lawns this election. Or maybe they aren‘t all on display yet. Classified: Saahira Ladha Kim Brodenick Circulation Manager: Carolyn Anstey Circulation: Jerry Fischer MakiRew HaYeS ~ + +< ++ + Millie Martin Naney Hill Group Publisher: Cheryl McMenemy Production: Kerri Miller Group Advertising Manager: BHONOTWE« s « «* sa‘s Once over LIGHTHY Waterloo Chronicle is published every Wednesday by The views of our colummists are their own and do not necessarily represent the views of the newspaper P pape c y w the past, a chap with a plethora of them trailed the pack By the way, this election the public is a bit skittish. Thats the trouble with being a leader: You can‘t tell whether they‘re following you or chasing you. â€" Way Out There: It‘s e;lér)' man to his own taste, as the guy said when he kissed the camel. Still, for the life of me, l cant z_. 1 must confess that I‘ve never seen a Star Wars film or anything of that ilk. As a matter Baird of fact, I‘ve never read a book of science ficâ€" tion. (That‘s, of course, excepting governâ€" ment handouts bragging about what they‘re doing for R and By the way, if you think those Miss Universe contests are interesting, now just wait until we start landing on other planets. D) _ Edifice Complex: The big plans for uptown Waterloo came in for some probing questions at a public meeting, and that‘s the way it should be. â€" Any issue should be raised now because that development is going to set the shape of uptown Waterloo for decades to come. 1 won‘t offer a yes or no on the project. That‘s on the simple basis that, when it comes to taste, I‘m a loser. For example, when it comes to art the only painting 1 like is the Mona Lisa. It‘s always reminded me of a reporter listenâ€" ing to a polincian. sen! IMe VIEWS 07 TNE NETOPEPE! D o l" Eh > Sm % The Fairway Group A division of Southam Inc. see why people line up for days to get tickets to the new Star Wars movie. Add to that the mad rush that came when the film‘s souvenits went on sale, and you have to wonder. The movie will gross hundreds of millions despite the complaint of critics that it‘s just more candy floss for the eyes. The movie, of course, is aimed at kids, each of whom will see it again and again. The amazing thing is how many adults and youth have been seized by the frenzy thats the hallmark of a true Star Wars fan. The Chromcle Mailed subscription rates $65 yearly in Canada $90 vearly outside Canada +G8L.