I particularly like this one:
WHEREAS international currency speculation disrupts the ability of governments to establish just and equitable national economic policies;
Typically, governments manipulate their currencies to hide their mistakes or shortcomings --
Cronyism,
fiscal mismanagement, jump-starting exports at the cost of devaluing the accumulated wealth of its citizens, and the like. Only an apologist or a
rube would consider these "
just and
equitable national economic policies".
At least with speculators, you don't have to guess what their true agenda is.
Most of the time when a government complains about currency speculation, it's because that government was itself attempting to manipulate its currency, but failed or got caught. Somehow governments don't seem to complain as much when the currency speculation swings in their favor, especially if it is at the expense of their trading partners or competitors!
To be fair, some countries get and stay in trouble thanks to those puppeteers at the World Bank, IMF, and the like. These are bureaucracies that claim to be promoting globalization, not the true essence of globalization. Really, they are more like crack dealers, the first loan is always "free".
The bottom line is -- the Tobin Tax is IMO just another supposedly painless (yeah right) way to increase taxes to fund whatever lovely utopian scheme strikes the fancy of whoever is claiming the mantle of "world government" this week. In spite of the protestations of the proponents, it wouldn't be long before politicians succumb to the incredible temptation to favor one currency over another, by making the Tobin Tax variable based on which currency one is trading, or something equally absurd. Personally, I'm nervous enough as it is about floating currencies and central bank interventions, I don't think we need yet another way (Tobin Taxes) that would start out with wonderful intentions but end up as yet another lever for governments to manipulate currencies, making it even harder for the average world citizen to be sure what their accumulated wealth (or future hopes for same) is really worth (if anything).