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NO to a Tobin tax

Written by Giles Wilkes

Friday, 28 August 2009 16:16

I have an article over at Comment is Free about Lord Turner's recent suggestion of a transactions tax.

This is a really hot issue. Contrary to popular imagination, Lord T has not suddenly changed from free-market ideologue into Marxist: back in January I found his speech on the causes of the crisis one of the most thoughtful contributions to a pretty crowded debate. This was at least partly because of its mature recognition of the imperfections of free-wheeling finance.

So there is no conversion to justify the label "unexpected radical". Unfortunately, Lord Turner cannot expect the reception to thought-provoking ideas to always be as nuanced as his contribution. Most people just hear:

"City too big . . . caused this problem . . . overpaid . . . must hurt City . . . more tax . . ."

without considering the many different options for restraining this clearly dangerous but also valuable part of our economy. (Some of these options just hurt us, you see, though in a way that only emerges slowly and painfully.) No, it must be restrained any way we can, and if they lobby against it, well "they would, wouldn't they", followed by the sort of conspiracy talk about "capture" that you can find in Aditya's contribution.

I think finance has its problems - obviously - but these are better met by making it more competitive, not pointlessly inefficient by throwing sand in its wheels. The problem with finance is banking, and the problem with banking is leverage. Read Menzie Chinn's excellent contribution about the crisis: the macro debt is the elephant in the room. Many other micro-problems, from bonus payments to CDS clearing, were shown as problematic by the receding tide. But they could all have been fixed and still this level of global imbalance and banking leverage would have produced difficulties, somehow. Had the leverage been half the size, we would be talking about a footnote in financial history, not a dozen chapters.

So transaction taxes are not addressing the point - in fact, I argue in the article that they would be counterproductive to fixing the "freezing market" problem that was the credit crunch.

And I don't even need to mention the sort of evasion that a transaction tax would inspire - Letters from a Tory covers this very well.

UPDATE: I should have mentioned that Megan has commented on the Turner idea. As ever, she is near spot-on:*

But any sort of feasible tax is not going to reduce highly leveraged investment schemes. I mean, if you're taxing debt issuance, it will increase your interest rate or the points on the loan, which might put some pressure on leverage. But I don't think by that much. You're talking about forcing someone to reduce their leverage from 20-to-1 to 19.8-to-1.

Concentrate on that one word: leverage. If your ill-informed relatives ask you what the credit crunch was all about, say: leverage. Particularly if they are archbishops,

*Though not on healthcare, I reckon.

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