While I continue to work on my post on the Australian election, I thought I’d post this quickie. I’ve previously proposed a similar idea to this, and now the concept of a so-called “Robin Hood tax” is gaining traction. Of course, many of the people who would have to pay such a tax say it is “naïve” and “damaging”, but I really don’t think a tax as tiny as the one proposed (0.05%!) would have any significant impact on legitimate trading. It would however limit the sort of speculative trading that led us into the global financial crisis, and it would generate more than enough revenue to pay for the Wall Street bailout. And what fairer way to pay for it? The fact that we don’t actually have such a tax—and there isn’t any indication from our governments that it is even being considered—suggests to me that not much has really changed since the GFC, and that big business is still above the law.