Word: governmentalize
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Having sanctioned some $1.3 trillion in state- and central-bank aid to protect its country's troubled lenders, Britain's government has been mulling a bank tax for months. Prime Minister Gordon Brown's proposal last fall for an international "Tobin tax" - a levy on financial-market transactions ranging from...
A crucial feature of any British plan: revenue from the tax would be funneled directly into state coffers - remember that $250 billion deficit - and not into an insurance fund to be tapped in the event of any future catastrophe. Such a pool, the U.K. reckons, could simply encourage banks to...
The amount such a levy would raise is unclear. If the Germans use the U.S. plan - which calls for a tax of 0.15% on liabilities at about 50 banks and other financial institutions - Germany could raise as much as $12 billion a year. Would that be enough to protect banks...
Netanyahu insists that Israel is ready to resume direct negotiations, and blames Palestinian demands for a complete settlement freeze for creating an impasse. But his stance on Jerusalem may have simply reinforced the Palestinian leadership's argument that no deal can be done with the current Israeli government. (Of course...
Observers sympathetic to Netanyahu paint him as the prisoner of a right-wing coalition in which settlers and other extremist elements are well represented. Making concessions on Jerusalem, the argument goes, would force the collapse of Netanyahu's government. Perhaps, but what that argument ignores is that, if he wants...