We surely owe Jeffrey Sachs our thanks

Last month we had Professor George Irvin holding forth on EUObserver as he pressed for a Tobin Tax.  Of course as we explained here when it comes to left wing economics it is ordinary people who feel the pain in order to make the state more powerful and the elites richer than before.  This is true of the Tobin tax, which will make ordinary people poorer and is an inadequate substitute for effective banking regulation.

This month we have the delight of being treated to the multi-talented leftist economist Jeffrey Sachs taking a break from being a climate change expert and adding his voice those calling for a Tobin Tax in the EU.

What would we do without these esteemed experts, telling us what we should do?  Surely we owe them our thanks.  After all, how would we cope without them, as they demand that we make ourselves poorer in order to underpin a Tobin Tax, in the childlike belief it will help the public good?  Until their craving for an all powerful state that makes our decisions for us is met we can expect to be subjected to more of the same socialist bilge.

Regardless of how often the likes of Irvin and Sachs tell us that a Tobin Tax is the only way, and that we have a moral responsibility to tax the very institutions we rely on to provide finance to help businesses and consumers, their argument is fundamentally flawed.  Repeating it time and again will not make it right.  It is coloured by their political leanings and worldview, not based in sound economic principles that befit a free market economy – or for that matter even a mixed economy. (Title of this post may contain traces of sarcasm).

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