Tobin taxed

I'm a huge fan of Talking Points Memo, but Josh Marshall's approval of a post mocking the Tobin tax concept shows that it isn't just the right in the U.S. that sees no place for world standards. From the Note:

Just an hour ago, I mentioned that Frank Gaffney made a wrong-headed linkage between the Gaza pull-out and the London bombings.

Now, Gaffney is asserting that we are all at risk from the United Nations imposing a global tax on unsuspecting citizens everywhere. Talk about playing to the black helicopter crowd!

As bad as the post is, some of the comments are much, much worse:

"The "global tax" is Bonkers. How would such a thing happen? it's completely insane. There is no reasonanble theory in existence about how such a thing could even be done, or anyone who even might suggest so other than residents of State Instutions and the Center For Security Policy..."

And:

"The idea of any "global tax" would have to take the form of a treaty, negotiations for which would never even start, because it's too lunkheaded to waste time on."

So who does support a Tobin tax? The Canadian Parliament, for one. France and Belgium, for others. The AFL-CIO and World Council of Churches, among other NGOs.

And the idea is based on a perfectly sound principle: that a small tax on currency trades can serve two key purposes - preventing currency speculation which can lead to economic meltdowns, and raising money for global goals such as third-world development.
Naturally, there are difficulties in getting such a tax organized, and nobody can realistically expect the current American administration to listen to reason.

None of the above is to say that Gaffney's anti-UN hysteria is anything but laughable. The point missed by the Note is that the position is laughable because it's so wrong-headed, not because it's reacting to an implausible policy suggestion.