The Superiority of the Financial Transaction Tax

Strong support in Europe

“A good idea always goes through three phases:
it is declared stupid in the first phase,
it is fiercely fought in the second phase,
and it is implemented in the third phase.“

Arthur Schopenhauer

There is an extraordinary strong support of civil society in Europe for the Financial Transaction Tax (FTT). This reflects a general trend in public opinion. Not only many politicians – Merkel, Sarkozy, Brown, Barroso – have supported the FTT, there is – like all opinion polls show – an overwhelming majority of people who want to see finally some substantial steps towards a strict regulation of financial markets and towards making pay the financial industry – at least partly – for the damage they have caused. By Peter Wahl*)

Just two recent examples: within a few weeks a formal online petition for a hearing on the FTT at the German Bundestag passed easily the quorum of 50.000 signatures, reaching 66.000. At the international Berlin film festival Berlinale, which ended last weekend, a video with two famous German movie stars advocating the FTT was presented and reached the top ranking of youtube after only three hours (www.steuergegenarmut.de). The FTT has left the narrow circles of some expert NGOs and has become a real public issue ...

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