Word: browne
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...turn. Close to four decades since the Yale economist proposed a levy on foreign-exchange transactions - or a "Tobin tax," as the suggestion became known - the idea is enjoying a new lease of life. At a meeting of G-20 finance ministers last weekend, British Prime Minister Gordon Brown suggested the group of leading countries consider the tax to establish "a better economic and social contract between financial institutions and the public based on trust and a just distribution of risks and rewards...
...politicians desperate to win over vexed voters, it's a convenient notion. Indeed, French President Nicolas Sarkozy, suffering in polls almost as badly as Brown, has previously argued in favor of the tax. Look beyond that, though, and support for the measure starts to wane. The levy is "not something we're prepared to support," U.S. Treasury Secretary Timothy Geithner said in response to Brown's call. Officials from Russia, China and the European Central Bank also shied away from...
...poor reception? For a tax that's attracted high-profile backers like Brown and Sarkozy, its track record is thin. When Tobin first proposed the idea in 1972, it was seen as a way to stop currency speculators after the collapse of the Bretton Woods system of fixed exchange rates, but it was never imposed. Sweden enacted a tax on certain financial transactions in the 1980s but ditched it in 1991 after trading volumes sank. (See pictures of President Sarkozy in London...
...looking more and more doubtful. Speaking from his experience of watching the slow death of his health care bill, Clinton told the Senators they must get one to Obama's desk by the State of the Union address in January at the latest, according to one participant, Senator Sherrod Brown of Ohio. (See 10 players in health care reform...
...Sailing at Brown is typically pretty breezy with more open water conditions,” Jumper said. “We are excited to compete next weekend, as that regatta will be the culmination of all of our racing so far this season...