The Halifax Initiative would like to thank John Foster, North-South Institute, for his help in developing these FAQs

Revised November 2007

Click here for PDF

March 7, 2005

Washington DC,
December 1st 2003

Dear UN delegations active in the Second Committee;

We, the undersigned NGOs, are encouraged that the UN General Assembly Second Committee is taking the UN Financing for Development (FFD) process seriously by giving careful consideration to proposals made at the High Level Dialogue of the General Assembly (past October 29-30th, New York).

The Financing for Development conference meant an unprecedented effort to build a consensus among a broad set of stakeholders, including international organizations, civil society and the private sector, on means for financing the achievement of the Millennium Development Goals and other internationally agreed development goals. However, as some delegations noted during the High Level Dialogue, the Monterrey Consensus was never a finished product, but rather a point of departure. In fact, the credibility of the Financing for Development follow up process hinges upon its ability to build on the broad language of the Monterrey consensus to provide concrete proposals that effectively address the key issues that hinder the availability of resources for development in our time.

All circus, no substance. Canada's performance in Monterrey to set stage for Kananaskis.
 
March 14, 2002 – Next Monday, Prime Minister Jean Chrétien, will attend the UN Conference on Financing for Development (FfD) in Monterrey, Mexico. Today Canadian non-governmental organizations release a letter to the Prime Minister strongly critical of Canada’s role in the FfD process and concerned about implications for the G8 in Kananaskis.

The UN Multilateral Environmental Agreement /Financial Mechanism

“A Global Agreement towards a United World”, June 1 – 3, 2001, Genoa, Italy

Experience with Currency Transactions (Tobin) Taxes – Debunking the Myths and Building Political Support

by Robin Round, Policy Analyst

The world of finance has become a global gambling casino, where investors seeking quick profits bet huge sums around the clock. Big banks and investment firms are the players, profiting from the minute-to-minute, hourly or daily fluctuations in prices on bond and currency markets around the world. These players are not investing in the `real economy', which generates jobs and produces goods and services, they are investing in the ‘paper economy’ in which money becomes a commodity rather than a means of exchange.

World Social Forum - Porto Alegre - Jan 25-30, 2001

Robin Round
Policy Analyst
Halifax Initiative Coalition

We use money everyday. Money is a tool; a means to simplify transactions in an economy based on the exchange of goods and services. But the way most of us use money is old fashioned, out of date. Money is no longer a means of exchange but an end in itself. We live in the era of the commodification of money, an era where money has become divorced from the real economy it was originally designed to serve.

CANADIAN AND INTERNATIONAL CIVIL SOCIETY LEADERS CALL ON G20 MINISTERS TO FOCUS ON REAL PROBLEMS

Currency transactions taxes such as the Tobin-type tax are often dismissed by critics before all the arguments have been heard. They view the tax as too difficult to adopt and too easy to avoid. Much criticism is ill-informed or designed to stifle debate. Here are the most common myths and our response to them:

A TOBIN-TYPE TAX WILL HIT THE POOR
The tax is a progressive one, designed to target only those profiting from destabilising currency speculation.** The poor don’t flip millions of dollars a day on currency and bond markets, the world’s biggest banks urrency and bond markets, the world’s biggest banks and investment firms do. This tax will hit them.

The Tobin-Type Tax - Debunking the Myths

(This article in Spanish is on this link)

Currency transactions taxes such as the Tobin-type tax 1 are often dismissed by critics before all the arguments have been heard. They view the tax as too difficult to adopt and too easy to avoid. Much criticism is ill-informed or designed to stifle debate. Here are the most common myths and our response to them:

A TOBIN-TYPE TAX WILL HIT THE POOR
The tax is a progressive one, designed to target only those profiting from destabilising currency speculation. The poor don't flip millions of dollars a day on currency and bond markets, the world's biggest banks and investment firms do. This tax will hit them.